Too little or too much? Exploring the inverted U-shaped nexus between voluntary environmental, social and governance and corporate financial performance

doi:10.3389/fenvs.2022.969721

淡江大學機構典藏 > 商管學院 > 企業管理學系暨研究所 > 期刊論文 > Item 987654321/123220

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题名:	Too little or too much? Exploring the inverted U-shaped nexus between voluntary environmental, social and governance and corporate financial performance
作者:	Xiaodong Teng;Yongbo Ge;Kun-Shan Wu;Bao-Guang Chang;Lopin Kuo;Xinwen Zhang
关键词:	environmental;social and governance (ESG);corporate financial performance;inverted U-shaped;too-much-of-a-good-thing;stakeholder engagement;sustainable development
日期:	2022-08-17
上传时间:	2023-04-28 17:19:24 (UTC+8)
出版者:	Frontiers Research Foundation
摘要:	This study aims to examine the nonlinear relationship between environmental, social and governance (ESG) and corporate financial performance (CFP) using Taiwan Stock Exchange (TSE) listed firms with ESG disclosure between 2005 and 2019. The pooled ordinary least square (OLS) regression estimation results indicate the ESG-CFP nexus is a nonlinear (inverted U-shaped pattern). Furthermore, the individual ESG pillars each have a different relationship with CFP. Both the environmental and social pillars have an inverted U-shaped relationship with CFP, whereas there is no significant relationship between the governance pillar and CFP. The concave nonlinear relationship also supports the tenets of the “too-much-of-a-good-thing” effect. This research confirms that TSE listed firms should identify the optimal ESG value (threshold point), where ESG costs and benefits balance, to maintain sustainable development and stakeholder engagement.
關聯:	Frontiers in Environmental Science 10, 969721
DOI:	10.3389/fenvs.2022.969721
显示于类别:	[企業管理學系暨研究所] 期刊論文

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