An analysis on the relationship between ESG information disclosure and enterprise value: A case of listed companies in the energy industry in China

References

• Andriuškevičius, K., & Štreimikienė, D. (2021). Developments and trends of mergers and acquisitions in the energy industry. Energies, 14(8), 2158. Article 8 https://doi.org/10.3390/en14082158
   Web of Science ®Google Scholar
• Aouadi, A., & Marsat, S. (2018). Do ESG controversies matter for firm value? Evidence from international data. Journal of Business Ethics, 151(4), 1027–21. https://doi.org/10.1007/s10551-016-3213-8
   Web of Science ®Google Scholar
• Barman, E. (2018). Doing well by doing good: A comparative analysis of ESG standards for responsible investment. In 收入 sustainability, stakeholder governance, and corporate social responsibility (Vol. 38, pp. 289–311). Emerald Publishing Limited. https://doi.org/10.1108/S0742-332220180000038016
   Google Scholar
• Baron 和 Kenny The Moderator-Mediator Variable Distinction in Soc.pdf. (1986).
   Google Scholar
• Basdeo, D. K. Smith, K. G. Grimm, C. M. Rindova, V. P. & Derfus, P. J.(2006). The impact of market actions on firm reputation. Strategic Management Journal, 27(12), 1205–1219. https://doi.org/10.1002/smj.556
   Web of Science ®Google Scholar
• Bhojraj, S., Lee, C. M. C., & Oler, D. K. (2003). What’s my line? A comparison of industry classification schemes for capital market research. Journal of Accounting Research, 41(5), 745–774. https://doi.org/10.1046/j.1475-679X.2003.00122.x
   Web of Science ®Google Scholar
• Blacconiere, W. G., & Northcut, W. D. (1997). Environmental information and market reactions to environmental legislation. Journal of Accounting, Auditing & Finance, 12(2), 149–178. https://doi.org/10.1177/0148558X9701200203
   Google Scholar
• Blacconiere, W. G., & Patten, D. M. (1994). Environmental disclosures, regulatory costs, and changes in firm value. Journal of Accounting and Economics, 18(3), 357–377. https://doi.org/10.1016/0165-4101(94)90026-4
   Web of Science ®Google Scholar
• Black, B. S. Jang, H. & Kim, W.(2006). Predicting firms’ corporate governance choices: Evidence from Korea. Journal of Corporate Finance, 12(3), 660–691.
   Web of Science ®Google Scholar
• Borowy, I. (2013). Defining sustainable development for our common future: A history of the world Commission on environment and development (Brundtland Commission). Routledge.
   Google Scholar
• Bos, K., & Gupta, J. (2019). Stranded assets and stranded resources: Implications for climate change mitigation and global sustainable development. Energy Research & Social Science, 56, 101215. https://doi.org/10.1016/j.erss.2019.05.025
   Web of Science ®Google Scholar
• Buchanan, B. Cao, C. X. & Chen, C.(2018). Corporate social responsibility, firm value, and influential institutional ownership. Journal of Corporate Finance, 52, 73–95.
   Web of Science ®Google Scholar
• Clark, G. L., & Viehs, M. (2014). The implications of corporate social responsibility for investors: An overview and evaluation of the existing CSR literature (SSRN Scholarly Paper 期 2481877). https://doi.org/10.2139/ssrn.2481877
   Google Scholar
• Demsetz, H. & Lehn, K.(1985). The structure of corporate ownership: Causes and consequences.Journal of Political Economy.
   PubMed Web of Science ®Google Scholar
• Eliwa, Y.(2019). Accruals quality and the cost of debt: The European evidence. International Journal of Accounting & Information Management, 27(2), 333–351. https://doi.org/10.1108/IJAIM-01-2018-0008
   Web of Science ®Google Scholar
• Eliwa, Y., Aboud, A., & Saleh, A. (2021). ESG practices and the cost of debt: Evidence from EU countries. Critical Perspectives on Accounting, 79, 102097. https://doi.org/10.1016/j.cpa.2019.102097
   Web of Science ®Google Scholar
• Feng, Z., & Wu, Z. (2021). ESG Disclosure, REIT Debt Financing, and Firm Value. The Journal of Real Estate Finance & Economics, 67(3), 388–422. https://doi.org/10.1007/s11146-021-09857-x
   Web of Science ®Google Scholar
• Freeman, R. E. (2010). Strategic management: A stakeholder approach. Cambridge University Press.
