An Analysis on the Relationship Between ESG Information Disclosure and Enterprise Value: A Case of Listed Companies in the Energy Industry in China

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Title: An Analysis on the Relationship Between ESG Information Disclosure and Enterprise Value: A Case of Listed Companies in the Energy Industry in China

Author: Mrs. DONG SIWEI

Advisor: รศ.ดร. เฉลิมเกียรติ วงศ์วนิชทวี – Assoc. Prof. Dr. Chalermkiat Wongvanichtawee

Degree: ปรัชญาดุษฎีบัณฑิต สาขาวิชาการจัดการ – Doctor of Philosophy Program in Management

Major: ปร.ด. การจัดการ – Ph.D. in Management

Faculty: บัณฑิตวิทยาลัย (Graduate School)

Academic year: 2566 (2023)

Published: Cogent Business & Management Volume 10, 2023 – Issue 3   https://doi.org/10.1080/23311975.2023.2207685   คลิก


Abstract

The objectives of this research are to study the context of sustainable development in which ESG has gradually become a key issue of concern for enterprises. The ESG, which deals with the environment, social responsibility and corporate governance, provides guidance on how to meet the concerns of all stakeholders without compromising profitability. More and more enterprises begin to pay attention to the performance of ESG information disclosure, and many studies show that the good realization of ESG will affect the value of enterprises.

This paper aims to analyze the impact of ESG information disclosure performance on corporate value of listed energy companies in China. Firstly, energy companies are heavily polluting industries and in the context of China’s carbon peak and carbon neutrality, it is very necessary to explore the quality of ESG disclosure in the energy industry. Secondly, it deeply studies the current situation of ESG indicators in the energy industry and how to improve the quality of ESG information disclosure. In addition, through in-depth interviews, this paper collected the opinions of relevant industry practitioners with high ESG performance in the energy industry on improving the quality of ESG information disclosure.  

This paper firstly uses STATA statistical tool and multiple linear regression method to detect the impact of ESG overall performance on the value of China’s listed energy companies, cost of debt is the mediating variable. Improving the performance of ESG information disclosure can help to reduce the cost of debt of enterprises, and thus improve the value of enterprises. Secondly, the bidirectional hysteresis effect between E, S and G factors and enterprise value can be obtained through STATA. Thirdly, through the interview, the path that can improve the ESG performance of enterprises is obtained, and solutions are proposed to provide guidance for the energy industry.

Based on the interviewers’ understanding of the importance of ESG, the author gives suggestions on how to improve the corresponding performance. This paper will give relevant suggestions from the practical aspect, and give corresponding contributions in the theoretical aspect, and fill the theoretical gap of the impact of ESG performance on the enterprise value of China’s listed energy companies. In future studies, the author will explore the influence of other mediating effects on ESG and firm value, and give constructive suggestions for improving the ESG performance of China’s listed energy industry and other industries.

Keywords: ESG, Information Disclosure, Enterprise Value, Energy Industry, Listed Companies


An Analysis on the Relationship Between ESG Information Disclosure and Enterprise Value: A Case of Listed Companies in the Energy Industry in China /

6419200011 Mrs. DONG SIWEI An Analysis on the Relationship Between ESG Information Disclosure and Enterprise Value: A Case of Listed Companies in the Energy Industry in China วิทยานิพนธ์ (Thesis), Advisor: รศ.ดร. เฉลิมเกียรติ วงศ์วนิชทวี – Assoc. Prof. Dr. Chalermkiat Wongvanichtawee, ปริญญาเอก (Doctorate Degree), บัณฑิตวิทยาลัย (Graduate School), ปรัชญาดุษฎีบัณฑิต สาขาวิชาการจัดการ – Doctor of Philosophy Program in Management, ปร.ด. การจัดการ – Ph.D. in Management, Bangkok: Siam University

Academic Year 2023, Graduate School 2023, IMBA, IMBA 2023, Independent Study, Independent Study 2023, Master of Business Administration, Master of Business Administration (International Program) 2023, Master of Business Administration 2023, ปริญญาเอก (Doctorate Degree), บัณฑิตวิทยาลัย (Graduate School), ปรัชญาดุษฎีบัณฑิต สาขาวิชาการจัดการ – Doctor of Philosophy Program in Management,ปร.ด. การจัดการ – Ph.D. in Management

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