Skip to main content
Fachgebiete
Automobil + Motoren Bauwesen + Immobilien Business IT + Informatik Elektrotechnik + Elektronik Energie + Nachhaltigkeit Finance + Banking Management + Führung Marketing + Vertrieb Maschinenbau + Werkstoffe Versicherung + Risiko
DE
EN
Themenseiten
Organisationspsychologie Projektmanagement Marketing Smart Manufacturing
Bücher
Zeitschriften
Weitere Formate
Podcasts Webinare Technik Webinare Wirtschaft Kongresse Veranstaltungskalender Awards
Jetzt Einzelzugang starten
Zugang für Unternehmen
Referenzkunden
MTZ-Fachkongress

Antriebe und Energiesysteme von morgen


Austausch von Automobil- und Energiewirtschaft

Am 14./15. Mai geht es in Chemnitz um die Mobilitätswende durch Elektro- und Wasserstofffahrzeuge.
Erweiterte Suche
Anmelden
nach oben
Eurasian Business Review
Erschienen in: Eurasian Business Review 1/2024

09.02.2024 | Regular Article

Firm value, ownership structure, and strategic approaches to ESG activities

verfasst von: Hyun-Jung Nam, Mehmet Huseyin Bilgin, Doojin Ryu

Erschienen in: Eurasian Business Review | Ausgabe 1/2024

Einloggen

Aktivieren Sie unsere intelligente Suche, um passende Fachinhalte oder Patente zu finden.

search-config
loading …

Abstract

The strategic role of environmental, social, and governance (ESG) activities in firm performance has recently drawn increasing attention. In particular, the dynamics of ESG management in family-owned firms have become a crucial factor in increasing firm value. Using novel data from Korea, a suitable context for our analysis, we focus on the interplay between ESG investment and family ownership. Our results reveal that ESG activities can mitigate the agency problems inherent in family ownership, but their careful management is essential for maximizing firm value. We introduce the concept of the marginal effect of ESG, decompose its factors, and identify a critical threshold of family ownership that is instrumental for increasing firm value through ESG activities. Depending on a firm’s position relative to this threshold, we recommend strategies to increase or reduce ESG investment, showing that the timing of such investment or disinvestment in ESG activities emerges as a key strategic consideration. Our findings provide practical insights for family-owned firms to make informed decisions on ESG investment, thereby contributing not only to their own sustainability but also the long-term vitality of ESG activities.
Vorheriger Artikel ESG-driven innovation strategy and firm performance
Nächster Artikel Local versus national banking development in Europe: who is the winner?

Sie haben noch keine Lizenz? Dann Informieren Sie sich jetzt über unsere Produkte:

Springer Professional "Wirtschaft"

Online-Abonnement

Mit Springer Professional "Wirtschaft" erhalten Sie Zugriff auf:

  • über 67.000 Bücher
  • über 340 Zeitschriften

aus folgenden Fachgebieten:

  • Bauwesen + Immobilien
  • Business IT + Informatik
  • Finance + Banking
  • Management + Führung
  • Marketing + Vertrieb
  • Versicherung + Risiko




Jetzt Wissensvorsprung sichern!

Jetzt informieren

Springer Professional "Wirtschaft+Technik"

Online-Abonnement

Mit Springer Professional "Wirtschaft+Technik" erhalten Sie Zugriff auf:

  • über 102.000 Bücher
  • über 537 Zeitschriften

aus folgenden Fachgebieten:

  • Automobil + Motoren
  • Bauwesen + Immobilien
  • Business IT + Informatik
  • Elektrotechnik + Elektronik
  • Energie + Nachhaltigkeit
  • Finance + Banking
  • Management + Führung
  • Marketing + Vertrieb
  • Maschinenbau + Werkstoffe
  • Versicherung + Risiko

Jetzt Wissensvorsprung sichern!

Jetzt informieren
Fußnoten
1
On the climate and environmental issues and their economic consequences, see J. Kim, Park, and Ryu (2017a, 2017b), Park, Kim, and Ryu (2022), Yang, Bae, and Ryu (2022), and Yang, Bae, and Ryu (2023), among others.
 