   Google Scholar
• Ge, G., Xiao, X., Li, Z., & Dai, Q. (2022). Does ESG performance promote high-quality development of enterprises in China? The mediating role of innovation input. Sustainability, 14(7), 3843. Article 7 https://doi.org/10.3390/su14073843
   Web of Science ®Google Scholar
• Godfrey, P. C., Merrill, C. B., & Hansen, J. M. (2009). The relationship between corporate social responsibility and shareholder value: An empirical test of the risk management hypothesis. Strategic Management Journal, 30(4), 425–445. https://doi.org/10.1002/smj.750
   Web of Science ®Google Scholar
• Grant, R. M.(1991). The resource-based theory of competitive advantage: Implications for strategy formulation. California Management Review, 33(3), 114–135. https://doi.org/10.2307/41166664
   Web of Science ®Google Scholar
• Groenewegen, P. & Vergragt, P.(1991). Environmental issues as threats and opportunities for technological innovation. Technology Analysis & Strategic Management, 3(1), 43–55. https://doi.org/10.1080/09537329108524031
   Google Scholar
• Hackston, D. & Milne, M. J.(1996). Some determinants of social and environmental disclosures in New Zealand companies. Accounting Auditing & Accountability Journal, 9(1), 77–108. https://doi.org/10.1108/09513579610109987
   Google Scholar
• Hamrouni, A. Uyar, A. & Boussaada, R.(2019). Are corporate social responsibility disclosures relevant for lenders? Empirical evidence from France. Management Decision, 58(2), 267–279. https://doi.org/10.1108/MD-06-2019-0757
   Web of Science ®Google Scholar
• Hart, O.(1995). Corporate governance: Some theory and implications. The Economic Journal, 105(430), 678–689. https://doi.org/10.2307/2235027
   Web of Science ®Google Scholar
• He, J.-H., He, C.-H., & Sedighi, H. M. (2021). School of Science, Xi’an University of architecture and technology, Xi’an, China, school of mathematics and information science, Henan Polytechnic University, Jiaozuo, China, national engineering laboratory for modern silk, College of textile and clothing engineering, Soochow University, 199 Ren-Ai Road, Suzhou, China, school of Civil Engineering, Xi’an University of Architecture & Technology, Xi’an 710055, China, & Mechanical Engineering department, Faculty of Engineering, Shahid Chamran University of Ahvaz, Ahvaz, Iran. AIMS Mathematics, 6(9), 9194–9206. ( Evans model for dynamic economics revised). https://doi.org/10.3934/math.2021534
   Google Scholar
• Ioannou, I., & Serafeim, G. (2010). What drives corporate social performance?. International Evidence from social, environmental and governance sources.
   Google Scholar
• Jo, H., & Na, H. (2012). Does CSR reduce firm risk? Evidence from controversial industry sectors. Journal of Business Ethics, 110(4), 441–456. https://doi.org/10.1007/s10551-012-1492-2
   Web of Science ®Google Scholar
• Kalaignanam, K. Shankar, V. & Varadarajan, R.(2007). Asymmetric new product development alliances: Win-win or win-lose partnerships?. Management Science, 53(3), 357–374. https://doi.org/10.1287/mnsc.1060.0642
   Web of Science ®Google Scholar
• Kemp, R. (1994). technology and the transition to a sustainable economy. Continuity and change in complex technological systems. In Modèles de développement soutenable (des approches exclusives ou complémentaires de la soutenabilité? (pp. 141–170).
   Google Scholar
• Kumar, P. & Firoz, M.(2018). Impact of carbon emissions on cost of debt-evidence from India. Managerial Finance, 44(12), 1401–1417. https://doi.org/10.1108/MF-03-2018-0108
   Web of Science ®Google Scholar
• Li, Y. Eddie, I. & Liu, J.(2014). Carbon emissions and the cost of capital: Australian evidence. Review of Accounting and Finance, 13(4), 400–420. https://doi.org/10.1108/RAF-08-2012-0074
   Google Scholar
• Li, Y., Gong, M., Zhang, X.-Y., & Koh, L. (2018). The impact of environmental, social, and governance disclosure on firm value: The role of CEO power. The British Accounting Review, 50(1), 60–75. https://doi.org/10.1016/j.bar.2017.09.007
   Web of Science ®Google Scholar
• Li, T.-T., Wang, K., Sueyoshi, T., & Wang, D. D. (2021). ESG: Research progress and future prospects. Sustainability, 13(21), 11663. https://doi.org/10.3390/su132111663
   Web of Science ®Google Scholar
• Lokuwaduge, C. S. D. S., & Heenetigala, K. (2017). Integrating environmental, social and governance (ESG) disclosure for a sustainable development: An Australian study. Business Strategy and the Environment, 26(4), 438–450. https://doi.org/10.1002/bse.1927
   Web of Science ®Google Scholar
• McWilliams, A. & Siegel, D.(2001). Corporate social responsibility: A theory of the firm perspective. Academy of Management Review. https://doi.org/10.5465/amr.2001.4011987
