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Environmental, Social, and Governance Performance and Value Creation in Product Market: Evidence from Emerging Economies

Using a unique sample of 13,412 firm-year observations from 19 countries of the emerging economies for the period of 2011 to 2019, we investigate the association between the firms’ environmental, social, and governance (ESG) performance and their value creation in the product market. Specifically,...

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Main Authors: Yasmeen, Bashir, Yiwei, Zhao, Huan, Qiu, Zeeshan, Ahmed, Josephine Yau, Tan Hwang
Format: Article
Language:English
Published: MDPI 2023
Subjects:
HG Finance
Online Access:http://ir.unimas.my/id/eprint/43796/3/Environmental%2C.pdf
http://ir.unimas.my/id/eprint/43796/
https://www.mdpi.com/1911-8074/16/12/517
https://doi.org/10.3390/jrfm16120000
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id my.unimas.ir.43796
record_format eprints
spelling my.unimas.ir.437962023-12-20T07:24:02Z http://ir.unimas.my/id/eprint/43796/ Environmental, Social, and Governance Performance and Value Creation in Product Market: Evidence from Emerging Economies Yasmeen, Bashir Yiwei, Zhao Huan, Qiu Zeeshan, Ahmed Josephine Yau, Tan Hwang HG Finance Using a unique sample of 13,412 firm-year observations from 19 countries of the emerging economies for the period of 2011 to 2019, we investigate the association between the firms’ environmental, social, and governance (ESG) performance and their value creation in the product market. Specifically, we first used the pooled OLS regression model for panel data as our baseline model and found that ESG performance (as well as its pillars) has a strong positive effect on the future value creation of the firms in the product market. We also conducted some additional analyses using various regression models, as well as adopting multiple tests for endogeneity, and the additional analyses revealed that the results are robust under different scenarios. Overall, the findings of this study highlight the importance of firm-level ESG performance for the value creation of firms in the product market in emerging economies and have theoretical and practical implications for academic researchers, market participants, and government entities in studying, evaluating, and governing firms’ ESG performance and reporting. MDPI 2023 Article PeerReviewed text en http://ir.unimas.my/id/eprint/43796/3/Environmental%2C.pdf Yasmeen, Bashir and Yiwei, Zhao and Huan, Qiu and Zeeshan, Ahmed and Josephine Yau, Tan Hwang (2023) Environmental, Social, and Governance Performance and Value Creation in Product Market: Evidence from Emerging Economies. Journal of Risk and Financial Management, 16 (12). pp. 1-21. ISSN 1911-8066 https://www.mdpi.com/1911-8074/16/12/517 https://doi.org/10.3390/jrfm16120000
institution Universiti Malaysia Sarawak
building Centre for Academic Information Services (CAIS)
collection Institutional Repository
continent Asia
country Malaysia
content_provider Universiti Malaysia Sarawak
content_source UNIMAS Institutional Repository
url_provider http://ir.unimas.my/
language English
topic HG Finance
spellingShingle HG Finance
Yasmeen, Bashir
Yiwei, Zhao
Huan, Qiu
Zeeshan, Ahmed
Josephine Yau, Tan Hwang
Environmental, Social, and Governance Performance and Value Creation in Product Market: Evidence from Emerging Economies
description Using a unique sample of 13,412 firm-year observations from 19 countries of the emerging economies for the period of 2011 to 2019, we investigate the association between the firms’ environmental, social, and governance (ESG) performance and their value creation in the product market. Specifically, we first used the pooled OLS regression model for panel data as our baseline model and found that ESG performance (as well as its pillars) has a strong positive effect on the future value creation of the firms in the product market. We also conducted some additional analyses using various regression models, as well as adopting multiple tests for endogeneity, and the additional analyses revealed that the results are robust under different scenarios. Overall, the findings of this study highlight the importance of firm-level ESG performance for the value creation of firms in the product market in emerging economies and have theoretical and practical implications for academic researchers, market participants, and government entities in studying, evaluating, and governing firms’ ESG performance and reporting.
format Article
author Yasmeen, Bashir
Yiwei, Zhao
Huan, Qiu
Zeeshan, Ahmed
Josephine Yau, Tan Hwang
author_facet Yasmeen, Bashir
Yiwei, Zhao
Huan, Qiu
Zeeshan, Ahmed
Josephine Yau, Tan Hwang
author_sort Yasmeen, Bashir
title Environmental, Social, and Governance Performance and Value Creation in Product Market: Evidence from Emerging Economies
title_short Environmental, Social, and Governance Performance and Value Creation in Product Market: Evidence from Emerging Economies
title_full Environmental, Social, and Governance Performance and Value Creation in Product Market: Evidence from Emerging Economies
title_fullStr Environmental, Social, and Governance Performance and Value Creation in Product Market: Evidence from Emerging Economies
title_full_unstemmed Environmental, Social, and Governance Performance and Value Creation in Product Market: Evidence from Emerging Economies
title_sort environmental, social, and governance performance and value creation in product market: evidence from emerging economies
publisher MDPI
publishDate 2023
url http://ir.unimas.my/id/eprint/43796/3/Environmental%2C.pdf
http://ir.unimas.my/id/eprint/43796/
https://www.mdpi.com/1911-8074/16/12/517
https://doi.org/10.3390/jrfm16120000
_version_ 1787140541700374528
score 13.211869

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