2
About the characteristics the Korean financial market, listed firms, and economy, refer to the studies of Chun, Cho, and Ryu (2020), Kim, Cho, and Ryu (2023), Kim, and Ryu (2021), K. Kim and Ryu (2022a, 2022b), Y. Kim and Ryu (2022a, 2022b), Kim, Ryu, and Yang (2019, 2021a, 2021b), Kim, Ryu, and Yu (2021a, 2021b), Kim, Ryu, and Yu (2022), Park and Ryu (2021), Seok, Cho, and Ryu (2019, 2021, 2022), Song and Ryu (2021), Ryu, Yang, and Yu (2022), Ryu et al., (2022a, 2022b), Ryu and Yu (2020, 2021), Ryu et al., (2020a, 2020b), Ryu et al., (2020a, 2020b), and Yu and Ryu (2021).
 
3
TS2000 data is available from the website of the Korean Companies Information (KOCOINFO; https://​www.​kocoinfo.​com).
 
Literatur
Achen, M. G., Davidson, B. E., & Hillier, A. J. (1986). Construction of plasmid vectors for the detection of streptococcal promoters. Gene, 45(1), 45–49.
Ahmad, N., Ting, I. W. K., Tebourbi, I., & Kweh, Q. L. (2022). Non-linearity between family control and firm financial sustainability: Moderating effects of CEO tenure and education. Eurasian Business Review, 12(4), 719–741.
Albuquerque, R., Koskinen, Y., & Zhang, C. (2019). Corporate social responsibility and firm risk: Theory and empirical evidence. Management Science, 65(10), 4451–4469.
Al-Hiyari, A., Ismail, A. I., Kolsi, M. C., & Kehinde, O. H. (2023). Environmental, social and governance performance (ESG) and firm investment efficiency in emerging markets: The interaction effect of board cultural diversity. Corporate Governance: International Journal of Business in Society, 23(3), 650–673.
Almeida, H., Kim, C. S., & Kim, H. B. (2015). Internal capital markets in business groups: Evidence from the Asian financial crisis. Journal of Finance, 70(6), 2539–2586.
Amel-Zadeh, A., & Serafeim, G. (2018). Why and how investors use ESG information: Evidence from a global survey. Financial Analysts Journal, 74(3), 87–103.
Amemiya, T. (1978). The estimation of a simultaneous equation generalized probit model. Econometrica: Journal of the Econometric Society, 46(5), 1193–1205.
Audretsch, D. B. (2020). Entrepreneurship and culture. Eurasian Economic Review, 10(1), 1–8.
Bae, S. C., Kwon, T. H., & Lee, J. W. (2011). Does corporate diversification by business groups create value? Evidence from Korean chaebols. Pacific-Basin Finance Journal, 19(5), 535–553.
Baek, J. S., Kang, J. K., & Park, K. S. (2004). Corporate governance and firm value: Evidence from the Korean financial crisis. Journal of Financial Economics, 71(2), 265–313.
Bang, J., Ryu, D., & Webb, R. I. (2023b). ESG controversy as a potential asset-pricing factor. Finance Research Letters, 58(Part A), 104315.
Bang, J., Ryu, D., & Yu, J. (2023a). ESG controversies and investor trading behavior in the Korean market. Finance Research Letters, 54, 103750.
Barnea, A., & Rubin, A. (2010). Corporate social responsibility as a conflict between shareholders. Journal of Business Ethics, 97(1), 71–86.
Bartram, S. M., Hou, K., & Kim, S. (2022). Real effects of climate policy: Financial constraints and spillovers. Journal of Financial Economics, 143(2), 668–696.
Bénabou, R., & Tirole, J. (2010). Individual and corporate social responsibility. Economica, 77(305), 1–19.
Benlemlih, M., & Bitar, M. (2018). Corporate social responsibility and investment efficiency. Journal of Business Ethics, 148(3), 647–671.
Benson, B. W., & Davidson, W. N., III. (2009). Reexamining the managerial ownership effect on firm value. Journal of Corporate Finance, 15(5), 573–586.
Berger, P. G., & Ofek, E. (1995). Diversification’s effect on firm value. Journal of Financial Economics, 37(1), 39–65.
Berle, A. A., & Means, G. C. (1932). The modern corporation and private property. Transaction Publishers.
