GX & Decarbonization Research

Monika Agrawal, Prof. Swami Prasad Saxena, Devyani Mani

This paper conducts a bibliometric and thematic analysis of 152 articles linking ESG to investor sentiment. It identifies five conceptual themes—ESG impact on financial outcomes, rating disagreement and behavioral responses, risk management…

Lingyun Zhang

This paper systematically analyzes how corporate ESG performance influences audit fees and audit opinions through theoretical mechanisms and case studies from multiple industries. It finds a dual impact: strong ESG practices reduce perceive…

Gede Aditya Putra Utaman, Ketut Tanti Kustina

This study analyzes the influence of capital structure, independent board of commissioners, and ESG performance disclosure on firm value of food and beverage companies listed on the Indonesia Stock Exchange (2022-2023). Using multiple linea…

Saiful Anwar, Wiwiek Dianawati, Ega Rusanti +2

This study examines the effect of female directors from reputable universities on ESG performance using panel data from 1,781 firms across multiple regions (2016–2023). Fixed-effects regressions show a significant positive impact, strongest…

B. Maerdan, S. Zeinolla, L. Spankulova +2

This study analyzes the relationship between ESG maturity and market valuation (Tobin's Q) for 13 listed Kazakh firms from 2019-2024. Overall ESG score is not significantly related to valuation, but a positive significant association is fou…

A. Oussii, Maher Jeriji, K. Chebbi

This study analyzes the relationship between ESG performance and audit fees using a sample of 492 non-financial companies from the STOXX 600 index from 2012 to 2023. Fixed-effects regressions show that higher ESG scores are associated with …

D. Solomon, Ido Baum, Rimona Palas +1

This paper provides causal evidence that higher ESG scores lead to fewer financial restatements, using the 2019 BRT Statement as an exogenous shock on 2,386 U.S. firms. The findings suggest ESG metrics signal financial integrity, supporting…

M. S. Goktan, Ekin Alakent

This paper investigates the impact of ESG ratings on mutual fund financial performance using Lipper rankings. Using ordered logistic regression on cross-sectional data from 2022, it finds that higher ESG ratings are associated with lower op…

Reza Virly Alfriansyach, R. J. Arsjah

This study analyzes the impact of ESG scores and cash holdings on firm value using 91 Indonesian energy firms. Results show ESG scores do not significantly affect firm value, while cash holdings have a strong positive effect. Institutional …

(著者不明)

This paper examines the financialization of sustainability via ESG ratings and market valuation. Using a global panel of 4,200 firms, it finds that ESG rating upgrades yield 2.1% abnormal returns and downgrades -3.4%. Inter-rater disagreeme…

Ahmed Alwadeai, Zain Ul Abideen

This study examines the relationship between sustainability performance and financial stability in Chinese listed firms. It finds that sustainability performance improves financial stability, but these benefits are weakened when firms face …

Samsinar, Haliah, Darmawati

This study examines how liquidity, green accounting (PROPER rating), and profitability influence CSR disclosure in Indonesian mining firms. Using panel data from 2019-2022, it finds profitability positively affects CSR disclosure, while liq…

Yulius Jogi Christiawan, Ghea Ariaristy Junio, Regita Manurung

Using panel data from Indonesian listed firms (2019-2023), this study examines the effects of ESG performance and PROPER ratings on firm value. ESG alone has no significant impact, but the interaction term is significantly negative, indicat…

Thanh Nguyen Minh, Linh Ba Nguyen, Tien Thuy Thi Le +2

Using panel data from 152 non-financial listed firms in Vietnam (2014-2023), this study analyzes how board diversity affects corporate disclosure quality, including ESG disclosure. Results show that diversity negatively impacts disclosure i…

K. Kapetanakis, Christos Floros

This study examines the relationship between U.S. commercial banks' environmental performance (ESG Environmental Pillar score) and profitability (ROE) from 2005 to 2024 using a sample of 72 banks. Integrating linear, nonlinear, and distribu…

Dongxing Jia, Ting-Ya Yang, Kai Wu

This review synthesizes ESG and corporate finance literature using a Value vs Values framework, finding that ESG's primary financial benefit is risk mitigation not alpha, while mandatory disclosure and stakeholder pressure are driving real …

Tilawatil Ciseta Yoda, Tafdil Husni, Elvira Luthan +1

This study examines how ESG performance affects stock returns using data from Indonesian non-financial firms (2014-2023). ESG does not directly boost returns, but improves total factor productivity and ROA, which in turn enhance stock retur…

Songyang Wu, R. Hashim

This study empirically examines the impact of digital finance on ESG performance of Chinese listed firms, using panel data from 2012-2022. It finds that digital finance significantly improves ESG performance, with corporate digital transfor…

Thi Hanh Dung Truong, Thanh Thuy Ngoc Tran, Thi Hong Minh Ho +5

This study examines the mediating role of intellectual capital in the ESG disclosure-financial performance relationship and the moderated mediation of audit quality, using panel data from 590 ASEAN listed firms (2014-2023). Results show ESG…

Urmila Amelia, Syarifah Zuhra, Muhammad Wafiq

This study examines the effect of ESG disclosure on firm value for 72 non-financial Indonesian listed firms over three years. ESG disclosure alone does not significantly affect firm value, but its interaction with an independent audit commi…