Research on the rules of ESG performance and value creation based on rough sets
Abstract
In the context of global sustainable development, the relationship between environmental, social responsibility, and governance (ESG) performance and multi-stakeholder value creation has been widely discussed. However, there is a complex causal relationship between ESG performance and value creation, many firm characteristics are involved, and there is no systematic study on them. In this study, we aim to explore the relationship between ESG performance and value creation, the joint role of firms’ internal and external characteristics in this relationship, and how the three components of ESG performance act on value creation through their various configurations. To identify complex causal relationships among variables, this study introduces rough sets method to describe these configuration relationships by generating rules. We use China’s 300 CSI-listed companies on the Shanghai and Shenzhen Stock Exchanges from 2015 to 2020 as research samples and find that firms with good ESG performance are more likely to have high-efficiency value creation; moreover, this relationship exists only among firms with specific characteristics. Additionally, different combinations of ESG components may have a differential impact on value creation, and we identify four configurations that generate high-efficiency value creation. This study contributes to guiding companies to strengthen their ESG practices and rationally allocate resources.
First published online 09 January 2024
Keyword : ESG performance, value creation, rough sets, rule mining, firm characteristics, stakeholder theory
How to Cite
Hu, X., Zhu, W., Zhang, C., Zhang, T., & Zhang, C. (2023). Research on the rules of ESG performance and value creation based on rough sets. Journal of Business Economics and Management, 24(6), 996–1018. https://doi.org/10.3846/jbem.2023.20631
This work is licensed under a Creative Commons Attribution 4.0 International License.
References
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Atif, M., & Ali, S. (2021). Environmental, social and governance disclosure and default risk. Business Strategy and the Environment, 30(8), 3937−3959. https://doi.org/10.1002/bse.2850
Bai, X., Han, J., Ma, Y., & Zhang, W. (2022). ESG performance, institutional investors’ preference and financing constraints: Empirical evidence from China. Borsa Istanbul Review, 22(suppl. 2), S157–S168. https://doi.org/10.1016/j.bir.2022.11.013
Balachandran, B., & Faff, R. (2015). Corporate governance, firm value and risk: Past, present, and future. Pacific-Basin Finance Journal, 35, 1–12. https://doi.org/10.1016/j.pacfin.2015.07.002
Benkhodja, M. T., Fromentin, V., & Ma, X. F. (2023). Macroeconomic effects of green subsidies. Journal of Cleaner Production, 410, Article 137166. https://doi.org/10.1016/j.jclepro.2023.137166
Bissoondoyal-Bheenick, E., Brooks, R., & Do, H. X. (2023). ESG and firm performance: The role of size and media channels. Economic Modelling, 121, Article 106203. https://doi.org/10.1016/j.econmod.2023.106203
Broadstock, D. C., Chan, K., Cheng, L., & Wang, X. W. (2021). The role of ESG performance during times of financial crisis: Evidence from COVID-19 in China. Finance Research Letters, 38, Article 101716. https://doi.org/10.1016/j.frl.2020.101716
Budiarso, N. S., Subroto, B., T S., & Pontoh, W. (2019). Dividend catering, life-cycle, and policy: Evidence from Indonesia. Cogent Economics & Finance, 7(1), Article 1594505. https://doi.org/10.1080/23322039.2019.1594505
Buallay, A. (2019). Is sustainability reporting (ESG) associated with performance? Evidence from the European banking sector. Management of Environmental Quality, 30(1), 98–115. https://doi.org/10.1108/MEQ-12-2017-0149
Cek, K., & Eyupoglu, S. (2020). Does environmental, social and governance performance influence economic performance? Journal of Business Economics and Management, 21(4), 1165–1184. https://doi.org/10.3846/jbem.2022.18201
Chen, H., & Zhang, L. X. (2023). ESG performance, digital transformation and enterprise value enhancement. Journal of Zhongnan University of Economics and Law, 258(3), 136–149.
