Corporate Value Research Articles

Does CEO social capital affect corporate ESG performance?

This paper empirically examines the relationship between CEO (Chief Executive Officer) social capital and corporate ESG (Environment, Social and Governance) performance. Using a sample of A-share listed companies in Shanghai and Shenzhen from 2010 to 2020, the paper finds a negative correlation between CEO social capital and corporate ESG performance. In addition, we also consider how the firm's market trading activity and CEO duality moderates the impact of CEO social capital on firms' ESG, and both are concluded to be positively moderated. Upon further research, we also find that (1) the positive contribution of CEO's social capital to firms' ESG performance is more significant in state-owned enterprises. (2) The negative facilitating effect of CEO's social capital on corporate ESG performance is more significant in large-scale enterprises. (3) ESG practices lead to the loss of shareholder wealth, resulting in the reduction of corporate value. The results of the study deepen the knowledge of academics and practitioners about the value-creating function of CEO social capital, and provide empirical evidence for listed companies to pay attention to and make use of CEO social capital to enhance their corporate social responsibility commitment.

The Impact of ESG on the Financial Performance of Listed Companies: Empirical Analysis Based on A-share Listed Companies

As China’s ecological civilization advances, ESG (Environmental, Social, and Governance) has emerged as a focal point for market participants and investors. Based on the data of Shanghai and Shenzhen A-share listed companies from 2014 to 2022 and Bloomberg ESG score, this paper explores the impact of ESG performance on corporate value and its mechanism through multiple regression analysis. The results indicate that an enhancement in ESG performance significantly boosts the financial performance of listed companies, particularly in non-polluting industries, enterprises with low information transparency, and foreign-controlled enterprises. In response to these conclusions, the article makes recommendations for policy formulation and business management aimed at promoting sustainable development of enterprises, enhancing market competitiveness, and responding to the growing concern of investors about ESG.

Corporate Social Responsibility Reports: An Analysis of Dialogicity Across Sectors and Countries

The paper explores Corporate Social Responsibility (CSR) reports in their dialogicity, i.e. as an interactive communication practice taking place between the company and a multifaceted audience of stakeholders. In particular, it investigates the linguistic and discursive resources used by a sample of companies in their CSR disclosures to articulate corporate values and performance, and voice stakeholders’ concerns. The analysis was conducted on a small collection of documents belonging to firms operating in three different sectors: Banking, Food, and Oil and Gas, and headquartered in three European countries: Italy, Switzerland and the UK. With the support of corpus linguistics tools, the CSR reports were examined in a selection of key dialogic elements and their phraseology. The quantitative and qualitative analysis was intended to map out the strategies (dis)similarly adopted by the firms across the sectors and countries to project themselves into the text, establish a connection with stakeholders, and address their needs and expectations.

The Role of Corporate Social Responsibility in Supporting SDGs: A Propriety and Fairness Perspective

Introduction: Increasingly complex environmental challenges demand transparent and accountable measurement of corporate social responsibility (CSR). To create corporate value and monitor social, environmental, and economic impacts, companies and governments collaborate to promote ethical CSR practices and meet existing regulatory requirements, while supporting transparency and accountability in achieving the Sustainable Development Goals (SDGs). However, varying CSR measurement standards often make it difficult to compare performance between companies. Objective: To uncover how stakeholders define the propriety and fairness of companies to achieve the SDGs. Method: Research data were obtained from interviews with company leaders/internal auditors/external auditors/teams involved in the company's CSR evaluation process totaling 81 people. The data collection process was carried out in a hybrid manner. Results and Discussion: In terms of regulations, most companies have complied with regulations related to transparency, financial reporting, and CSR. In terms of propriety and fairness, CSR costs cannot be classified as income, but rather as a reduction in taxable income (expenses). However, it turns out that there are still companies that include CSR costs in other income. Research Implications: This study develops a model for assessing the propriety and fairness of CSR in sustainability reporting, including the social and environmental impacts of its business to support the achievement of SDGs. Originality/Value: This study produces a measurable assessment of the propriety and fairness of corporate CSR, which supports SDGs in improving corporate accountability and transparency.

