GX & Decarbonization Research

Frista Frista, Lindawati Gani, Yulianti Abbas +1

This study investigates the relationship between sustainability management and firm value in Southeast Asian countries, examining how earnings management moderates this relationship. Using panel data from 2015–2022, it finds that while sust…

Тетяна Вікторівна Воронько-Невіднича, Яна Радіонова, Олександра Боженко +1

This paper proposes an integrated ESG+ST management model for agricultural SMEs, adding Security and Temporal dimensions to traditional ESG. It consists of monitoring, responsibility, and support blocks, leveraging risk management, green fi…

Prof. Brijesh D. Rashiya

This paper examines the impact of ESG practices on financial performance of listed Indian companies using secondary data, regulatory developments, and case studies from Infosys, TCS, Reliance Industries, and Hindustan Unilever. ESG practice…

Verina Anggraeni, Rizky Nur Ayuningtyas Putri

This study analyzes the effect of bank health (measured by RGEC: Risk Profile, Governance, Earnings, Capital) on Green Banking Disclosure Index (GBDI) for 11 Islamic commercial banks in Indonesia, with Islamic Social Reporting (ISR) as mode…

D. Bansal, Saurabh Saurabh, Yashika Aneja +1

This study investigates the effect of ESG performance on firm value in the Indian pharmaceutical sector. Using Tobin's Q and market-to-book ratio as value proxies, it decomposes ESG scores into environmental, social, and governance componen…

Liyuan Lu, Murugesan Palaniappan, Mark Christhian Barrueta Pinto +1

This paper analyzes responsible investment practices using a Multi-Criteria Decision Making (MCDM) approach and proposes a tool to support corporate social responsibility (CSR) implementation. It systematically organizes evaluation criteria…

Daniela Cristina de Andrade, Brunna Mendonça Braga, Clóvis Fiirst +1

Analyzed 210 Brazilian and Chinese firms (2018-2022) and found that regardless of ESG score, capital structures align with Pecking Order Theory. No significant differences between countries, suggesting a uniform impact of ESG practices on f…

Cindy Nur Azaria Mansa, Haliah, Darmawati

This systematic review of 35 studies (2021-2025) synthesizes evidence on ESG and firm value. 60% of studies find a positive effect. Measurement proxies vary greatly (Refinitiv, Bloomberg, ESG risk scores), with industry-calibrated materiali…

Tongyu Zhou

Using data from Chinese A-share listed companies from 2019 to 2023, this study empirically analyzes the impact of ESG performance on financing costs. Higher ESG ratings reduce both debt and total financing costs, with corporate governance b…

Thanh Thuy Ngoc Tran, Trang Cam Hoang, Thoa Thi Kim Dau

This study examines the effect of ESG disclosure on firm value, focusing on the moderating role of financial distress in Southeast Asian firms from 2010 to 2023. Using panel data of 397 listed companies, it finds a negative direct relations…

Najwa Safinabudhi, Insyirah Putikadea

This study examines the effect of ESG disclosure on firm value (Price-to-Book Value) with investor interest as a moderating variable, using panel data from Indonesian listed companies (2022-2024). It finds that ESG disclosure does not signi…

Ayman Abdalla Mohammed Abubakr, Ahmed Mahade, A. Musa +3

Using GMM on 75 Thai listed firms from 2014-2023, this study finds that ESG performance positively impacts ROA, ROE, and Tobin's Q. Debt and cash ratios negatively affect all metrics, while firm size and age show mixed effects. It advocates…

Antonio Somoza López

This study examines the relationship between ESG disclosure and controversies in global energy firms. It finds that sustainability reporting increases visibility of controversies (transparency-detection effect), but standardized reporting (…

А. Beisenbayeva, U. Yernazarova, U. Turdaliyeva

This paper proposes an integrated ESG-control model for the banking sector in Kazakhstan, evaluating the effectiveness of internal control systems incorporating ESG risks. Results show only 12% of banks demonstrate high ESG integration, wit…

Олена Пахненко, Анастасія Олександрівна Узлова, Гліб Олегович Міненко

This paper identifies six channels through which ESG factors affect bank financial stability under the transformation to sustainable finance: risk, information, financial resources, operational efficiency, adaptability, and institutional-re…

Qun Cao, Siye Liang, Jingtong Wu +1

This paper examines the impact of ESG rating divergence on excess cash holdings using Chinese A-share listed firms from 2015-2021. The results show a positive relationship driven by increased information asymmetry, environmental uncertainty…

A. Zerkal, O. Krainik, Mykyta Sharov

This paper systematically analyzes how sustainable business practices create competitive advantages for enterprises. It demonstrates that integrating ESG responsibility with digital tools for monitoring and reporting reduces risks, improves…

Swapnamol P.S Swapnamol P.S, Dr. S Vijayalakshmi Dr. S Vijayalakshmi

This paper investigates barriers faced by green entrepreneurs, including financing, market access, policy support, and sustainable innovation capability. Using survey data and regression analysis, it finds that market access barriers negati…

Joachim Rojahn, Florian Zechser

This study examines the effects of external capital providers (largest shareholders and debtholders) on ESG performance scores for 135 European industrial firms using both frequentist and Bayesian approaches. Findings show ownership concent…

Nur Hayati, M. Wardhana, Refika Anjani Putri

This study examines the relationship between ESG performance and cost of debt for 35 Indonesian firms listed on the SRI-KEHATI Index from 2020–2024 using PLS-SEM. Findings show a significant negative effect of ESG scores on borrowing costs,…