Blanco, E., Rey-Maquieira, J., & Lozano, J. (2009). Economic incentives for tourism firms to undertake voluntary environmental management. Tourism Management, 30(1), 112–122.
Bolton, P., & Kacperczyk, M. (2021). Do investors care about carbon risk? Journal of Financial Economics, 142(2), 517–549.
Bruna, M. G., Loprevite, S., Raucci, D., Ricca, B., & Rupo, D. (2022). Investigating the marginal impact of ESG results on corporate financial performance. Finance Research Letters, 47, 102828.
Buchanan, B., Cao, C. X., & Chen, C. (2018). Corporate social responsibility, firm value, and influential institutional ownership. Journal of Corporate Finance, 52, 73–95.
Burkart, M., Panunzi, F., & Shleifer, A. (2003). Family firms. Journal of Finance, 58(5), 2167–2201.
Capon, N., Farley, J. U., & Hoenig, S. (1990). Determinants of financial performance: A meta-analysis. Management Science, 36(10), 1143–1159.
Cappucci, M. (2018). The ESG integration paradox. Journal of Applied Corporate Finance, 30(2), 22–28.
Chang, S. J. (2003). Ownership structure, expropriation, and performance of group-affiliated companies in Korea. Academy of Management Journal, 46(2), 238–253.
Chen, C. R., Guo, W., & Mande, V. (2003). Managerial ownership and firm valuation: Evidence from Japanese firms. Pacific-Basin Finance Journal, 11(3), 267–283.
Chen, X., Chen, Y. E., & Chang, C. P. (2019). The effects of environmental regulation and industrial structure on carbon dioxide emission: A non-linear investigation. Environmental Science and Pollution Research, 26, 30252–30267.
Chen, Z., & Xie, G. (2022). ESG disclosure and financial performance: Moderating role of ESG investors. International Review of Financial Analysis, 83, 102291.
Cho, C. H., & Patten, D. M. (2007). The role of environmental disclosures as tools of legitimacy: A research note. Accounting, Organizations and Society, 32(7/8), 639–647.
Choi, J. P., & Cowing, T. G. (1999). Firm behavior and group affiliation: The strategic role of corporate grouping for Korean firms. Journal of Asian Economics, 10(2), 195–209.
Chun, D., Cho, H., & Ryu, D. (2020). Economic indicators and stock market volatility in an emerging economy. Economic Systems, 44(2), 100788.
Chung, C. Y., Cho, S. J., Ryu, D., & Ryu, D. (2019). Institutional blockholders and corporate social responsibility. Asian Business & Management, 18(3), 143–186.
Chung, H. J., Jhang, H., & Ryu, D. (2023). Impacts of COVID-19 pandemic on corporate cash holdings: Evidence from Korea. Emerging Markets Review, 56, 101055.
Chung, K. H., Wright, P., & Kedia, B. B. (2003). Corporate governance and market valuation of capital and R&D investment. Review of Financial Economics, 12(2), 161–172.
Claessens, S., Djankov, S., Fan, P. H., & Lang, H. P. (2002). Disentangling the incentive and entrenchment effects of large shareholdings. Journal of Finance, 62(6), 2741–2771.
Claessens, S., Djankov, S., & Lang, H. P. (2000). The separation of ownership and control in East Asian corporations. Journal of Financial Economics, 58(1), 81–112.
Cochran, P. L., & Wood, R. A. (1984). Corporate social responsibility and financial performance. Academy of Management Journal, 27(1), 42–56.
Cornell, B., & Shapiro, A. C. (2021). Corporate stakeholders, corporate valuation and ESG. European Financial Management, 27(2), 196–207.
Croci, E., Doukas, J. A., & Gonenc, H. (2011). Family control and financing decisions. European Financial Management, 17(5), 860–897.
Demsetz, H., & Villalonga, B. (2001). Ownership structure and corporate performance. Journal of Corporate Finance, 7, 209–233.
Drempetic, S., Klein, C., & Zwergel, B. (2020). The influence of firm size on the ESG score: Corporate sustainability ratings under review. Journal of Business Ethics, 167(2), 333–360.
Fama, E. F., & Jensen, M. C. (1983). Separation of ownership and control. Journal of Law and Economics, 26(2), 301–325.
