Does ESG certification add firm value?

• Main Authors: Wong, Woei Chyuan, Batten, Jonathan A., Ahmad, Abd Halim @ Hamilton, Mohamed Arshad, Shamsul Bahrain, Nordin, Sabariah, Abdul Adzis, Azira
• Format: Article
• Language: English
• Published: Elsevier Inc. 2020
• Subjects: HG Finance
• Online Access: http://repo.uum.edu.my/27111/1/10.1016%40j.frl.2020.101593.pdf; http://repo.uum.edu.my/27111/; http://doi.org/10.1016/j.frl.2020.101593

This paper examines the impact of environmental, social and governance (ESG) certification on Malaysian firms. The analysis shows that ESG certification lowers a firm's cost of capital, while Tobin's Q increases significantly. These findings, while consistent with existing studies in devel...