When Does ESG Lose Value Relevance? A Discount-Rate Threshold in Korea

Sunwoo Lee

MPRA Paper from University Library of Munich, Germany

Abstract: Whether ESG performance creates value for shareholders remains contested. We ask whether the ESG–firm value relation in Korea depends on the prevailing monetary regime. Hansen’s (1999) panel threshold model, applied to 5,110 firm-year observations of KOSPI-listed firms over 2012–2025 with cluster-robust inference and 1,000 bootstrap replications, locates a structural break at a 3-year AA− corporate bond yield of 3.19%. The threshold is sharply identified (F = 72.59, bootstrap p

Keywords: ESG; firm value; Tobin’s Q; panel threshold model; monetary regime; KOSPI (search for similar items in EconPapers)
JEL-codes: C23 E43 G32 M14 (search for similar items in EconPapers)
Date: 2026-04-30
References: Add references at CitEc
Citations:

Downloads: (external link)
https://mpra.ub.uni-muenchen.de/129220/1/MPRA_paper_129220.pdf original version (application/pdf)

Related works:
This item may be available elsewhere in EconPapers: Search for items with the same title.

Export reference: BibTeX RIS (EndNote, ProCite, RefMan) HTML/Text

Persistent link: https://EconPapers.repec.org/RePEc:pra:mprapa:129220

Access Statistics for this paper

More papers in MPRA Paper from University Library of Munich, Germany Ludwigstraße 33, D-80539 Munich, Germany. Contact information at EDIRC.
Bibliographic data for series maintained by Joachim Winter ().