Fan, J. P., & Wong, T. J. (2002). Corporate ownership structure and the informativeness of accounting earnings in East Asia. Journal of Accounting and Economics, 33(3), 401–425.
Fatemi, A., Glaum, M., & Kaiser, S. (2018). ESG performance and firm value: The moderating role of disclosure. Global Finance Journal, 38, 45–64.
Fernando, S., & Lawrence, S. (2014). A theoretical framework for CSR practices: Integrating legitimacy theory, stakeholder theory and institutional theory. Journal of Theoretical Accounting Research, 10(1), 149–178.
Ferris, S. P., Jagannathan, M., & Pritchard, A. C. (2003). Too busy to mind the business? Monitoring by directors with multiple board appointments. Journal of Finance, 58(3), 1087–1111.
Friede, G., Busch, T., & Bassen, A. (2015). ESG and financial performance: Aggregated evidence from more than 2000 empirical studies. Journal of Sustainable Finance and Investment, 5(4), 210–233.
Gao, F., Dong, Y., Ni, C., & Fu, R. (2015). Determinants and economic consequences of non-financial disclosure quality. European Accounting Review, 25(2), 1–31.
Garcia, A. S., Mendes-Da-Silva, W., & Orsato, R. J. (2017). Sensitive industries produce better ESG performance: Evidence from emerging markets. Journal of Cleaner Production, 150, 135–147.
Gillan, S. L., Koch, A., & Starks, L. T. (2021). Firms and social responsibility: A review of ESG and CSR research in corporate finance. Journal of Corporate Finance, 66, 101889.
Graafland, J., Van de Ven, B., & Stoffele, N. (2003). Strategies and instruments for organising CSR by small and large businesses in the Netherlands. Journal of Business Ethics, 47(1), 45–60.
Griffin, J. J., & Mahon, J. F. (1997). The corporate social performance and corporate financial performance debate: Twenty-five years of incomparable research. Business and Society, 36(1), 5–31.
Gul, F. A., & Kealey, B. T. (1999). Chaebol, investment opportunity set and corporate debt and dividend policies of Korean companies. Review of Quantitative Finance and Accounting, 13(4), 401–416.
Hahn, R., & Kühnen, M. (2013). Determinants of sustainability reporting: A review of results, trends, theory, and opportunities in an expanding field of research. Journal of Cleaner Production, 59(15), 5–21.
Holderness, C. G., Kroszner, R. S., & Sheehan, D. P. (1999). Were the good old days that good? Changes in managerial stock ownership since the Great Depression. Journal of Finance, 54, 435–469.
Hou, J., & Reber, B. H. (2011). Dimensions of disclosures: Corporate social responsibility (CSR) reporting by media companies. Public Relations Review, 37(2), 166–168.
Hutton, J. G. (2001). Reputation management: The new face of corporate public relations? Public Relations Review, 27(3), 247–261.
Idemudia, U. (2011). Corporate social responsibility and developing countries: Moving the critical CSR research agenda in Africa forward. Progress in Development Studies, 11(1), 1–18.
Iswajuni, I., Manasikana, A., & Soetedjo, S. (2018). The effect of enterprise risk management (ERM) on firm value in manufacturing companies listed on Indonesian Stock Exchange year 2010–2013. Asian Journal of Accounting Research, 3(2), 224–235.
Jamali, D. (2008). A stakeholder approach to corporate social responsibility: A fresh perspective into theory and practice. Journal of Business Ethics, 82(1), 213–231.
Jane, W. J. (2021). The impact of cultural distance on salary: The case of Samurai Japan. Eurasian Economic Review, 11, 85–123.
Jensen, M. C., & Meckling, W. H. (1979). Rights and production functions: An application to labor-managed firms and codetermination. Journal of Business, 52(4), 469–506.
Jo, H., & Harjoto, M. A. (2011). Corporate governance and firm value: The impact of corporate social responsibility. Journal of Business Ethics, 103(3), 351–383.