Chi, G. H., & Zou, W. (2015). The EVA-based integrated framework of value-based management accounting-an exploration from the perspective of being systematic and specific. Accounting Research, 2015(12), 38–44. https://doi.org/10.3969/j.issn.1003-2886.2015.12.005
Chintrakarn, P., Jiraporn, P., Tong, S., Jiraporn, N., & Proctor, R. (2020). How do independent directors view corporate social responsibility (CSR)? Evidence from a quasi-natural experiment. The Financial Review, 55(4), 697–716. https://doi.org/10.1111/fire.12244
Cicchiello, A. F., Cotugno, M., & Foroni, C. (2023). Does competition affect ESG controversies? Evidence from the banking industry. Finance Research Letters, 55, Article 103972. https://doi.org/10.1016/j.frl.2023.103972
Dai, X., Zhu, W., Zhang, C., Wu, Y., & Hu, X. (2022). How to manage intellectual capital configurations to improve firm performance in the internet medical industry. Journal of Business Economics and Management, 23(1), 20–39. https://doi.org/10.3846/jbem.2021.15673
DasGupta, R. (2022). Financial performance shortfall, ESG controversies, and ESG performance: Evidence from firms around the world. Finance Research Letters, 46, Article 102487. https://doi.org/10.1016/j.frl.2021.102487
Duanmu, J., Bu, M., & Pittman, R. (2018). Does market competition dampen environmental performance? Evidence from China. Strategic Management Journal, 39(11), 3006–3030. https://doi.org/10.1002/smj.2948
Dunbar, C. G., Li, F., & Shi, Y. (2020). CEO risk-taking incentives and corporate social responsibility. Journal of Corporate Finance, 64, Article 101714. https://doi.org/10.1016/j.jcorpfin.2020.101714
Duque, G. E., & Aguilera, C. J. (2021). Environmental, social and governance (ESG) scores and financial performance of multilatinas: Moderating effects of geographic international diversification and financial slack. Journal of Business Ethics, 168, 315–334. https://doi.org/10.1007/s10551-019-04177-w
Freeman, R. E. (1984). Strategic management: A stakeholder approach. Pitman Press.
Furnkranz, J., Gamberger, D., & Lavrac, N. (2012). Foundations of rule learning. Springer. https://doi.org/10.1007/978-3-540-75197-7
Guo, S. H. (2023). Tackling China’s local environmental policy implementation gap: An evolutionary game analysis of China’s environmental protection inspection system. Journal of Cleaner Production, 416, Article 137942. https://doi.org/10.1016/j.jclepro.2023.137942
He, F., Du, H., & Yu, B. (2022). Corporate ESG performance and manager misconduct: Evidence from China. International Review of Financial Analysis, 82, Article 102201. https://doi.org/10.1016/j.irfa.2022.102201
He, Y., Yu, W. L., & Yang, M. Z. (2019). CEOs with rich career experience, corporate risk-taking and the value of enterprises. China Industrial Economics, 2019(9), 155–173. https://doi.org/10.19581/j.cnki.ciejournal.2019.09.009
Higgins, R. C. (1977). How much growth can a firm afford. Financial Management, 6(3), 7–16. https://doi.org/10.2307/3665251
Ho, H., Kim, N., & Reza, S. (2022). CSR and CEO pay: Does CEO reputation matter? Journal of Business Research, 149, 1034–1049. https://doi.org/10.1016/j.jbusres.2022.04.055
Houston, J. F., & Shan, H. Y. (2022). Corporate ESG profiles and banking relationships. The Review of Financial Studies, 35(7), 3373–3417. https://doi.org/10.1093/rfs/hhab125
Hu, J. X., Zou, Q., & Yin, Q. Q. (2023). Research on the effect of ESG performance on stock price synchronicity: Empirical evidence from China’s capital markets. Finance Research Letters, 55, Article 103847. https://doi.org/10.1016/j.frl.2023.103847
Jing, C. X., Keasey, K., & Xu, B. (2023). Environmental sustainability and employee satisfaction. Economics Letters, 233, Article 111402. https://doi.org/10.1016/j.econlet.2023.111402
Khan, M. A. (2022). ESG disclosure and firm performance: A bibliometric and meta analysis. Research in International Business and Finance, 61, Article 101668. https://doi.org/10.1016/j.ribaf.2022.101668
Kieu, T. K., Nguyen, C. H., & Wu, S. H. (2022). The impact of mandatory CSR disclosure on firm efficiency in an emerging country. Journal of Business Economics and Management, 23(6), 1334–1350. https://doi.org/10.3846/jbem.2022.18201
Kong, W. (2023). The impact of ESG performance on debt financing costs: Evidence from Chinese family business. Finance Research Letters, 55, Article 103949. https://doi.org/10.1016/j.frl.2023.103949
Lee, M. T., Raschke, R. L., & Krishen, A. S. (2023). Understanding ESG scores and firm performance: Are high-performing firms E, S, and G-balanced? Technological Forecasting and Social Change, 195, Article 122779. https://doi.org/10.1016/j.techfore.2023.122779
Li, B. X., Wang, B., & Qing, X. Q. (2018). Corporate social responsibility (CSR), media supervision, and financial performance: Empirical data based on a share heavy pollution industry. Accounting Research, 7, 64–71.