   Web of Science ®Google Scholar
• Minutolo, M. C. Kristjanpoller, W. D. & Stakeley, J.(2019). Exploring environmental, social, and governance disclosure effects on the S&P 500 financial performance. Business Strategy and the Environment, 28(6), 1083–1095. https://doi.org/10.1002/bse.2303
   Web of Science ®Google Scholar
• Neumayer, E., & Plümper, T. (2017). Robustness tests for Quantitative research (1 本). Cambridge University Press. https://doi.org/10.1017/9781108233590
   Google Scholar
• Ntim, C. G. & Malagila, J. K. (2022). Board Sustainability Committees, climate change initiatives, carbon performance, and market value. British Journal of Management. https://doi.org/10.1111/1467-8551.12715
   Web of Science ®Google Scholar
• Ntim, C. G., Nguyen, T. H. H., Elmagrhi, M. H., & Wu, Y. (2021). Environmental performance, sustainability, governance, and financial performance: Evidence from heavily polluting industries in China. Business Strategy and the Environment, 30(5), 2313–2331. https://doi.org/10.1002/bse.2748
   Web of Science ®Google Scholar
• Odell, J., & Ali, U. (2016). ESG Investing in Emerging and Frontier Markets. Journal of Applied Corporate Finance, 28(2), 96–101. https://doi.org/10.1111/jacf.12181
   Web of Science ®Google Scholar
• Odera, O., Scott, A. H. S., & Gow, J. (2016). Factors influencing corporate social and environmental disclosures: A systematic review. International Journal of Business Governance and Ethics, 11(2), 116–134. https://doi.org/10.1504/IJBGE.2016.078199
   Google Scholar
• Ohlson, J. A. (1995). Earnings, book values, and dividends in equity valuation*. Contemporary Accounting Research, 11(2), 661–687. https://doi.org/10.1111/j.1911-3846.1995.tb00461.x
   Google Scholar
• Pina Murè. (2021). ESG and reputation: The case of sanctioned Italian banks—Murè—2021—corporate social responsibility and environmental management—Wiley Online Library. https://onlinelibrary.wiley.com/doi/abs/10.1002/csr.2047
   Google Scholar
• Porumb, V.-A., Anghel, I., & Ciora, C. (2017). Non-financial performance and real estate firms’ cost of debt capital. ERES, Article eres2017_357. https://ideas.repec.org//p/arz/wpaper/eres2017_357.html
   Google Scholar
• Ratajczak, P. & Mikołajewicz, G.(2021). The impact of environmental, social and corporate governance responsibility on the cost of short-and long-term debt. Economics and Business Review, 7(2), 74–96. https://doi.org/10.18559/ebr.2021.2.6
   Web of Science ®Google Scholar
• Schoenmaker, D., & Schramade, W. (2019). Investing for long-term value creation. Journal of Sustainable Finance & Investment, 9(4), 356–377. https://doi.org/10.1080/20430795.2019.1625012
   Web of Science ®Google Scholar
• Shahbaz, M. Raghutla, C. Song, M. Zameer, H. & Jiao, Z.(2020). Public-private partnerships investment in energy as new determinant of CO2 emissions: The role of technological innovations in China. Energy Economics, 86, 104664.
   Web of Science ®Google Scholar
• Van Der Merwe, A. W. A. J. & Puth, G.(2014). Towards a conceptual Model of the relationship between corporate trust and corporate reputation. Corporate Reputation Review, 17(2), 138–156. https://doi.org/10.1057/crr.2014.4
   Google Scholar
• Velte, P. (2019). Does CEO power moderate the link between ESG performance and financial performance? A focus on the German two-tier system. Management Research Review, 43(5), 497–520. https://doi.org/10.1108/MRR-04-2019-0182
   Web of Science ®Google Scholar
• Wasiuzzaman, S.(2019). Resource sharing in interfirm alliances between SMEs and large firms and SME access to finance: A study of Malaysian SMEs. Management Research Review, 42(12), 1375–1399. https://doi.org/10.1108/MRR-10-2018-0369
   Web of Science ®Google Scholar
• Wong, J. B., & Zhang, Q. (2022). Stock market reactions to adverse ESG disclosure via media channels. The British Accounting Review, 54(1), 101045. https://doi.org/10.1016/j.bar.2021.101045
   Web of Science ®Google Scholar
• Yu, E. P., Guo, C. Q., & Luu, B. V. (2018). Environmental, social, and governance transparency and firm value. Business Strategy and the Environment, 27(7), 987–1004. https://doi.org/10.1002/bse.2047
   Web of Science ®Google Scholar
• Zhou, G., Liu, L., & Luo, S. (2022). Sustainable development, ESG performance, and company market value: Mediating effect of financial performance. Business Strategy and the Environment, 31(7), 3371–3387. https://doi.org/10.1002/bse.3089
   Web of Science ®Google Scholar
• Ziolo, F. & Bąk, C.(2019). How to design more sustainable financial systems: The roles of environmental, social, and governance factors in the decision-making process. Sustainability, 11(20), 5604.
   Web of Science ®Google Scholar