Kim, H., Cho, H., & Ryu, D. (2023). Measuring corporate failure risk: Does long short-term memory perform better in all markets? Investment Analysts Journal, 52(1), 40–52.
Kim, H., & Lee, P. M. (2008). Ownership structure and the relationship between financial slack and R&D investments: Evidence from Korean firms. Organization Science, 19(3), 404–418.
Kim, H., Park, K., & Ryu, D. (2017a). Corporate environmental responsibility: A legal origins perspective. Journal of Business Ethics, 140(3), 381–402.
Kim, J., Park, Y. J., & Ryu, D. (2017b). Stochastic volatility of the futures prices of emission allowances: A Bayesian approach. Physica a: Statistical Mechanics and Its Applications, 465, 714–724.
Kim, J. B., & Yi, C. H. (2006). Ownership structure, business group affiliation, listing status, and earnings management: Evidence from Korea. Contemporary Accounting Research, 23(2), 427–464.
Kim, K., & Ryu, D. (2021). Term structure of sentiment effect on investor trading behavior. Finance Research Letters, 43, 102005.
Kim, K., & Ryu, D. (2022a). Sentiment changes and the Monday effect. Finance Research Letters, 47(Part A), 102709.
Kim, K., Ryu, D., & Yang, H. (2019). Investor sentiment, stock returns, and analyst recommendation changes: The KOSPI stock market. Investment Analysts Journal, 48(2), 89–101.
Kim, K., Ryu, D., & Yang, H. (2021a). Information uncertainty, investor sentiment, and analyst reports. International Review of Financial Analysis, 77, 101835.
Kim, K., Ryu, D., & Yu, J. (2021b). Do sentiment trades explain investor overconfidence around analyst recommendation revisions? Research in International Business and Finance, 56, 101376.
Kim, K., Ryu, D., & Yu, J. (2022). Is a sentiment-based trading strategy profitable? Investment Analysts Journal, 51(2), 94–107.
Kim, Y., & Ryu, D. (2022b). Firm-specific or market-wide information: How does analyst coverage influence stock price synchronicity? Borsa Istanbul Review, 22(6), 1069–1078.
Krüger, P. (2015). Corporate goodness and shareholder wealth. Journal of Financial Economics, 115(2), 304–329.
La Porta, R., Lopez-de-Silanes, F., & Shleifer, A. (1999). Corporate ownership around the world. Journal of Finance, 54(2), 471–517.
Lagoarde-Segot, T. (2011). Corporate social responsibility as a bolster for economic performance: Evidence from emerging markets. Global Business and Organizational Excellence, 31(1), 38–53.
Liu, W., Yang, H., & Zhang, G. (2012). Does family business excel in firm performance? An institution-based view. Asia Pacific Journal of Management, 29(4), 965–987.
Loderer, C., & Martin, K. (1997). Executive stock ownership and performance: Tracking faint traces. Journal of Financial Economics, 45(2), 223–255.
Martins, H. C. (2022). Competition and ESG practices in emerging markets: Evidence from a difference-in-differences model. Finance Research Letters, 46, 102371.
McConnell, J. J., & Servaes, H. (1990). Additional evidence on equity ownership and corporate value. Journal of Financial Economics, 27(2), 595–612.
Morck, R., Shleifer, A., & Vishny, R. W. (1988). Management ownership and market valuation: An empirical analysis. Journal of Financial Economics, 20, 293–315.
Nam, H.-J., Bang, J., & Ryu, D. (2024b). Impact of financial and trade openness on the financial development of ASEAN countries. Journal of Multinational Financial Management (Revised & Resubmit)
Nam, H.-J., Bang, J., & Ryu, D. (2023). Do financial and governmental institutions play a mediating role in the spillover effects of FDI? Journal of Multinational Financial Management, 69, 100809.
Nam, H.-J., Bang, J., & Ryu, D. (2024a). Paradox of trade openness: A moderated mediating model. Journal of International Financial Markets, Institutions & Money, 89, 101887. Revised & Resubmit.
