دانلود مقاله فعالیت های ESG و جریان نقدی شرکت
چکیده
مقدمه
مطالعات مربوطه
داده ها و روش شناسی
نتایج تخمین پانل
نتیجه گیری
منابع
Abstract
Introduction
Relevant literature
Data and methodology
Panel estimation results
Conclusions
References
چکیده
من تأثیر فعالیت‌های ESG را بر جریان نقدی آزاد به شرکت و جریان نقدی آزاد به سهام را اندازه‌گیری می‌کنم. من متوجه شدم که فعالیت های ESG در درجه اول به جریان های نقدی به طلبکاران شرکت ها در بازارهای توسعه یافته سود می رساند. اثر ESG عمدتاً از هزینه‌های اضافی شرکت در ارتباط با نحوه ادغام ابعاد اقتصادی (مالی)، اجتماعی و محیطی در فرآیندهای تصمیم‌گیری روزانه خود ناشی می‌شود. برای شرکت‌های بازار توسعه‌یافته، عامل اضافی هزینه‌های اضافی برای شرایط نیروی کار در افزایش جریان نقدی رایگان به شرکت نقش دارد.
توجه! این متن ترجمه ماشینی بوده و توسط مترجمین ای ترجمه، ترجمه نشده است.
Abstract
I measure the influence of ESG activities on Free Cash flow to the Firm and Free Cash Flow to Equity. I find that ESG activities primarily benefit the cash flows to creditors of firms in developed markets. The ESG effect predominantly comes from the excess spending of the firm on communicating how it integrates the economic (financial), social and environmental dimensions into its day-to-day decision-making processes. For developed market firms, the additional factor of excess spending on conditions for the workforce plays a role in boosting Free Cash Flow to the Firm.
Introduction
The effect of environmental, social, and governance (ESG) activities of firms have a long provenance in financial economics and management. Friede, Busch, and Bassen (2015) document more than 2200 empirical studies that have examined the relationship between ESG activities and corporate financial performance, finding a weak positive relationship overall. As noted by Giese, Lee, Melas, Nagy, and Nishikawa (2019) within the standard cash-flow model of the firm, there are three ways by which ESG activities can increase the value of the firm: through increasing cash flows (through either increasing revenues or decreasing costs), through lowering the risk (higher profitability and lower exposures to tail risk), and through lowering the cost of capital. The latter two channels have received some research in the empirical literature. The general findings are that ESG activities lower the cost of capital for firms and that ESG activities lower tail risk.
Conclusions
In terms of the standard cash-flow model of the firm, it has been well established in the literature previously that ESG lowers the cost of capital and reduces the incidence of tail risk, and thus improves the value of the firm. What has not been established is what cash-flow effects ESG activities have on the firm. This paper seeks to remedy this by investigating the effects of ESG activities on the free cash flow to the firm and the free cash flow to equity of the firm. I find that while ESG activities benefit the firm, the majority of those cash flow benefits flow to the creditors of developed market firms. These benefits come predominantly from the excess spending of firms on activities that communicate that the firms are integrating economic (financial), social and environmental dimensions into their day-to-day decision-making processes. In developed markets, the same holds, but the effect of ESG on Free Cash Flow to the Firm is boosted by excess spending on workforce conditions. In emerging markets, excess spending on reducing environmental costs and creating new environmental marketing opportunities reduces the positive effects on Free Cash Flow to the Firm.
Hypotheses 1. There will be a positive significant relationship between ESG activities and Free Cash Flow to the Firm.
Hypothesis 2. There will be no significant relationship between ESG activities and Free Cash Flow to Equity.