Do ESG Controversies Matter for Firm Value? Evidence from International Data

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Environmental, Social, Governance Activities and Firm Performance: Evidence from China (2021, methodology): “Drawing on the research of Duque-Grisales and Aguilera-Caracuel, Aouadi and Marsat, and Cek and Eyupoglu [12,44,55], we selected Tobin Q as the substitute variable for firm performance.”
Do environmental, social, and governance activities improve corporate financial performance? (2018, methodology): “We used Tobin’s Q (total market value divided by total assets) as the indicator of market value and took the natural logarithm value to eliminate the effect of outliers (Aouadi and Marsat, 2016; Jo and Harjoto, 2011).”
Impact of Environmental, Social, and Governance Information on Economic Performance: Evidence of a Corporate ‘Sustainability Advantage’ from Europe (2019, background): “This kind of news raises doubts about the firm’s future prospects, constitutes a risk for firm reputation, and may have an impact on firm value” [87].”
ESG controversies and controversial ESG: about silent saints and small sinners (2020, methodology): “For small companies, the trade-off theory is strengthened even further by the findings of Aouadi and Marsat (2018). Since they examine the connection between firm visibility, CSP and CFP they conclude that only for high-attention firms (firms that are larger, more present in the media and more great”