Research on the Relationship between ESG Performance and Corporate Value of Listed Companies in the Transportation Industry
DOI:
https://doi.org/10.53469/ijomsr.2025.08(07).06Keywords:
ESG performance, Firm value, Transportation industry, TobinQAbstract
Transportation industry is an indispensable and important industry in every country, which has absolute influence on the economic development of the country, realizing the spatial movement of travelers and materials, thus promoting the development of the overall regional economic level. In the environment of the new crown epidemic, according to the relevant national epidemic prevention policies, travelers' trips are greatly reduced, and cargo transportation is also subject to strict control, so the impact of the transportation industry is unimaginable, but good ESG performance of the enterprise can alleviate the constraints of corporate financing, improve the efficiency of daily operation of the enterprise, so as to enhance the value of the enterprise, so it is very important to analyze the relationship between ESG performance of the transportation enterprise and the value of the enterprise. Therefore, it is very important to analyze the relationship between ESG performance and enterprise value of transportation enterprises. In this paper, the ESG scores of listed companies in China's transportation industry from Wind database and Bloomberg database are selected as the empirical data variables to measure the ESG performance of listed companies in China's transportation industry, and the listed companies in China's A-share transportation industry from 2014 to 2020 are taken as the research object. The results show that ESG performance is negatively correlated with enterprise value; environmental performance is positively correlated with enterprise value; social performance is negatively correlated with enterprise value; and corporate governance performance is negatively correlated with enterprise value. Afterwards, based on the empirical results, relevant countermeasures are proposed to the companies and regulators.
References
Beiner S.et al.Is board size an independent corporate governance mechanism? [J]. Kyklos, 2004, 57(3):327-356.
Telle K. “It pays to be green”-A premature conclusion? [J]. Environmental and Resource Economics,2006,35(3):195-220.
Sarkis J.et al. Stakeholder pressure and the adoption of environmental practices: The mediating effect of training [J]. Journal of Operations Management,2009,28(2):163-176.
Cahan S.F.et al. Corporate social responsibility and media coverage [J]. Journal of Banking and Finance,2015,59:409-422.
Velte P.. Does ESG performance have an impact on financial performance? Evidence from Germany [J].Journal of Global Responsibility,2017,8(2):169-178.
Li Y.et al. The impact of environmental, social, and governance disclosure on firm value: The role of ceo power [J]. The British Accounting Review,2018,50(1):60-75.
Bohyun Y.et al. Does ESG performance enhance firm value? Evidence from Korea [J]. Sustainability, 2018, 10(10): 3635-3635.
Pan Fuxiang. An empirical study on corporate governance and enterprise value [J]. China Industrial Economy, 2004(4):6.
Zhang Shuhui, Shi Xuanxuan, Wen Lei. Can environmental information disclosure enhance corporate value? - Empirical evidence from the Shanghai Stock Exchange [J]. Comparative Economic and Social Systems, 2011(06):166-173.
Ruan Ke, He Yongfang, Liu Danping. Corporate governance structure, diversified operations and performance - An empirical study based on the panel data of listed commercial banks in my country from 2004 to 2013 [J]. Macroeconomic Research, 2015(11):142-151.
Zhang Limin, Li Yan. Going concern audit opinion, corporate governance and enterprise value - Empirical evidence from financially distressed companies [J]. Auditing and Economic Research, 2017, 32(02):13-23.
Zhang Rongguang, Huang Jiayuan, Chen Yuxin. Environmental regulation, market competition and enterprise value [J]. Journal of Finance and Economics, 2018(10):104-112.
Qiu Muyuan, Yin Hong. Corporate ESG performance and financing costs under the background of ecological civilization construction [J]. Research on Quantitative Economics and Technical Economics, 2019, 36(03):108-123.
Zhu Qingxiang, Guo Huan, Li Xiaoqing. Research on the impact mechanism of social responsibility performance on corporate value - based on the mediating role of accounting prudence [J]. Forecast, 2019, 38(03):52-57.
Chen Xiaoyi, Wang Yurong, Yang Zhenning. Corporate social responsibility and corporate value - the moderating role of organizational inertia and industry sensitivity [J]. Technical Economy, 2020, 39(07):140-146+158.
Li Sha, Feng Hongyan, Peng Yongfang. The impact of environmental protection investment on corporate value: based on fixed effect regression analysis [J]. Business Economics Research, 2022(17):134-137.
Roberts RW. Determinants of corporate social responsibility disclosure: an application of stakeholder theory [J] Pergamon, 1992, 17(6):595-612.
Su Qilin, Zhu Wen. Family control of listed companies and corporate value [J]. Economic Research, 2003(08):36-45.
Wang Peng, Zhou Lian. Control, ownership and corporate performance of controlling shareholders: Evidence from Chinese listed companies [J]. Financial Research, 2006(02):88-98.
Yang Xingquan, Zeng Yi. Separation of the two rights of controlling shareholders, overinvestment and corporate value [J]. Journal of Jiangxi University of Finance and Economics, 2011(01):24-30.
Yang Hongbo, Duan Yu. Research on the relationship between corporate governance and corporate value of listed companies in my country [J]. Modern Economic Information, 2019(03):125.
Yermack D. Higher market valuation of companies with a small board of directors [J]. Journal of financial economics, 1996, 40(2):185-211.
Cheng Jinglian, Ruan Ziping. Corporate value theory and corporate value evaluation [J]. Quest, 2005(10):33-35.