ESG performance and firm value: The moderating role of ownership concentration
نویسندگان
چکیده
The shift towards sustainability has resulted in more disclosures regarding environmental, social, and governance (ESG) issues. This study explores how ESG scores impact firm value the presence of concentrated ownership. sample consists 15,640 year observations across 46 countries from 2011–2020. results this show that score a positive association with value, supporting stakeholder theory. Further indicate ownership concentration (OC) negative moderation effect on between entrenchment effect. are consistent alternative measures OC hold for two-stage least squares (2SLS) model used to address any endogeneity issue value.
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ژورنال
عنوان ژورنال: Corporate Ownership and Control
سال: 2023
ISSN: ['1727-9232', '1810-0368', '1810-3057']
DOI: https://doi.org/10.22495/cocv20i3art11