Li, J. L., Yang, Z., Chen, J., & Cui, W. Q. (2021). Study on the mechanism of ESG promoting corporate performance: Based on the perspective of corporate innovation. Science of Science and Management of S. & T., 42(9), 71–89.
Li, W. A., Hao, C., Cui, G. Y., Zheng, M. N., & Meng, Q. K. (2019). Forty years of corporate governance research: A review and agenda. Foreign Economics & Management, 41(12), 161–185. https://doi.org/10.16538/j.cnki.fem.2019.12.008
Liu, S. Y., Xu, L. Q., & Li, D. L. (2015). Water quality early-warning model based on support vector machine optimized by rough set algorithm. Systems Engineering-Theory & Practice, 35(6), 1617–1624.
Ortiz-De-Mandojana, N., & Bansal, P. (2016). The long‐term benefits of organizational resilience through sustainable business practices. Strategic Management Journal, 37(8), 1615–1631. https://doi.org/10.1002/smj.2410
Pawlak, Z. (1997). Rough set approach to knowledge-based decision support. European Journal of Operational Research, 99(1), 48–57. https://doi.org/10.1016/S0377-2217(96)00382-7
Pawlak, Z., & Skowron, A. (2007). Rough sets and Boolean reasoning. Information Sciences, 177(1), 41–73. https://doi.org/10.1016/j.ins.2006.06.007
Qian, A. M., & Zhang, X. M. (2011). Construction and testing of three-dimensional composite evaluation system of enterprises’ financial situation: Evidence from China’s A share listed companies in manufacturing industry. China Industrial Economics, 3, 88–98. https://doi.org/10.19581/j.cnki.ciejournal.2011.03.009
Rahman, H. B., Zahid, M., & Al-Faryan, M. A. S. (2023). ESG and firm performance: The rarely explored moderation of sustainability strategy and top management commitment. Journal of Cleaner Production, 404, Article 136859. https://doi.org/10.1016/j.jclepro.2023.136859
Reber, B., Gold, A., & Gold, S. (2022). ESG disclosure and idiosyncratic risk in initial public offerings. Journal of Business Ethics, 179(3), 867–886. https://doi.org/10.1007/s10551-021-04847-8
Shu, C. L., Zhou, K. Z., Xiao, Y. Z., & Gao, S. X. (2016). How green management influences product innovation in China: The role of institutional benefits. Journal of Business Ethics, 133(3), 471–485. https://doi.org/10.1007/s10551-014-2401-7
Shakil, M. H. (2021). Environmental, social and governance performance and financial risk: Moderating role of ESG controversies and board gender diversity. Resources Policy, 72, Article 102144. https://doi.org/10.1016/j.resourpol.2021.102144
Shaikh, I. (2022). Environmental, social, and governance (ESG) practice and firm performance: An international evidence. Journal of Business Economics and Management, 23(2), 218–237. https://doi.org/10.3846/jbem.2022.18201
Tang, M. F., Walsh, G., Lerner, D., Fitza, M. A., & Li, Q. H. (2018). Green innovation, managerial concern and firm performance: An empirical study. Business Strategy and the Environment, 27(1), 39–51. https://doi.org/10.1002/bse.1981
Tang, P. C., Yang, S. X., & Yang, S. W. (2020). How to design corporate governance structures to enhance corporate social responsibility in China’s mining state-owned enterprises? Resources Policy, 66, Article 101619. https://doi.org/10.1016/j.resourpol.2020.101619
Velte, P. (2017). Does ESG performance have an impact on financial performance? Evidence from Germany. Journal of Global Responsibility, 8(2), 169–178. https://doi.org/10.1108/JGR-11-2016-0029
Wang, L., Qi, J. L., & Zhuang, H. Y. (2023). Monitoring or collusion? Multiple large shareholders and corporate ESG performance: Evidence from China. Finance Research Letters, 53, Article 103673. https://doi.org/10.1016/j.frl.2023.103673
Wang, S. J., Tian, Y., & Dang, L. L. (2022). ESG implementation, competition strategy and financial performance of industrial enterprises. Accounting Research, 3, 77–92. https://doi.org/10.3969/j.issn.1003-2886.2022.03.006
Yermack, D. (1996). Higher market valuation of companies with a small board of directors. Journal of Financial Economics, 40(2), 185–211. https://doi.org/10.1016/0304-405X(95)00844-5
Zhang, L., Shan, Y. G., & Chang, M. (2021). Can CSR disclosure protect firm reputation during financial restatements? Journal of Business Ethics, 173(1), 157–184. https://doi.org/10.1007/s10551-020-04527-z
Zhang, T., Zhang, Z., & Yang, J. (2022). When does corporate social responsibility backfire in acquisitions? Signal incongruence and acquirer returns. Journal of Business Ethics, 175(1), 45–58. https://doi.org/10.1007/s10551-020-04583-5
Zhang, T. S., & Zhang, H. M. (2020). The influence of celebrity endorsement on firm value: Evidence from listed companies. Journal of Central University of Finance & Economics, 2, 56–66.
