The impact of sustainability (environmental, social, and governance) disclosure and board diversity on firm value: The moderating role of industry sensitivity
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25 novembre 2019
- handle: 10670/1.8ivr71
- hal: hal-02956303
- doi: 10.1002/bse.2427
Ce document est lié à :
info:eu-repo/semantics/altIdentifier/doi/10.1002/bse.2427
Mots-clés
board gender diversity ESG shareholder theory stakeholder theory stock prices sustainability disclosure value relevanceSujets proches
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Muhammad Azeem Qureshi et al., « The impact of sustainability (environmental, social, and governance) disclosure and board diversity on firm value: The moderating role of industry sensitivity », HAL-SHS : droit et gestion, ID : 10.1002/bse.2427
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Résumé
Using a large panel data set comprising 812 listed European firms, this study investigates whether sustainability disclosure environmental, social, and governance) and female representation on boards affect firm value. We observe a positive impact of sustainability disclosure and board gender diversity on firm value, suggesting that the best management practices, enhanced takeholder trust, and female representation on boards improve firm value. We observe that the firms in sensitive industries achieve superior social and governance performance. We also observe that the firms with higher female representation on their boards present significantly superior environmental, social, and governance performance. Our results are robust to different firm and country specific control variables and to year- and country-fixed effects.