Percorrer por autor "Tuci, Enrico"
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- ESG and Corporate Financial Performance : empirical evidence from the Worldwide Energy SectorPublication . Tuci, Enrico; Cerqueiro, GeraldoThe present study empirically examines the relationship between ESG performance and corporate financial performance of companies belonging to the worldwide energy sector. Most of the researches previously conducted is based on an across-sector analysis. The choice of selecting a specific industry was driven by the expectation of obtaining more conclusive results. Focusing on publicly listed large-capitalization entities, the sample encompasses panel data of 60 firms of the energy sector over the period 2012-2018. I selected Return on Assets and Tobin’s Q as proxies respectively for operating performance and firm value, while numerical scores extracted from Thompson Reuters as estimates of the ESG performance. Through several hierarchical regressions, my analysis finds that ESG Combined Score, which differs from the simple ESG Score by considering the overall score of Environmental, Social, Governance and Controversies metrics, does have a positive impact on ROA. Considering the above-mentioned metrics taken alone, only the Controversies Score shows a positive and significant impact on Tobin’s Q. Indeed, the assessment of the effect of ESG, E, S and G scores variables on financial performance shows a non-significant and negative impact respectively on operating performance and firm value. The findings of this research have important implications for investors who want to make better investment decisions, as well as for managers of listed companies in the energy sector, which should consider the improvement of the scores for which a positive impact has been found, as one of the possible ways to improve the financial performance.