DOAJ Open Access 2024

Reexamining the relationship between ESG and firm performance: Evidence from the role of Buddhism

Panpan Fu Yi-Shuai Ren Yonggang Tian Seema Wati Narayan Olaf Weber

Abstrak

This study examines the relationship between environmental, social, and corporate governance (ESG) and firm performance, with a focus on the impact of Buddhism. Our findings suggest the following: (1) The local Buddhism environment weakens the positive relationship between ESG and firm performance, indicating that ESG practices motivated by internal altruism may not contribute to firm performance. (2) The moderating effect of Buddhism is more pronounced in firms with stronger alignment or monitoring, in which ESG practices are more likely to be motivated by the desire for profitability, i.e., privately owned firms and those with higher institutional ownership and media attention. (3) The attenuating effect of Buddhism's moderating role is observed in two categories of firms: those with heightened exposure to ESG-related risks and those operating in recent eras with a greater focus on ESG, which are more likely to benefit from ESG practices with greater external utility.

Topik & Kata Kunci

Finance

Penulis (5)

Panpan Fu

Yi-Shuai Ren

Yonggang Tian

Seema Wati Narayan

Olaf Weber

Format Sitasi

APA MLA BibTeX

Fu, P., Ren, Y., Tian, Y., Narayan, S.W., Weber, O. (2024). Reexamining the relationship between ESG and firm performance: Evidence from the role of Buddhism. https://doi.org/10.1016/j.bir.2023.10.011

Akses Cepat

PDF tidak tersedia langsung

Cek di sumber asli →

Lihat di Sumber doi.org/10.1016/j.bir.2023.10.011

Informasi Jurnal

Tahun Terbit: 2024
Sumber Database: DOAJ
DOI: 10.1016/j.bir.2023.10.011
Akses: Open Access ✓