Atif, M., & Ali, S. (2021). Environmental, social and governance disclosure and default risk. Business Strategy and the Environment, 30(8), 3937−3959. https://doi.org/10.1002/bse.2850
Bai, X., Han, J., Ma, Y., & Zhang, W. (2022). ESG performance, institutional investors’ preference and financing constraints: Empirical evidence from China. Borsa Istanbul Review, 22(suppl. 2), S157–S168. https://doi.org/10.1016/j.bir.2022.11.013
Balachandran, B., & Faff, R. (2015). Corporate governance, firm value and risk: Past, present, and future. Pacific-Basin Finance Journal, 35, 1–12. https://doi.org/10.1016/j.pacfin.2015.07.002
Benkhodja, M. T., Fromentin, V., & Ma, X. F. (2023). Macroeconomic effects of green subsidies. Journal of Cleaner Production, 410, Article 137166. https://doi.org/10.1016/j.jclepro.2023.137166
Bissoondoyal-Bheenick, E., Brooks, R., & Do, H. X. (2023). ESG and firm performance: The role of size and media channels. Economic Modelling, 121, Article 106203. https://doi.org/10.1016/j.econmod.2023.106203
Broadstock, D. C., Chan, K., Cheng, L., & Wang, X. W. (2021). The role of ESG performance during times of financial crisis: Evidence from COVID-19 in China. Finance Research Letters, 38, Article 101716. https://doi.org/10.1016/j.frl.2020.101716
Budiarso, N. S., Subroto, B., T S., & Pontoh, W. (2019). Dividend catering, life-cycle, and policy: Evidence from Indonesia. Cogent Economics & Finance, 7(1), Article 1594505. https://doi.org/10.1080/23322039.2019.1594505
Buallay, A. (2019). Is sustainability reporting (ESG) associated with performance? Evidence from the European banking sector. Management of Environmental Quality, 30(1), 98–115. https://doi.org/10.1108/MEQ-12-2017-0149
Cek, K., & Eyupoglu, S. (2020). Does environmental, social and governance performance influence economic performance? Journal of Business Economics and Management, 21(4), 1165–1184. https://doi.org/10.3846/jbem.2022.18201
Chen, H., & Zhang, L. X. (2023). ESG performance, digital transformation and enterprise value enhancement. Journal of Zhongnan University of Economics and Law, 258(3), 136–149.
Chi, G. H., & Zou, W. (2015). The EVA-based integrated framework of value-based management accounting-an exploration from the perspective of being systematic and specific. Accounting Research, 2015(12), 38–44. https://doi.org/10.3969/j.issn.1003-2886.2015.12.005
Chintrakarn, P., Jiraporn, P., Tong, S., Jiraporn, N., & Proctor, R. (2020). How do independent directors view corporate social responsibility (CSR)? Evidence from a quasi-natural experiment. The Financial Review, 55(4), 697–716. https://doi.org/10.1111/fire.12244
Cicchiello, A. F., Cotugno, M., & Foroni, C. (2023). Does competition affect ESG controversies? Evidence from the banking industry. Finance Research Letters, 55, Article 103972. https://doi.org/10.1016/j.frl.2023.103972
Dai, X., Zhu, W., Zhang, C., Wu, Y., & Hu, X. (2022). How to manage intellectual capital configurations to improve firm performance in the internet medical industry. Journal of Business Economics and Management, 23(1), 20–39. https://doi.org/10.3846/jbem.2021.15673
DasGupta, R. (2022). Financial performance shortfall, ESG controversies, and ESG performance: Evidence from firms around the world. Finance Research Letters, 46, Article 102487. https://doi.org/10.1016/j.frl.2021.102487
Duanmu, J., Bu, M., & Pittman, R. (2018). Does market competition dampen environmental performance? Evidence from China. Strategic Management Journal, 39(11), 3006–3030. https://doi.org/10.1002/smj.2948
Dunbar, C. G., Li, F., & Shi, Y. (2020). CEO risk-taking incentives and corporate social responsibility. Journal of Corporate Finance, 64, Article 101714. https://doi.org/10.1016/j.jcorpfin.2020.101714
Duque, G. E., & Aguilera, C. J. (2021). Environmental, social and governance (ESG) scores and financial performance of multilatinas: Moderating effects of geographic international diversification and financial slack. Journal of Business Ethics, 168, 315–334. https://doi.org/10.1007/s10551-019-04177-w
Freeman, R. E. (1984). Strategic management: A stakeholder approach. Pitman Press.
