Environmental Social and Governance (ESG) Performance of Corporate Value in Different Periods

Chengzhuo Zhang and Nik Hadiyan Binti Nik Azman

Business Management and Strategy, 2023, vol. 14, issue 2, 85-108

Abstract: The prevalence of COVID-19 offers companies the opportunity to adopt a more realistic approach to corporate social responsibility. This study examines the performance of ESG and corporate value under the COVID-19 scenario using panel data from 2018 to 2021. After collecting data from the Wind database, regression analysis was used to analyses the total ESG score, specific indicator scores and companies with various ratings. This study showed that sustainability - whether environmental (E), social (S) or governance (G) - contributes to enterprise value. It contributed to an increase in enterprise value for companies with high ratings, but had little impact on the enterprise value of companies with low ratings. In addition, the study was divided into two groups based on the duration of the pandemic to determine whether sustainability and firm value behaved differently under the influence of COVID-19. Even in the presence of COVID-19, the study found that the impact of sustainability on firm value was still favorable and significant. This study provides a detailed breakdown of ESG scores and regression analysis of individual indicators. Secondly a more detailed classification of companies was also carried out, with the study looking at companies according to different ratings, including AAA, AA, A, BBB, BB, B, CCC, CC, C.

Date: 2023
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