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Journal of Business Ethics
Erschienen in: Journal of Business Ethics 2/2021

16.05.2019 | Original Paper

Environmental, Social and Governance (ESG) Scores and Financial Performance of Multilatinas: Moderating Effects of Geographic International Diversification and Financial Slack

verfasst von: Eduardo Duque-Grisales, Javier Aguilera-Caracuel

Erschienen in: Journal of Business Ethics | Ausgabe 2/2021

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Abstract

This paper examines whether a firm’s financial performance (FP) is associated with superior environmental, social and governance (ESG) scores in emerging markets of multinationals in Latin America. The study addresses the current research gap on this issue; it develops hypotheses and tests them by applying linear regressions with a data panel drawn from the Thomson Reuters Eikon™ database to analyse data on 104 multinationals from Brazil, Chile, Colombia, Mexico and Peru between 2011 and 2015. The results suggest that the relationship between the ESG score and FP is significantly statistically negative. Furthermore, in examining environmental, social and governance separately to accurately determine each variable’s relationship to multilatinas’ FP, the results reveal a negative relationship. Finally, the empirical analysis provides evidence for a moderating effect of financial slack and geographic international diversification on the relationship between ESG dimensions and firms’ FP. This study furthers understanding of the relationship between ESG dimensions and FP for the Latin American business context.
Vorheriger Artikel The Consumers’ Emotional Dog Learns to Persuade Its Rational Tail: Toward a Social Intuitionist Framework of Ethical Consumption
Nächster Artikel Political Corruption and Firm Value in the U.S.: Do Rents and Monitoring Matter?

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Metadaten
Titel
Environmental, Social and Governance (ESG) Scores and Financial Performance of Multilatinas: Moderating Effects of Geographic International Diversification and Financial Slack
verfasst von
Eduardo Duque-Grisales
Javier Aguilera-Caracuel
Publikationsdatum
16.05.2019
Verlag
Springer Netherlands
Erschienen in
Journal of Business Ethics / Ausgabe 2/2021
Print ISSN: 0167-4544
Elektronische ISSN: 1573-0697
DOI
https://doi.org/10.1007/s10551-019-04177-w

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