Furnkranz, J., Gamberger, D., & Lavrac, N. (2012). Foundations of rule learning. Springer. https://doi.org/10.1007/978-3-540-75197-7
Guo, S. H. (2023). Tackling China’s local environmental policy implementation gap: An evolutionary game analysis of China’s environmental protection inspection system. Journal of Cleaner Production, 416, Article 137942. https://doi.org/10.1016/j.jclepro.2023.137942
He, F., Du, H., & Yu, B. (2022). Corporate ESG performance and manager misconduct: Evidence from China. International Review of Financial Analysis, 82, Article 102201. https://doi.org/10.1016/j.irfa.2022.102201
He, Y., Yu, W. L., & Yang, M. Z. (2019). CEOs with rich career experience, corporate risk-taking and the value of enterprises. China Industrial Economics, 2019(9), 155–173. https://doi.org/10.19581/j.cnki.ciejournal.2019.09.009
Higgins, R. C. (1977). How much growth can a firm afford. Financial Management, 6(3), 7–16. https://doi.org/10.2307/3665251
Ho, H., Kim, N., & Reza, S. (2022). CSR and CEO pay: Does CEO reputation matter? Journal of Business Research, 149, 1034–1049. https://doi.org/10.1016/j.jbusres.2022.04.055
Houston, J. F., & Shan, H. Y. (2022). Corporate ESG profiles and banking relationships. The Review of Financial Studies, 35(7), 3373–3417. https://doi.org/10.1093/rfs/hhab125
Hu, J. X., Zou, Q., & Yin, Q. Q. (2023). Research on the effect of ESG performance on stock price synchronicity: Empirical evidence from China’s capital markets. Finance Research Letters, 55, Article 103847. https://doi.org/10.1016/j.frl.2023.103847
Jing, C. X., Keasey, K., & Xu, B. (2023). Environmental sustainability and employee satisfaction. Economics Letters, 233, Article 111402. https://doi.org/10.1016/j.econlet.2023.111402
Khan, M. A. (2022). ESG disclosure and firm performance: A bibliometric and meta analysis. Research in International Business and Finance, 61, Article 101668. https://doi.org/10.1016/j.ribaf.2022.101668
Kieu, T. K., Nguyen, C. H., & Wu, S. H. (2022). The impact of mandatory CSR disclosure on firm efficiency in an emerging country. Journal of Business Economics and Management, 23(6), 1334–1350. https://doi.org/10.3846/jbem.2022.18201
Kong, W. (2023). The impact of ESG performance on debt financing costs: Evidence from Chinese family business. Finance Research Letters, 55, Article 103949. https://doi.org/10.1016/j.frl.2023.103949
Lee, M. T., Raschke, R. L., & Krishen, A. S. (2023). Understanding ESG scores and firm performance: Are high-performing firms E, S, and G-balanced? Technological Forecasting and Social Change, 195, Article 122779. https://doi.org/10.1016/j.techfore.2023.122779
Li, B. X., Wang, B., & Qing, X. Q. (2018). Corporate social responsibility (CSR), media supervision, and financial performance: Empirical data based on a share heavy pollution industry. Accounting Research, 7, 64–71.
Li, J. L., Yang, Z., Chen, J., & Cui, W. Q. (2021). Study on the mechanism of ESG promoting corporate performance: Based on the perspective of corporate innovation. Science of Science and Management of S. & T., 42(9), 71–89.
Li, W. A., Hao, C., Cui, G. Y., Zheng, M. N., & Meng, Q. K. (2019). Forty years of corporate governance research: A review and agenda. Foreign Economics & Management, 41(12), 161–185. https://doi.org/10.16538/j.cnki.fem.2019.12.008
Liu, S. Y., Xu, L. Q., & Li, D. L. (2015). Water quality early-warning model based on support vector machine optimized by rough set algorithm. Systems Engineering-Theory & Practice, 35(6), 1617–1624.
