Managerial perspective on ESG and financial performance of car manufacturers

• Autorzy: Tancke Leon Martin , Užík Martin , Block Sebastian , Glova Jozef , Boha Hithim

Identyfikatory

DOI

10.17512/pjms.2023.28.1.19

Warianty tytułu

PL

ESG i wyniki finansowe producentów samochodów w perspektywie menedżerskiej

• Języki publikacji: EN

Abstrakty

EN

This study aims to analyse the relationship between world-largest car manufacturers' environmental, social and governance (ESG) disclosures and their financial and market-based performance. For this purpose, the models of choice were panel data considering ten years. A set of independent control variables and ESG score or subsets of the ESG score were investigated against the dependent measures of a firm’s financial (ROA) and market-based (Tobin’s Q) performance. The paper's novelty is the industry-specific perspective and results that are scarce and indicate a mixed influence of the ESG subsets. The results obtained by regression analysis underline a non-significant positive relationship between ESG and ROA, meaning ESG activities are valued less than expected. Interestingly, the market's valuation, which Tobin's Q should capture, has presented some significant influence. That implies that investors value ESG performance in the long term, which is particularly relevant information for decision-makers in the automotive industry.

PL

Niniejsze badanie ma na celu analizę związku między ujawnianymi przez największych światowych producentów samochodów informacjami dotyczącymi środowiska, społeczeństwa i ładu korporacyjnego (ESG) a ich wynikami finansowymi i rynkowymi. W tym celu wybrano modele danych panelowych obejmujące dziesięć lat. Zestaw zmiennych kontrolnych niezależnych i wynik ESG lub podzbiory wyniku ESG zostały zbadane pod kątem zależnych miar wyników finansowych (ROA) i rynkowych (Q Tobina) firmy. Nowością w artykule jest perspektywa branżowa i wyniki, które są rzadkie i wskazują na mieszany wpływ podzbiorów ESG. Wyniki uzyskane za pomocą analizy regresji podkreślają nieistotny dodatni związek między ESG a ROA, co oznacza, że działania ESG są wyceniane niżej niż oczekiwano. Co ciekawe, wycena rynkowa, którą powinno odzwierciedlać Q Tobina, wykazała pewien znaczący wpływ. Oznacza to, że inwestorzy cenią wyniki ESG w perspektywie długoterminowej, co jest szczególnie istotną informacją dla decydentów w branży motoryzacyjnej.

Słowa kluczowe

EN

ESG performance; financial performance; market-based performance; regression analysis; longitudinal data

PL

wyniki ESG; wyniki finansowe; wyniki rynkowe; analiza regresji; dane podłużne

• Wydawca: Czestochowa University of Technology
• Czasopismo: Polish Journal of Management Studies
• Rocznik: 2023
• Tom: Vol. 28. No. 1
• Strony: 330--343
• Opis fizyczny: Bibliogr. 30 poz., rys., tab.

Twórcy

autor

Tancke Leon Martin

• Department of Business and Economics, , 10825 Berlin, Germany, Berlin School of Economics and Law, Germany

• https://orcid.org/0009-0003-3873-2864

autor

Užík Martin

• Department of Business and Economics, , 10825 Berlin, Germany, Berlin School of Economics and Law, Germany

• https://orcid.org/0009-0001-2517-7000

autor

Block Sebastian

• Department of Business and Economics, , 10825 Berlin, Germany, Berlin School of Economics and Law, Germany

• https://orcid.org/0000-0003-2914-2347

autor

Glova Jozef

• Faculty of Economics, Technical University of Kosice, Slovak Republic

• https://orcid.org/0000-0001-5972-7771

autor

Boha Hithim

• Faculty of Economics, Technical University of Kosice, Slovak Republic

• https://orcid.org/0009-0002-4653-6030

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Uwagi

Opracowanie rekordu ze środków MNiSW, umowa nr SONP/SP/546092/2022 w ramach programu "Społeczna odpowiedzialność nauki" - moduł: Popularyzacja nauki i promocja sportu (2024).