The Value Effect of ESG Performance and Corporate Governance Innovation in Chinese Enterprises under High-Quality Development

Abstract: This paper arises from the ongoing development of ESG (Environmental, Social, and Governance) information disclosure and governance in recent years, and the academic interest in these areas. While numerous discussions on ESG information disclosure and governance exist, a comprehensive review and summary are still lacking. This paper focuses on academic research on the application and innovation of ESG information disclosure and governance in Chinese enterprises, aiming to provide research directions and perspectives for future researchers. The main data sources for this study are CNKI and CSSCI, selecting papers and journals from the past ten years and using Citespace to analyze the collected data. The results show that corporate value is closely linked to consumer interests. Through innovations in ESG governance models, operational risks are reduced, resource utilization is improved, and the social functions of enterprises are highlighted, achieving sustainable development.

Corporate venture capital, value creation and information technology: Basis for dynamic capability framework

Corporate venture capital, value creation and information technology: Basis for dynamic capability framework

The Dual Leverage and Mechanism of ESG Information Disclosure on Investor Behavior

Abstract: With the global emphasis on sustainable development, ESG information disclosure has become a key factor for investors to assess corporate value and risk. The academic value of this paper lies in an in-depth analysis of the reverse effect, which is not mentioned in most literature. It stands from the perspective of investors' investment purposes and interests, the attitudes of long-term investors who desire sustainable development and short-term investors who only care about immediate returns in a short period when facing ESG information disclosure. On the other hand, there are negative impacts on investors due to reasons such as government policy standards or the level of corporate ESG information disclosure itself, which may also prevent investors from achieving their expected goals, leading to investment risks and ultimately investors may flow out of the company. At the same time, some external factors can also lead to a dual leverage effect, such as the economic slowdown caused by the pandemic.

The Real Value of CSR Performance in the NEV Industry: Evidence from China

Corporate social responsibility (CSR) is increasingly becoming a major concern for investors and consumers, prompting companies to devote more resources to community engagement to manage conflict and improve business performance. In this study, we conducted an empirical analysis with a sample of 385 listed companies in China’s new energy vehicle (NEV) industry to analyze the relationship between CSR performance and corporate value (CV). With the ordinary least squares (OLS) regression analysis, our study’s results show a positive relationship between the CSR performance of these companies and corporate value. In addition, our findings indicate a lagged effect in the relationship between CSR and CV. The mechanism analysis suggests that corporate CSR performance helps to improve corporate reputation, reduce financing constraints, and thus increase corporate value. Moreover, high analyst attention and information transparency can enhance the positive effects of corporate CSR. This study contributes to the existing literature and empirical evidence by exploring the correlation between CSR performance and firm value in the context of emerging countries and the NEV industry.

ESG Performance and Enterprise Competitive Advantage Construction: A Case Study of Walmart

This essay opens with an in-depth discussion of the growing importance of ESG concepts in modern corporate management and highlights their significant role in promoting long-term corporate value creation. With the increasing global focus on sustainability, ESG concepts have become an integral part of corporate strategic planning and operational decision-making. Next, this article selects the global retail giant Walmart as a case study and uses SWOT analysis and other management tools to analyse in detail how Walmart has effectively constructed and consolidated its competitive advantages in the highly competitive market through the implementation of an active ESG strategy. The article specifically describes Walmart's practices on several ESG dimensions, including but not limited to the implementation of environmental protection measures, active support to the community, the enhancement of employee welfare, and the optimisation of corporate governance structure. In terms of environmental protection, Walmart has significantly reduced the environmental impact of its operations through measures such as reducing carbon emissions, improving energy efficiency and promoting sustainable products. In terms of community support, the company has strengthened its ties with local communities and enhanced its brand image through various community programmes and charitable activities. Employee well-being has been achieved through improved working conditions and career development opportunities, which have not only increased employee satisfaction but also enhanced the company's attractiveness. The article concludes by summarising the important contribution of Walmart's ESG practices to the company's sustainability and long-term competitive advantage and suggests possible future strategic directions and recommendations for Walmart in ESG based on current market trends and company performance. These recommendations are intended to provide valuable references and insights for Walmart and other companies in their future strategic planning and decision-making processes, especially in terms of how to balance economic efficiency and social responsibility to achieve long-term sustainable development. However, due to the limitation of data and the depth of research on Walmart ESG, the article still has limitations.

