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Can ESG Indices Improve the Enterprises’ Stock Market Performance?—An Empirical Study from China

Sustainability, 2019-09, Vol.11 (17), p.4765 [Peer Reviewed Journal]

2019 by the authors. Licensee MDPI, Basel, Switzerland. This article is an open access article distributed under the terms and conditions of the Creative Commons Attribution (CC BY) license (http://creativecommons.org/licenses/by/4.0/). Notwithstanding the ProQuest Terms and Conditions, you may use this content in accordance with the terms of the License. ;ISSN: 2071-1050 ;EISSN: 2071-1050 ;DOI: 10.3390/su11174765

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  • Title:
    Can ESG Indices Improve the Enterprises’ Stock Market Performance?—An Empirical Study from China
  • Author: Deng, Xiang ; Cheng, Xiang
  • Subjects: Capital costs ; Climate change ; Corporate governance ; Corporate profits ; Data models ; Earnings per share ; Empirical analysis ; Environmental impact ; Generalized method of moments ; Heterogeneity ; Institutional investments ; International organizations ; Securities markets ; Social change ; Social responsibility ; Statistical analysis ; Sustainable development
  • Is Part Of: Sustainability, 2019-09, Vol.11 (17), p.4765
  • Description: Environmental, social responsibility, corporate governance (ESG) are increasingly becoming the consensus of enterprises’ development. However, whether the ESG indices of enterprises can improve their performance on stock market is rarely studied. In order to examine the relationship between enterprise’s ESG indices and stock market performance, and to further explore the heterogeneity impact of stock market performance on the enterprises’ ESG indices in different ownership backgrounds, we conducted an empirical analysis based on China’s A-share listed companies. The empirical results show that there is a positive correlation between enterprise’s ESG indices and its stock market performance. Further analysis indicates that, the impact of ESG indices on non-state-owned enterprises is greater than that on state-owned enterprises, and the stock market performance of the secondary industry is much more affected by ESG indices than that of the tertiary industry. Finally, from three aspects including information disclosure, policy protection, transformation and upgrading, recommendations are proposed on the future direction of China’s ecological civilization construction and sustainable development of enterprises.
  • Publisher: Basel: MDPI AG
  • Language: English
  • Identifier: ISSN: 2071-1050
    EISSN: 2071-1050
    DOI: 10.3390/su11174765
  • Source: GFMER Free Medical Journals
    ROAD: Directory of Open Access Scholarly Resources
    ProQuest Central
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