Ortiz-De-Mandojana, N., & Bansal, P. (2016). The long‐term benefits of organizational resilience through sustainable business practices. Strategic Management Journal, 37(8), 1615–1631. https://doi.org/10.1002/smj.2410
Pawlak, Z. (1997). Rough set approach to knowledge-based decision support. European Journal of Operational Research, 99(1), 48–57. https://doi.org/10.1016/S0377-2217(96)00382-7
Pawlak, Z., & Skowron, A. (2007). Rough sets and Boolean reasoning. Information Sciences, 177(1), 41–73. https://doi.org/10.1016/j.ins.2006.06.007
Qian, A. M., & Zhang, X. M. (2011). Construction and testing of three-dimensional composite evaluation system of enterprises’ financial situation: Evidence from China’s A share listed companies in manufacturing industry. China Industrial Economics, 3, 88–98. https://doi.org/10.19581/j.cnki.ciejournal.2011.03.009
Rahman, H. B., Zahid, M., & Al-Faryan, M. A. S. (2023). ESG and firm performance: The rarely explored moderation of sustainability strategy and top management commitment. Journal of Cleaner Production, 404, Article 136859. https://doi.org/10.1016/j.jclepro.2023.136859
Reber, B., Gold, A., & Gold, S. (2022). ESG disclosure and idiosyncratic risk in initial public offerings. Journal of Business Ethics, 179(3), 867–886. https://doi.org/10.1007/s10551-021-04847-8
Shu, C. L., Zhou, K. Z., Xiao, Y. Z., & Gao, S. X. (2016). How green management influences product innovation in China: The role of institutional benefits. Journal of Business Ethics, 133(3), 471–485. https://doi.org/10.1007/s10551-014-2401-7
Shakil, M. H. (2021). Environmental, social and governance performance and financial risk: Moderating role of ESG controversies and board gender diversity. Resources Policy, 72, Article 102144. https://doi.org/10.1016/j.resourpol.2021.102144
Shaikh, I. (2022). Environmental, social, and governance (ESG) practice and firm performance: An international evidence. Journal of Business Economics and Management, 23(2), 218–237. https://doi.org/10.3846/jbem.2022.18201
Tang, M. F., Walsh, G., Lerner, D., Fitza, M. A., & Li, Q. H. (2018). Green innovation, managerial concern and firm performance: An empirical study. Business Strategy and the Environment, 27(1), 39–51. https://doi.org/10.1002/bse.1981
Tang, P. C., Yang, S. X., & Yang, S. W. (2020). How to design corporate governance structures to enhance corporate social responsibility in China’s mining state-owned enterprises? Resources Policy, 66, Article 101619. https://doi.org/10.1016/j.resourpol.2020.101619
Velte, P. (2017). Does ESG performance have an impact on financial performance? Evidence from Germany. Journal of Global Responsibility, 8(2), 169–178. https://doi.org/10.1108/JGR-11-2016-0029
Wang, L., Qi, J. L., & Zhuang, H. Y. (2023). Monitoring or collusion? Multiple large shareholders and corporate ESG performance: Evidence from China. Finance Research Letters, 53, Article 103673. https://doi.org/10.1016/j.frl.2023.103673
Wang, S. J., Tian, Y., & Dang, L. L. (2022). ESG implementation, competition strategy and financial performance of industrial enterprises. Accounting Research, 3, 77–92. https://doi.org/10.3969/j.issn.1003-2886.2022.03.006
Yermack, D. (1996). Higher market valuation of companies with a small board of directors. Journal of Financial Economics, 40(2), 185–211. https://doi.org/10.1016/0304-405X(95)00844-5
Zhang, L., Shan, Y. G., & Chang, M. (2021). Can CSR disclosure protect firm reputation during financial restatements? Journal of Business Ethics, 173(1), 157–184. https://doi.org/10.1007/s10551-020-04527-z
Zhang, T., Zhang, Z., & Yang, J. (2022). When does corporate social responsibility backfire in acquisitions? Signal incongruence and acquirer returns. Journal of Business Ethics, 175(1), 45–58. https://doi.org/10.1007/s10551-020-04583-5
Zhang, T. S., & Zhang, H. M. (2020). The influence of celebrity endorsement on firm value: Evidence from listed companies. Journal of Central University of Finance & Economics, 2, 56–66.