CORPORATE CULTURE AS A FACTOR IN PERSONNEL EFFICIENCY

The article is devoted to the study of the influence of corporate culture on the efficiency of personnel through the prism of work psychology. The main focus is on the analysis of key components of corporate culture, such as corporate values, norms and traditions, and their impact on staff motivation. Corporate culture is defined as a set of values and beliefs that determine the behavior of employees and the effectiveness of the organization as a whole. The psychological climate in the organization is considered as a critical factor affecting job satisfaction and the emotional state of employees. The article substantiates the importance of maintaining a healthy psychological climate for ensuring high productivity. Various aspects of personnel motivation are considered, including intrinsic and extrinsic incentives. It has been found that a positive corporate culture promotes motivation, improves communication and strengthens trust between employees. In particular, factors such as open communication, support from management and opportunities for professional development are key to ensuring high performance. The study shows that a positive psychological climate helps reduce stress levels and increase overall job satisfaction. It is noted that corporate values, which are shared by all members of the organization, create a basis for successful cooperation and achievement of common goals. The authors provide recommendations for implementing effective management practices to improve corporate culture. Special attention is paid to the role of leadership in the formation of a favorable working environment. The conclusions emphasize the need for a strategic approach to the formation of corporate culture. It is emphasized that investment in the development of corporate culture has a positive effect on the efficiency of the staff in general. Keywords: corporate culture, work psychology, personnel motivation, psychological climate, corporate values

How social initiatives affect the value of manufacturing companies in Nigeria

Eighty percent of listed manufacturing firms in Nigeria (4 out of 5 firms) had negative and fluctuating returns on equity eighty-three percent of the time (5 out of 6 years), while inexplicable fluctuations in philanthropic expenditures, labor costs, and creditor days correspondingly occurred during the 6-year period under review (2018–2023). This study looks at how social initiatives affect the value of listed manufacturing firms in Nigeria. Its specific goal was to determine whether a firm’s value (measured as return on equity) is influenced by the cost of corporate giving, the cost of employee well-being, and the time taken to settle creditors. Data were obtained from the financial reports of 5 companies. the sample of which was judgmentally drawn from 16 listed companies using a quantitative method of research. EViews statistical package was used to analyze data. It was found that investments in social initiatives as supported by corporate giving {B1 = 0.010162, P = .2691 or P > .05}, employee well-being {B2 = .012285, P = .3836 or P > .05}, and obligations to creditors {B3 = .012018, P = .8327 or P > .05} are not value-enhancing in Nigeria’s manufacturing sector. In light of the above, it was concluded that listed companies in the manufacturing sector in Nigeria are not legitimately and strategically investing their resources in social initiatives, and corporate value is consequently not enhanced and maximized.

Breaking down the impenetrable wall: What are the barriers to good corporate governance practices above all?

Good corporate governance practices are essential in every organisation to ensure accountability and due diligence enhancing corporate value. However, some countries face barriers to good corporate governance practices such as poor regulatory frameworks, perceived constraints, and threats from external factors, etc. Therefore, the organisations will face consequences such as eroding shareholder confidence, declining market value and the organisation integrity. Hence, the study’s main objective is to systematically review the barriers to good corporate governance practice in the global context. This study uses a systematic literature review whereby the authors analyse 24 selected articles. Therefore, the main findings indicated ten barriers to good corporate governance practices. The ten barriers are weak regulatory framework, perceived constraints, poor quality of information, external business factors, lack of awareness, confusion of authority, lack of monitoring, board diversity, transparency and investor protection. These findings provide significant contributions in theoretical development for potential scholars and practical implications for organisations, stakeholders, investors, and corporate leaders who aim to strengthen the governance framework, improve organisational resilience and promote sustainable value creation to understand these barriers comprehensively.

