Corporate social responsibility and market efficiency: Evidence from ESG and misvaluation measures
Publication type: Journal Article
Publication date: 2022-01-01
scimago Q1
wos Q1
SJR: 1.816
CiteScore: 7.0
Impact factor: 3.8
ISSN: 03784266, 18726372
Economics and Econometrics
Finance
Abstract
We study the impact of corporate social responsibility (CSR) on firm misvaluation in the US. Our results indicate that a firms Environmental, Social and Governance (ESG) profile significantly affects valuation: an improvement of a firms CSR leads to a higher ratio of actual to true firm value. Analyzing the relation between ESG and misvaluation separately, we find that ESG expands existing overvaluation whereas it reduces undervalued firms’ deviation from the true value. We argue that both valuation effects are attributable to the worldwide trend of sustainable investing. Further analyses reveal a moderating role of market sentiment towards sustainability in the ESG-misvaluation relationship. Our findings suggest that firms CSR is indeed perceived as valuable by shareholders and supports stakeholder theorys view in considering CSR as beneficial.
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Metrics
186
Total citations:
186
Citations from 2024:
131
(70.81%)
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GOST
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Bofinger Y., Heyden K. J., Rock B. Corporate social responsibility and market efficiency: Evidence from ESG and misvaluation measures // Journal of Banking and Finance. 2022. Vol. 134. p. 106322.
GOST all authors (up to 50)
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Bofinger Y., Heyden K. J., Rock B. Corporate social responsibility and market efficiency: Evidence from ESG and misvaluation measures // Journal of Banking and Finance. 2022. Vol. 134. p. 106322.
Cite this
RIS
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TY - JOUR
DO - 10.1016/j.jbankfin.2021.106322
UR - https://doi.org/10.1016/j.jbankfin.2021.106322
TI - Corporate social responsibility and market efficiency: Evidence from ESG and misvaluation measures
T2 - Journal of Banking and Finance
AU - Bofinger, Yannik
AU - Heyden, Kim J
AU - Rock, Björn
PY - 2022
DA - 2022/01/01
PB - Elsevier
SP - 106322
VL - 134
SN - 0378-4266
SN - 1872-6372
ER -
Cite this
BibTex (up to 50 authors)
Copy
@article{2022_Bofinger,
author = {Yannik Bofinger and Kim J Heyden and Björn Rock},
title = {Corporate social responsibility and market efficiency: Evidence from ESG and misvaluation measures},
journal = {Journal of Banking and Finance},
year = {2022},
volume = {134},
publisher = {Elsevier},
month = {jan},
url = {https://doi.org/10.1016/j.jbankfin.2021.106322},
pages = {106322},
doi = {10.1016/j.jbankfin.2021.106322}
}