ARE ESG Efficient Firms Perform Better?: A Study on the Esg100list
คำสำคัญ:
ESG100, CSR, Anti-Corruption, SDGsบทคัดย่อ
Sustainable investment is a fast-growing trend with ESG-conscious stocks helping companies mitigate risks like emissions lawsuits and labor violations, safeguarding their share prices. The paper investigates whether corporate social responsibility (CSR) influences firm performance based on the Thaipat Institute’s ESG100 ratings from 2015-2021. The institute’s evaluation criteria encompass three aspects: Corporate Social Responsibility (CSR), Anti-corruption (AC), and alignment with the Sustainable Development Goals (SDGs). The results show that CSR and AC have a positively significant relationship with key performance indicators, while the relationship with SDGs is ambiguous. Additionally, through the GRS test using multi-factor asset pricing models, the ESG100 portfolio outperformed expectations considering its level of risk. This indicates that investing in the ESG 100 portfolio yields favorable results beyond what can be solely explained by the traditional factor model.
References
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