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American Institute of Mathematical Sciences (AIMS)
Green Finance
,  том 6 ,  издание 2 ,  страницы 265-286

The causation dilemma in ESG research

Zach Williams
, 
Heather Apollonio
Тип публикации: Journal Article
Дата публикации: 2024-05-29
American Institute of Mathematical Sciences (AIMS)
scimago Q1
wos Q1
БС1
SJR: 0.857
CiteScore: 10.3
Impact factor: 5.0
ISSN: 26431092
Краткое описание
<abstract> <p>The ESG literature suggests that the relationship between a firm's environmental, social, and governance (ESG) performance and a firm's financial performance is positive, but the causal link between these two variables is ambiguous. The results in this study mirrored that sentiment of the ESG literature; thus, the purpose of this article is to frame the causal ambiguity in ESG research that accounts for ambiguous conclusions in ESG literature. This study found that firms with complete Bloomberg ESG ratings had higher abnormal returns than firms without complete ESG ratings, but the actual rating did not correlate with abnormal returns. Similarly, this study found that firms with higher ESG disclosure scores (regardless of whether the disclosures were good or bad) were associated with higher abnormal returns, which further illustrates the ambiguity and suggests transparency as a clarifying factor. While much of the literature notes challenges in ESG research, this study is one of the first that frames the confusing causal link between ESG performance and financial performance as the key conclusion of the study.</p> </abstract>
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Williams Z., Apollonio H. The causation dilemma in ESG research // Green Finance. 2024. Vol. 6. No. 2. pp. 265-286.
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Williams Z., Apollonio H. The causation dilemma in ESG research // Green Finance. 2024. Vol. 6. No. 2. pp. 265-286.
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TY - JOUR
DO - 10.3934/gf.2024011
UR - http://www.aimspress.com/article/doi/10.3934/GF.2024011
TI - The causation dilemma in ESG research
T2 - Green Finance
AU - Williams, Zach
AU - Apollonio, Heather
PY - 2024
DA - 2024/05/29
PB - American Institute of Mathematical Sciences (AIMS)
SP - 265-286
IS - 2
VL - 6
SN - 2643-1092
ER -
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@article{2024_Williams,
author = {Zach Williams and Heather Apollonio},
title = {The causation dilemma in ESG research},
journal = {Green Finance},
year = {2024},
volume = {6},
publisher = {American Institute of Mathematical Sciences (AIMS)},
month = {may},
url = {http://www.aimspress.com/article/doi/10.3934/GF.2024011},
number = {2},
pages = {265--286},
doi = {10.3934/gf.2024011}
}
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Williams, Zach, and Heather Apollonio. “The causation dilemma in ESG research.” Green Finance, vol. 6, no. 2, May. 2024, pp. 265-286. http://www.aimspress.com/article/doi/10.3934/GF.2024011.