GX & Decarbonization Research

Katarzyna Perez, Alan Celmerowski, Tomasz Gabrusewicz

Using panel data for Polish listed banks from 2012-2024, this study examines the dynamic relationship between ESG performance and cost of equity. While the static model finds no aggregate greenium, an inverted greenium appears for the Socia…

Dr. Ashish Prafulkumar Bhuva Dr. Ashish Prafulkumar Bhuva, Vaidhya Uday Narendrabhai Vaidhya Uday Narendrabhai

This study examines the impact of green marketing strategy (GMS) on financial performance for five NSE-listed Indian companies (Adani Green Energy, Tata Power, M&M, ITC, HUL) using a 7Ps framework. Panel data regression (N=25) finds no stat…

P. Puspitasari, Eni Wuryani

This study analyzes the effect of ESG disclosure (Bloomberg ESG Scores) on financial performance (Tobin's Q) for 71 Indonesian listed firms from 2020-2024. Composite ESG, Environmental, and Governance pillars have positive significant effec…

A. Laskin, Vilma Luoma-aho, Alina Arti

This paper conceptualizes corporate washing in ESG discourse within financial communication and investor relations. It defines washing by three conditions: claims perceived as removed from reality, merely symbolic, and reliant on emotional …

Sasmita Mishra, Zefree Lazarus Mayaluri, C. Liew +2

Proposes a hybrid deep learning model combining ESG scores and news sentiment for asset return forecasting. Uses TFT, SVR residual correction, and gated fusion to quantify ESG-sentiment interactions, finding regime dependence. A latency-opt…

Hotma Glorya Ika Sari, Lady Karlinah, L. Sugondo +1

This study examines the effect of ESG performance on cost of capital and the moderation of audit committee independence in an emerging market. Using 95 Indonesian listed firms (2016-2023), panel regression shows a one-point ESG score increa…

Burcu Ozcan Turkkan, Sibel Fettahoğlu, Aycan Uludag

This study uses a fuzzy FMEA approach to identify and prioritize 20 ESG-related risks in digital transformation within the textile industry. 'Security Weaknesses' is the top ESG governance risk, leading to data breaches, regulatory sanction…

Hassan Ali Alqahtani, Mohammed Ali Alghamadi, Hiba Awad Alla Ali Hussin +2

This study examines the influence of ESG factors on financial performance (ROA, ROE) for Saudi-listed firms using panel data from 2018–2023. Fixed effects regression shows that social factors have significant positive effects, while environ…

J. Dossa, Aamir Ali Gopang, Tony Osborn Kapola +3

This study examines the non-linear relationship between ESG performance and firm value in Chinese A-share listed firms (2009-2023). It finds an inverted U-shaped relationship: moderate ESG engagement enhances firm performance, while excessi…

Siying Wang, Chaminda Wijethilake

Using panel data from 166 Chinese listed green bond issuers (2014-2024), this study finds that higher quality carbon disclosure significantly reduces green bond financing costs. Carbon-intensive firms are more sensitive. Findings support th…

Xiao-Xing Cai, Wang Yang, Xiyu Ren +3

This paper proposes a human-AI collaborative framework to enhance the trustworthiness and comparability of sustainability (ESG) ratings. The framework consists of STRIDE (principled criteria and scoring) and SR-Delta (discrepancy analysis),…

O. Tawfik, Waqas Mehmood, H. Elmaasrawy

This study examines how corporate environmental disclosure affects dividend policy using 2579 European firms. It finds that environmental controversies moderate this relationship positively. It uniquely combines multiple disclosure scores (…

Asna Syakirah Sahabuddin, N. Che-Yahya

This paper examines the impact of ESG practices on financial performance (ROA/ROI) in distressed Malaysian companies under Bursa Malaysia's PN17/GN3 frameworks, using panel data from 2015-2024. Fixed effects, pooled OLS, and random effects …

Prakhar Wadhwa, Praveen Kumar, Aggarwal

This paper examines whether the negative association between ESG classification and firm valuation is causal or a statistical artifact. Using DiD and propensity score matching on Indian listed firms, it finds that the apparent ESG penalty d…

Sirikwan Jaroenwiriyakul, K. Thaweewat, Prawpan Oruangke +1

This study investigates the relationship between ESG practices and portfolio efficiency in Thailand's transportation and logistics sector. Using CAPM analysis on data from 2020-2024, it finds that ESG stocks have higher average prices and l…

Zornitza Yordanova, Hamed Nozari

This study proposes a multi-objective portfolio optimization framework for startup investments, integrating expected returns, CVaR downside risk, ESG scores, and liquidity constraints. Under realistic constraints (budget, concentration, etc…

Rosmaryam Rosmaryam, Mursalim Mursalim, Juliyanti Sidik Tjan

This study examines the effect of ESG performance on tax avoidance and the moderating role of institutional quality using 1,344 firm-year observations from ASEAN non-financial firms (2017–2023). Results show ESG performance negatively affec…

Ching-Feng Chen, Yuanchen Chang

This study uses panel data of Taiwanese non-financial firms from 2016-2023 to examine whether ESG performance mitigates the negative impact of COVID-19 on financial performance. Results show that firms with stronger ESG performance experien…

Ozair Siddiqui, Abdul Raheman

This study examines whether ESG mediates the relationship between audit quality and firm value in BRICST emerging markets using SUR and bootstrapping. Results show a negative indirect effect, suggesting ESG disclosures in emerging markets r…

Khairu Athaya, S. Sembiring

This study analyzes 30 Indonesian financial firms (2021-2023) and finds that ESG scores have an insignificant negative impact on ROA, and board independence does not moderate the relationship. It concludes that ESG integration in Indonesia …