Impact of environmental, social and governance initiatives on firm value: Analysis using AI-based ESG scores for Japanese listed firms

Zhixiong Chen*, Kohei Sugiyama, Kazuyuki Tasaka, Tomomi Kito, Yukihiro Yasuda

*この研究の対応する著者

研究成果: Article査読

抄録

This paper is the first study to examine the relationship between ESG initiatives and firm value for almost all Japanese listed firms. By constructing our unique AI-based ESG (Environmental Social Governance) scores that have higher coverage than existing ESG scores, we score and analyze firms that have not previously been given ESG scores and provide more robust evidence for the impact of ESG initiatives on firm value. Our unique AI-based ESG scores are classified as ESG disclosure scores. We empirically show that Japanese listed firms engaging in ESG activities have a significantly higher Tobin's Q and higher volatility. We use the COVID-19 pandemic to eliminate reverse causality in our analysis.

本文言語English
論文番号102303
ジャーナルResearch in International Business and Finance
70
DOI
出版ステータスPublished - 2024 6月

ASJC Scopus subject areas

  • ビジネス、管理および会計(その他)
  • 財務

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