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The effect of ESG performance on firm financial performance: Evidence from Europe.

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Διεθνές Πανεπιστήμιο της Ελλάδος   

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Ιδρυματικό Αποθετήριο Διεθνούς Πανεπιστημίου Ελλάδος (ΔΙΠΑΕ)   

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The effect of ESG performance on firm financial performance: Evidence from Europe. (EN)
Platnari, Maria (EN)
Chantziaras, Antonios (EL)
Archontakis, Fragiskos (EL)
Kroustalis, Ioannis (EL)
masterThesis
2023-04-25
2023-04-25T08:16:55Z
2023-01-10
This dissertation was written as part of the MSc in Banking and Finance at the International Hellenic University. This study aims to review and assess how a firm's financial performance, both accounting and market-based, is affected by its environmental, social, and governance (ESG) performance. Companies have become increasingly interested in the ESG framework in recent years as they realize that it may offer value to them and allow them to improve their bottom line, enhance their reputation, and become more productive in their work. The study's sample selection includes 1,057 European businesses for the fiscal years 2011 through 2021 (7,343 firm-year observations). Its primary goal is, through analysis, to assess potential connections between total ESG performance, including ESG Controversies overlay as indicated by the Refinitiv database and accounting and market-based financial success metrics (ROA and Toobin's Q). Its goal is to reveal that better ESG Performance improves a firm’s financial performance for accounting and market measures. This study adds to European businesses' empirical social responsibility research by measuring accounting- and market-based metrics and researching how total ESG scores impact these measures. Furthermore, this study also tries to contribute to the examination if ESG and FINP are closely related and should result in effective stakeholder management affecting businesses, regulators, and researchers. The analysis of these questions showed that ESG positively impacts Tobin’s Q and ROA. Therefore, ESG only positively influences a firm’s financial performance. Keywords: ESG performance, Financial Performance, Market Performance, Corporate Social Responsibility, Stakeholders’ management. Maria Platnari 10/01/2023 (EN)
Corporate social responsibility (EL)
ESG performance (EL)
Market performance (EL)
Financial performance (EL)
Stakeholders’ management (EL)
ESG (EN)
Αγγλική γλώσσα
School of Economics, Business Administration and Legal Studies, MSc in Banking and Finance
IHU (EN)
Default License
Διεθνές Πανεπιστήμιο της Ελλάδος
Ιδρυματικό Αποθετήριο Διεθνούς Πανεπιστημίου Ελλάδος (ΔΙΠΑΕ)
University Center of International Programmes of Studies (UCIPS)
Master Theses



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