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این مقاله علمی پژوهشی (ISI) به زبان انگلیسی از نشریه الزویر مربوط به سال ۲۰۲۲ دارای ۲۱ صفحه انگلیسی با فرمت PDF می باشد در ادامه این صفحه لینک دانلود رایگان مقاله انگلیسی و بخشی از ترجمه فارسی مقاله موجود می باشد.
کد محصول: H752
سال نشر: ۲۰۲۲
نام ناشر (پایگاه داده): الزویر
نام مجله: Journal of Banking and Finance
نوع مقاله: علمی پژوهشی (Research articles)
تعداد صفحه انگلیسی: ۲۱ صفحه PDF
عنوان کامل فارسی:
مقاله انگلیسی ۲۰۲۲ : مسئولیت اجتماعی شرکت و بازده بازار: شواهدی از ESG و معیارهای ارزیابی نادرست
عنوان کامل انگلیسی:
Corporate social responsibility and market efficiency: Evidence from ESG and misvaluation measures
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Abstract
We study the impact of corporate social responsibility (CSR) on firm misvaluation in the US. Our results indicate that a firms Environmental, Social and Governance (ESG) profile significantly affects valuation: an improvement of a firms CSR leads to a higher ratio of actual to true firm value. Analyzing the relation between ESG and misvaluation separately, we find that ESG expands existing overvaluation whereas it reduces undervalued firms’ deviation from the true value. We argue that both valuation effects are attributable to the worldwide trend of sustainable investing. Further analyses reveal a moderating role of market sentiment towards sustainability in the ESG-misvaluation relationship. Our findings suggest that firms CSR is indeed perceived as valuable by shareholders and supports stakeholder theorys view in considering CSR as beneficial.
Keywords: Corporate social responsibility, ESG ,Misvaluation, Sustainable investing, Market efficiency, Sentiment
۱.Introduction
“We believe that sustainability should be our new standard for investing”( Black Rock, 2020 ). In his 2020 annual letter to clients Larry Fink, Chairman of the largest asset management company in the world, announces “a significant reallocation of capital” according to sustainability criteria ( Black Rock, 2020 ). The Global Sustain- able Investment Review ( GSIA, 2018 ) states that the rise of sustain- able investing 1 is a worldwide trend. In the US, sustainable invest ing records a growth of 42% since 2018, with today more than one third of professionally managed assets invested in accordance with sustainability criteria —$۱۷.۱ trillion in aggregate ( USSIF, 2020 ). While ESG is already a central topic for policymakers, institutional investors and corporates, it increasingly becomes part of the in- vestment decisions for individual investors as well. For example, mutual funds with a higher assigned sustainability rating receive high net inflows whereas a low sustainability rating leads to out- flows ( Hartzmark and Sussman, 2019 ). Accompanied by regulatory initiatives 2 , the worldwide movement in adopting ESG principles increases the demand for high ESG-rated companies. At the same time, the screening process in accordance with ESG principles re- duces the amount of potential investment opportunities (e.g. Ghoul and Karoui, 2017; Hoepner, 2017 ). As a consequence, an increasing demand for sustainable companies in conjunction with a limited investment universe might affect market pricing efficiency of these firms…
۶.Conclusion
This study investigates the relationship between corporate sustainability and misvaluation in the US. We show that a firms ESG engagement affects its misvaluation as it increases a firm’s market valuation relative to its true value. This effect is robust to various alterations in the methodological setting (e.g. several 2SLS IV regressions and dynamic GMM estimations). Whereas corporate sustainability expands misvaluation for already overvalued firms, such effort s move undervalued firms towards the true value. In this con- text, we rule out a moderating role of information asymmetry in the ESG-misvaluation relation. Thus, we argue that this valuation effect might be attributable to the investment behavior of sustain- able investors (e.g. Cao et al., 2021; Starks et al., 2020 ) in con- junction with a strong sustainability trend channeling ESG-rating based capital flows (e.g. Hartzmark and Sussman, 2019; Starks et al., 2020 ). The observed valuation effect that even exceeds the true value corroborates the implications of the stakeholder theory ( Freeman, 1984 ) which postulates that CSR engagement of firms goes beyond pure cost considerations of the shareholder value theory ( Friedman, 1970 ) and is perceived as valuable…