Nam, H.-J., & Ryu, D. (2023). FDI and human development: The role of governance, ODA, and national competitiveness. Journal of International Financial Markets, Institutions & Money, 85, 101769.
Naser, K., Al-Hussaini, A., Al-Kwari, D., & Nuseibeh, R. (2006). Determinants of corporate social disclosure in developing countries: The case of Qatar. Advances in International Accounting, 19, 1–23.
Nirino, N., Santoro, G., Miglietta, N., & Quaglia, R. (2021). Corporate controversies and company’s financial performance: Exploring the moderating role of ESG practices. Technological Forecasting and Social Change, 162, 120341.
Nollet, J., Filis, G., & Mitrokostas, E. (2016). Corporate social responsibility and financial performance: A non-linear and disaggregated approach. Economic Modelling, 52, 400–407.
Orsato, R. J., Alexandre Garcia, A., Mendes-Da-Silva, W., Simonetti, R., & Monzoni, M. (2015). Sustainability indexes: Why join in. A study of the Corporate Sustainability Index (ISE)’ in Brazil. Journal of Cleaner Production, 96(1), 161–170.
Park, D., & Ryu, D. (2021). Forecasting stock market dynamics using bidirectional long short-term memory. Romanian Journal of Economic Forecasting, 24(2), 22–34.
Park, H., Kim, M., & Ryu, D. (2022). Heterogeneous investor attention to climate risk: Evidence from a unique dataset. Investment Analysts Journal, 51(4), 253–267.
Peters, G. F., & Romi, A. M. (2015). The association between sustainability governance characteristics and the assurance of corporate sustainability reports. Auditing: Journal of Practice and Theory, 34(1), 163–198.
Prado-Lorenzo, J. M., & Garcia-Sanchez, I. M. (2010). The role of the board of directors in disseminating relevant information on greenhouse gases. Journal of Business Ethics, 97(3), 391–424.
Pu, G. (2023). A non-linear assessment of ESG and firm performance relationship: Evidence from China. Economic Research-Ekonomska Istraživanja, 36(1), 2113336.
Rehman, R. U., Zhang, J., Uppal, J., Cullinan, C., & Naseem, M. A. (2016). Are environmental social and governance equity indices a better choice for investors? An Asian perspective. Business Ethics, 25(4), 440–459.
Revelli, C., & Viviani, J. L. (2015). Financial performance of socially responsible investing (SRI): What have we learned? A meta-analysis. Business Ethics: A European Review, 24(2), 158–185.
Ryu, D., Ryu, D., & Hwang, J. H. (2017). Corporate governance, product-market competition, and stock returns: Evidence from the Korean market. Asian Business and Management, 16(1–2), 50–91.
Ryu, D., Ryu, D., & Yang, H. (2020a). Investor sentiment, market competition, and financial crisis: Evidence from the Korean stock market. Emerging Markets Finance and Trade, 56(8), 1804–1816.
Ryu, D., Webb, R. I., & Yu, J. (2020b). Bank sensitivity to international regulatory reform: The case of Korea. Investment Analysts Journal, 49(2), 149–162.
Ryu, D., Webb, R. I., & Yu, J. (2022a). Foreign institutions and the behavior of liquidity following macroeconomic announcements. Finance Research Letters, 50, 103239.
Ryu, D., Yang, H., & Yu, J. (2022b). Insider trading and information asymmetry: Evidence from the Korea Exchange. Emerging Markets Review, 51(Part A), 100847.
Ryu, D., & Yu, J. (2020). Hybrid bond issuances by insurance firms. Emerging Markets Review, 45, 100722.
Ryu, D., & Yu, J. (2021). Nonlinear effect of subordinated debt changes on bank performance. Finance Research Letters, 38, 101496.
Samet, M., & Jarboui, A. (2017). How does corporate social responsibility contribute to investment efficiency? Journal of Multinational Financial Management, 40, 33–46.
Sautner, Z., Van Lent, L., Vilkov, G., & Zhang, R. (2023). Firm-level climate change exposure. Journal of Finance, 78(3), 1449–1498.
