Firm Value and ESG Performance During the Covid-19 Pandemic

DOI

10.2991/aebmr.k.220603.035How to use a DOI?

Keywords

ESG; Corporate finance; COVID-19; Manufacturing industry

Abstract

Since the outbreak of the new crown epidemic, ESG investment has received unprecedented attention among investors and scholars. A growing number of academics show interest in the link between ESG performance and corporate value, while mostly focusing on developed markets. This article aims to explore the relationship between ESG performance and corporate value in emerging markets, especially the impact of the crisis on this relationship caused by the COVID-19 pandemic. The article performs several multiple linear regressions on the firm value of Chinese manufacturing companies and concludes that ESG performance plays a positive role in the creation of firm value. Moreover, the results show that this positive impact has been blunted during the pandemic, which is partly because the increased importance of cash flow to business operations makes ESG activities costly investments for the manufacturing companies.

Copyright

© 2022 The Authors. Published by Atlantis Press International B.V.

Open Access

This is an open access article distributed under the CC BY-NC 4.0 license.

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TY  - CONF
AU  - Shashuo Zhang
PY  - 2022
DA  - 2022/07/01
TI  - Firm Value and ESG Performance During the Covid-19 Pandemic
BT  - Proceedings of the 2022 2nd International Conference on Enterprise Management and Economic Development (ICEMED 2022)
PB  - Atlantis Press
SP  - 200
EP  - 205
SN  - 2352-5428
UR  - https://doi.org/10.2991/aebmr.k.220603.035
DO  - 10.2991/aebmr.k.220603.035
ID  - Zhang2022
ER  -