Artikel
The ESG disclosure and the financial performance of Norwegian listed firms
The world is constantly changing, and with an evolving global environmental crisis, there is a growing trend of Corporate Social Responsibility, and Environmental, Social, and Governance (ESG) disclosure initiatives. The final report on the new E.U. taxonomy for sustainable activities was released in 2020, making ESG disclosure more relevant. This paper investigates the effects of ESG initiatives on the financial performance of Norwegian listed companies from 2010 to 2019. ESG is measured through the Thomson Reuters Eikon ESG disclosure score and financial performance through ROA and Tobin's Q. To the best of our knowledge, this is the first time this relationship has been investigated in Norway. Using panel data regression analysis and two proxies for the dependent variable (financial performance), the results of this study are mixed. In particular, findings suggest a strong significant relationship between ESG initiatives and financial performance. More specifically, the regression model, with ROA as the dependent variable, suggests that ESG initiatives have a clear negative impact. On the other hand, the variable Tobin's Q increases when ESG increases. This could be explained by the different horizons of the measures and other factors affecting the business environment.
- Language
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Englisch
- Bibliographic citation
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Journal: Journal of Risk and Financial Management ; ISSN: 1911-8074 ; Volume: 15 ; Year: 2022 ; Issue: 6 ; Pages: 1-16
- Classification
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Management
- Subject
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ESG initiatives
financial performance
Norwegian listed firms
- Event
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Geistige Schöpfung
- (who)
-
Giannopulos, Geōrgios A.
Fagernes, Renate Victoria Kihle
Elmarzouky, Mahmoud
Hossain, Kazi Abul Bashar Muhammad Afzal
- Event
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Veröffentlichung
- (who)
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MDPI
- (where)
-
Basel
- (when)
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2022
- DOI
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doi:10.3390/jrfm15060237
- Handle
- Last update
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10.03.2025, 11:44 AM CET
Data provider
ZBW - Deutsche Zentralbibliothek für Wirtschaftswissenschaften - Leibniz-Informationszentrum Wirtschaft. If you have any questions about the object, please contact the data provider.
Object type
- Artikel
Associated
- Giannopulos, Geōrgios A.
- Fagernes, Renate Victoria Kihle
- Elmarzouky, Mahmoud
- Hossain, Kazi Abul Bashar Muhammad Afzal
- MDPI
Time of origin
- 2022
Other Objects (12)
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ESG disclosure and portfolio performance
Sustainability disclosure: Impact of its extent and quality on value of listed firms in Nigeria
Proprietary Costs and the Disclosure of Information about Major Customers: Evidence from Chinese Listed Firms
Corporate governance in Chinese listed firms
Environmental, social and corporate governance (ESG) on the financial performance of listed mining firms in South Africa
The irrelevance of R&D intensity in the ESG disclosure? Insights from top 10 listed companies on global Islamic indices
The cooperative ESG disclosure index: an empirical approach
The influence of board characteristics and state holding on corporate social responsibility disclosure, evidence from Vietnamese listed firms
BOD characteristics and their impact on the link between ESG disclosure and integrated reporting disclosure quality: a study of Egyptian non-financial firms
Financing policies of Croatian publicly listed firms
The financing structure of non-listed firms
Intellectual capital disclosure of Hungarian and Czech listed firms
ESG disclosure and portfolio performance
Sustainability disclosure: Impact of its extent and quality on value of listed firms in Nigeria
Proprietary Costs and the Disclosure of Information about Major Customers: Evidence from Chinese Listed Firms
Corporate governance in Chinese listed firms
Environmental, social and corporate governance (ESG) on the financial performance of listed mining firms in South Africa
The irrelevance of R&D intensity in the ESG disclosure? Insights from top 10 listed companies on global Islamic indices
The cooperative ESG disclosure index: an empirical approach
The influence of board characteristics and state holding on corporate social responsibility disclosure, evidence from Vietnamese listed firms
BOD characteristics and their impact on the link between ESG disclosure and integrated reporting disclosure quality: a study of Egyptian non-financial firms
Financing policies of Croatian publicly listed firms
The financing structure of non-listed firms
Intellectual capital disclosure of Hungarian and Czech listed firms
ESG disclosure and portfolio performance
Sustainability disclosure: Impact of its extent and quality on value of listed firms in Nigeria
Proprietary Costs and the Disclosure of Information about Major Customers: Evidence from Chinese Listed Firms
Corporate governance in Chinese listed firms
Environmental, social and corporate governance (ESG) on the financial performance of listed mining firms in South Africa
The irrelevance of R&D intensity in the ESG disclosure? Insights from top 10 listed companies on global Islamic indices
The cooperative ESG disclosure index: an empirical approach
The influence of board characteristics and state holding on corporate social responsibility disclosure, evidence from Vietnamese listed firms
BOD characteristics and their impact on the link between ESG disclosure and integrated reporting disclosure quality: a study of Egyptian non-financial firms
Financing policies of Croatian publicly listed firms