The Impact of Environmental, Social and Governance Standards on the Value of Cash Holding Firms in Japan
碩士 === 國立東華大學 === 財務金融學系 === 107 === This study sets to investigate the impacts of environmental, social and governance (ESG) standards on the value of cash holdings firm in Japan for the period 2005 to 2017. The results indicate that the marginal of cash is sensitive to firms’ ESG score. It shows t...
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| Format: | Others |
| Language: | en_US |
| Published: |
2019
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| Online Access: | http://ndltd.ncl.edu.tw/handle/9659gx |
| Summary: | 碩士 === 國立東華大學 === 財務金融學系 === 107 === This study sets to investigate the impacts of environmental, social and governance (ESG) standards on the value of cash holdings firm in Japan for the period 2005 to 2017. The results indicate that the marginal of cash is sensitive to firms’ ESG score. It shows the marginal value of its cash is increased 0.300¥ when companies investing in ESG standards. In addition, companies with high ESG score have more marginal value of cash than companies with low ESG score as much 0.028¥. The result confirms the stakeholders theory that cash value is higher for more social responsibility firms. This study contributes to our understanding of how firm managers engage with the ESG activities and the impact of such activities on firm operating strategies and cash holding performance.
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