Subcategories of ESG controversies and firm value - Gouvernance des Institutions et des Organisations
Pré-Publication, Document De Travail Année : 2024

Subcategories of ESG controversies and firm value

Résumé

To clarify the literature’s conflicting findings on the impact of Environmental, Social, and Governance (ESG) controversies on firm value, this paper examines subcategory impacts within ESG pillars. We take advantage of a novel dataset to build cross-industry comparable quarterly subcategory scores. Aggregating them at different levels, our analysis of U.S. firms reveals significant impacts of controversies at both overall and sub-pillar levels, that are not systematically reduced by a higher initial ESG commitment. Conflicting subcategory effects within the same pillar explain the lack of significant pillar-level impact. This highlights the need to differentiate sub-pillar component effects to avoid premature conclusions.
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Dates et versions

hal-04654818 , version 1 (20-07-2024)

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  • HAL Id : hal-04654818 , version 1

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Cédric Faure, Emmanuelle Nys, Amine Tarazi. Subcategories of ESG controversies and firm value. 2024. ⟨hal-04654818⟩
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