Schultze, W., & Trommer, R. (2012). The concept of environmental performance and its measurement in empirical studies. Journal of Management Control, 22(4), 375–412.
Seo, S. W., Kim, J. S., & Ryu, D. (2019). Effects of the Asian financial crisis on the relation between leverage and employee compensation. Spanish Journal of Finance and Accounting, 48(1), 1–20.
Seok, S. I., Cho, H., & Ryu, D. (2019). Firm-specific investor sentiment and the stock market response to earnings news. North American Journal of Economics and Finance, 48, 221–240.
Seok, S. I., Cho, H., & Ryu, D. (2021). Stock market’s responses to intraday investor sentiment. North American Journal of Economics and Finance, 58, 101516.
Seok, S. I., Cho, H., & Ryu, D. (2022). Scheduled macroeconomic news announcements and intraday market sentiment. North American Journal of Economics and Finance, 62, 101739.
Shleifer, A., & Vishny, R. (1997). A survey of corporate governance. Journal of Finance, 52(2), 737–783.
Short, H., & Keasey, K. (1999). Managerial ownership and the performance of firms: Evidence from the UK. Journal of Corporate Finance, 5(1), 79–101.
Siregar, S. V., & Bachtiar, Y. (2010). Corporate social reporting: Empirical evidence from Indonesia Stock Exchange. International Journal of Islamic and Middle Eastern Finance and Management, 3(3), 241–252.
Song, J., & Ryu, D. (2021). Houses as collateral and household debt deleveraging in Korea. Economics: the Open-Access, Open-Assessment Journal, 15(1), 3–27.
Wong, W. C., Batten, J. A., Mohamed-Arshad, S. B., Nordin, S., & Adzis, A. A. (2021). Does ESG certification add firm value? Finance Research Letters, 39, 101593.
Wright, P., & Ferris, S. P. (1997). Agency conflict and corporate strategy: The effect of divestment on corporate value. Strategic Management Journal, 18(1), 77–83.
Xie, J., Nozawa, W., Yagi, M., Fujii, H., & Managi, S. (2019). Do environmental, social, and governance activities improve corporate financial performance? Business Strategy and the Environment, 28(2), 286–300.
Yang, E., Bae, H., & Ryu, D. (2022). What makes the level of particulate matter emissions worse in Korea? Romanian Journal of Economic Forecasting, 25(3), 128–143.
Yoo, S., & Managi, S. (2022). Disclosure or action: Evaluating ESG behavior towards financial performance. Finance Research Letters, 44, 102108.
Yu, J., & Ryu, D. (2021). Effectiveness of the Basel III framework: Procyclicality in the banking sector and macroeconomic fluctuations. Singapore Economic Review, 66(3), 855–879.
Zhou, X. (2001). Understanding the determinants of managerial ownership and the link between ownership and performance: Comment. Journal of Financial Economics, 62, 559–571.
Metadaten
Titel
Firm value, ownership structure, and strategic approaches to ESG activities
verfasst von
Hyun-Jung Nam
Mehmet Huseyin Bilgin
Doojin Ryu
Publikationsdatum
09.02.2024
Verlag
Springer International Publishing
Erschienen in
Eurasian Business Review / Ausgabe 1/2024
Print ISSN: 1309-4297
Elektronische ISSN: 2147-4281
DOI
https://doi.org/10.1007/s40821-024-00252-z

Weitere Artikel der Ausgabe 1/2024

Eurasian Business Review 1/2024 Zur Ausgabe

Regular Article

ESG-driven innovation strategy and firm performance

Regular Article

Earth Observation data, innovation and economic performance: a study of the downstream sector in Italy

Regular Article

Are self-sacrificing employees liked by their supervisor?

Regular Article

Time varying effects in survival analysis: a novel data-driven method for drift identification and variable selection

Regular Article

Ex-ante estimating of additional remuneration for employee inventions: explanatory role of the weighted patent family size indicator

Regular Article

The effects of product and process innovation on employment: a meta-regression analysis