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Disclosures of ESG Misconducts and Market Valuations: Evidence from DAX Companies

机译：ESG不当行为和市场估值的披露：来自DAX公司的证据

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Environmental, social and governance (ESG) factors have become an important topic on capital markets amid an increasing interest in responsible investing. Despite this fact, public companies have been involved in a number of ESG misconducts in recent years, which were often against the interests of their stakeholders. In our research, we refer to stakeholder theory in order to show how disclosures of social misconducts against the companies' stakeholders have affected market valuation of listed companies, which we treat as one of the measures of shareholders' wealth. We conduct an event study on 235 ESG misconducts related to DAX companies. The data sample of ESG news was hand collected in a thorough content analysis in the period of 2000-2019. The main findings reveal that investors' reactions were more severe for ESG news released after 2009 than before this date as illustrated by negative and significant cumulative average abnormal returns (CAARs) in different event windows, while before 2009 CAARs were insignificant. We also found out that investors reacted stronger to governance- rather than social or environmental news. Our results provide a guidance for listed companies on how ESG mismanagements might affect their market value, and for investors who intend to incorporate ESG factors in their investment decision processes.
机译：环境，社会和治理（ESG）因素已成为资本市场的重要主题，在较为负责任投资的兴趣日益增长中。尽管这一事实，近年来，公共公司已经参与了许多ESG不当行为，这往往反对其利益攸关方的利益。在我们的研究中，我们指的是利益相关者理论，以展示对公司利益相关者的社会不当行为披露如何影响上市公司的市场估值，我们作为股东财富措施之一。我们对与DAX公司有关的235个ESG不当行为进行事件研究。在2000 - 2019年期间，在彻底的内容分析中收集了ESG新闻的数据样本。主要研究结果表明，在2009年后发布的ESG新闻比在此日期之前发布的ESG新闻更严重，如不同事件窗口中的负面累计平均异常返回（CAARS），而2009年之前的康星均无关紧要。我们还发现投资者对治理更强大 - 而不是社会或环境新闻。我们的业绩为上市公司提供了关于ESG管理层如何影响其市场价值的指导，以及打算在其投资决策过程中纳入ESG因素的投资者。

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