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The value of environmental, social and governance performance: attenuating the corporate diversification discount
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Resumo(s)
This study explores the relationship between corporate diversification, ESG performance, and
excess value. Confirming a diversification discount for value and ESG performance, findings
seem to indicate that firms disclosing ESG data outperform the market. Notably, for firms that
disclose ESG data as well as for firms with higher ESG performance, the negative
diversification-excess value relationship is attenuated. Diversification type (related or
unrelated) does not significantly impact this moderation effect. These findings contribute to
understanding the nuanced dynamics of diversification and ESG, providing valuable insights
for businesses seeking to enhance financial performance through strategic choices.
Descrição
Palavras-chave
Corporate diversification discount Relatedness Excess value Esg scores Esg disclosure