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Not so myopic: Investors lowering short-term growth expectations under high industry ESG-sales-related dynamism and predictability
Villanova University, Villanova, USA.
Villanova University, Villanova, USA ; Eastern University, St. David's, USA.
Södertörns högskola, Institutionen för samhällsvetenskaper, Företagsekonomi.ORCID-id: 0000-0003-2125-6155
2021 (engelsk)Inngår i: Journal of Business Research, ISSN 0148-2963, E-ISSN 1873-7978, Vol. 128, s. 551-563Artikkel i tidsskrift (Fagfellevurdert) Published
Abstract [en]

Past studies on the effects of environmental, social, and governance (ESG) scores on firm performance have found mixed support. To further unpack these findings, we focus on the effects of industry-level dynamism and the predictability of ESG scores on sales and investor expectations on the prospects of firm growth. Dynamism (predictability) is based on the standard error (R-squared) of industry ESG ratings regressed on industry sales. Taking an investor's perspective, we focus on a forward-looking performance measure, specifically, the implied volatility in a firm's 365-day at-the-money call options. Our findings show that although industry ESG-sales dynamism and predictability lower a firm's implied volatility, a higher firm-level ESG rating mitigates the decline in the implied volatility under increasing ESG-sales dynamism. The findings show that investors expect lower short-term growth potential of industry firms with experimentation in leveraging ESG to increase sales (i.e., dynamism) and only lower their discounts in growth expectations for firms with higher ESG scores. The industry-level dynamics among ESG scores and sales and investor growth expectations in the form of implied volatility are added considerations in studying ESG and performance relationships.

sted, utgiver, år, opplag, sider
Elsevier, 2021. Vol. 128, s. 551-563
Emneord [en]
Environmental performance, Financial performance, Implied volatility, Sustainability
HSV kategori
Identifikatorer
URN: urn:nbn:se:sh:diva-42303DOI: 10.1016/j.jbusres.2020.11.013ISI: 000634826700047Scopus ID: 2-s2.0-85096591852OAI: oai:DiVA.org:sh-42303DiVA, id: diva2:1506812
Tilgjengelig fra: 2020-12-04 Laget: 2020-12-04 Sist oppdatert: 2022-10-03bibliografisk kontrollert

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