Dissolving boundaries: work, activity, and voluntariness in digitized capitalism

ABSTRACT The article focuses on voluntariness as a mode of restructuring work in 21st century digitalized capitalism. What can be observed is a blurring of the boundaries between work, reproduction, leisure and engagement. We pursue the thesis that this transformation in the ‘nature’ of work corresponds to a (newly emerging) ‘mixed-activity economy’ in which people, on the one hand, create economic value in the sphere of consumption or leisure. On the other hand, reproductive requirements and economic necessities in everyday work and life can be flexibly linked through time-flexible platform work. In any case, the forms of corporate value creation and access to human productivity are changing radically insofar as they are no longer limited to classic wage labor alone. The invocation of voluntarism plays a key legitimizing role in this transformation. Based on a theoretical reconstruction of the concept of voluntariness, we bring together new forms of value creation through appropriation of resources outside of wage labor and the systematic analysis of voluntariness as a currently significant mode of action and governance in the digital economy.

Exploring the Multi-Dimensional Effects of ESG on Corporate Valuation: Insights into Investor Expectations, Risk Mitigation, and Long-Term Value Creation

This paper investigates the multifaceted mechanisms through which Environmental, Social, and Governance (ESG) factors influence corporate value. ESG performance, reflecting a company's adherence to sustainable practices, has become increasingly significant in contemporary business strategy due to its potential impact on firm profitability and market perception. While ESG initiatives are known to enhance corporate transparency and stakeholder trust, contributing positively to a companys reputation and operational efficiencies, they also present financial challenges by potentially elevating operational costs and impacting short-term financial performance. Utilizing a comprehensive review of existing literature and theoretical frameworks such as stakeholder theory, agency theory, and signaling theory, this study delineates the balance firms must achieve between fostering long-term strategic advantages and managing immediate financial implications. By analyzing empirical evidence and case studies across diverse industries, the paper elucidates how robust ESG practices can attract better investment, improve risk management, and secure sustained economic benefits. This research contributes to academic discussions on ESGs role in corporate value creation and offers practical insights for companies aiming to integrate these practices into their core strategies effectively. The findings highlight the importance of strategic ESG implementation and the necessity for firms to align these initiatives with broader corporate objectives to optimize both societal impact and shareholder value.

The profits vs protests: Corporate value dynamics amidst activist uproar

We examine the impact of student protests and geopolitical events on the firms targeted for divestment during the 2023–2024 Israel–Hamas conflict. Utilizing event study methodology, we analyze cumulative abnormal returns (CARs) across eight key conflict periods. We find positive CARs for targeted firms at the onset of the conflict, but significant negative CARs are reported as student protests escalated. This provides evidence of the tangible impacts of public pressure campaigns on market perceptions and valuations in the short-run. However, we observe positive CARs after student protests subsided which suggests potential limitations to the sustained impact of such activism and shows the market's capacity to normalize extraordinary events over time.

Impact of Equity Liquidity on Corporate Value—— Based on The Empirical Analysis of China's A-Share Listed Companies

Since the establishment of the Shanghai and Shenzhen Stock Exchange, China's stock market has experienced a development process from scratch, from small to large, and from weak to strong. During this period, the liquidity of China's stock market has increased significantly. The stock market can affect the real economy by changing the motivation and influencing the behavior of enterprises, which is crucial to economic development. Many scholars at home and abroad have studied the impact of stock liquidity on enterprise value from different perspectives. This paper finds that the stock liquidity has a significant positive impact on the value of enterprises. The higher the level of stock liquidity, the higher the enterprise value, and the company's equity structure can play a role as an intermediary variable in the process of stock liquidity affecting the enterprise value.

