IMPACT OF ENVIRONMENTAL, SOCIAL AND GOVERNANCE (ESG) ON FIRMS MARKET PERFORMANCE; EVIDENCE FROM CHINA
Keywords:ESG, Financial Performance, WGI, GMM, China.
This research study investigates the impact of environmental, social and governance factors (ESG) on firm’s market performance of China for the period of 2009-2018. The data is collected from Refinitiv DataStream and WGI (World Governance Indicators). This study applied GMM for analysis on panel data.This study contributes to the literature by using country-level governance factors instead of firm-level factors.The empirical result shows that environmental factor foster the market value but social and governance factors decrease the market value for non-financial firms operating in China.
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