Mediating Role of Sustainability Reporting Quality on the Relationship Between Green Banking and Firm Value

Abstract The mounting environmental concerns have become a pressing issue across industries. Nevertheless, the banking sector has a distinct influence in shaping economic growth and development. This study sought to evaluate the impact of green banking in strengthening corporate value through its level of sustainability reporting in order to address these concerns. A research framework was developed based on theoretical support. The sampled data was collected from banks listed on the Indonesian Stock Exchange from 2018-2021. An empirical analysis was performed through hierarchical regression. The study’s findings indicated that green banking positively and significantly impacts firm value. Furthermore, there is a mediating effect between green banking and business value due to the quality of sustainability reporting. The empirical test revealed that the quality of sustainability reporting has a mediating effect to some extent. The results also showed that there is an interaction between business size (assets) and correlations between firm value and green banking. By undertaking a data-driven research that explains the impact of green banking on business value, this study aims to fill a significant gap in the body of knowledge on green banking and sustainability reporting.

Implementation of Artificial Intelligence on Personnel Management in a Dynamic Society

The bedrock of this study is Implementation of Artificial Intelligence (AI) on Personnel Management in a Dynamic Society.. The rapid development and advancement of the digital environment, the increase in computing power, the processing of huge amounts of data and advanced algorithms have not only made AI exceptional and indispensable, but also emerged as a key tool in talent management. Methodologically, the study used secondary data collection sources such as textbooks, magazines, newspapers, journals, and periodical reports. The study found, among other things, that the development of AI leads to errors caused by machines due to programming errors and persistence of discrimination/preferential treatment in recruitment. Therefore, AI is not able to recognize corporate culture and values when evaluating applicants. The paper recommends that companies should focus on updating and training their current employees to avoid job losses due to the emergence of AI and adapt to the current framework conditions, etc. Thus, the paper concludes that the increasing use of AI will have a social and economic impact in this millennium, as it aims at digitalization and development by utilizing AI-inspired decision-making and integrating advanced information systems into multidimensional areas of activity, with a significant impact on various sectors around the world.

코스닥 기업의 ESG 활동이 기업가치에 미치는 영향

The purpose of this study is to analyze the impact of ESG activities of KOSDAQ companies on future corporate value. This study verifies the level of ESG activities of KOSDAQ companies, which have a relatively high burden of expenditures compared to KOSPI companies, and the impact of such activities on corporate value. The ESG activities of companies were analyzed using the ESG evaluation index, and the relationship with corporate value was analyzed by dividing them into total scores and individual scores. The results of the analysis showed that the total ESG score and the scores for the social (S) and governance (G) areas showed a significant positive (+) relationship with corporate value, but the environment (E) section showed a significant negative (-) relationship. This can be interpreted that the more active the ESG activities are in all areas except the environment, the higher the corporate value. The results of this study are thought to have implications for institutions and governments that disclose and manage the scores by examining the results of social responsibility activities of KOSDAQ companies.

Effect of Corporate Social Performance and Dividend Payout on Value of Firms An Evidence of Non-Financial Firms Listed on Pakistan Stock Exchange

The relationship between corporate social performance, Dividend Payout and Value of Firm has been an important topic of literature and the subject of comprehensive empirical literature. However, the current literature is characterized by a lack of consistent and general research studies about the nature and direction of this unique nexus. This research study aims to contribute to the literature by reviewing the comprehensive literature on this subject related to the Pakistani corporate market. The research study used a sample size of 50 non-financial firms in Pakistan for the period of ten years from 2013-2022. The data was collected from the annual reports of non-financial firms. Regression, descriptive statistics and Correlation matrix were used to establish the relationship between corporate social performance, Dividend Payout and Value of Firm. Results were computed by using “E-views” software for the data analysis. The results of the research study revealed that there is a highly significant and positive relationship between Dividend Payout and the Value of Firm while also a significant and positive relationship between Corporate Social Performance and Value of Firm.