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Environmental, Social and Governance (ESG) Scores and Financial Performance of Multilatinas: Moderating Effects of Geographic International Diversification and Financial Slack

Author

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  • Eduardo Duque-Grisales

    (Institución Universitaria Esumer)

  • Javier Aguilera-Caracuel

    (University of Granada)

Abstract

This paper examines whether a firm’s financial performance (FP) is associated with superior environmental, social and governance (ESG) scores in emerging markets of multinationals in Latin America. The study addresses the current research gap on this issue; it develops hypotheses and tests them by applying linear regressions with a data panel drawn from the Thomson Reuters Eikon™ database to analyse data on 104 multinationals from Brazil, Chile, Colombia, Mexico and Peru between 2011 and 2015. The results suggest that the relationship between the ESG score and FP is significantly statistically negative. Furthermore, in examining environmental, social and governance separately to accurately determine each variable’s relationship to multilatinas’ FP, the results reveal a negative relationship. Finally, the empirical analysis provides evidence for a moderating effect of financial slack and geographic international diversification on the relationship between ESG dimensions and firms’ FP. This study furthers understanding of the relationship between ESG dimensions and FP for the Latin American business context.

Suggested Citation

  • Eduardo Duque-Grisales & Javier Aguilera-Caracuel, 2021. "Environmental, Social and Governance (ESG) Scores and Financial Performance of Multilatinas: Moderating Effects of Geographic International Diversification and Financial Slack," Journal of Business Ethics, Springer, vol. 168(2), pages 315-334, January.
    • Handle: RePEc:kap:jbuset:v:168:y:2021:i:2:d:10.1007_s10551-019-04177-w
    DOI: 10.1007/s10551-019-04177-w
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    More about this item

    Keywords

    Environmental; social and governance dimensions; ESG performance; ESG score; Financial performance; Geographic international diversification; Financial slack; Emerging market multinationals; Multilatinas;
    All these keywords.

    JEL classification:

    • M14 - Business Administration and Business Economics; Marketing; Accounting; Personnel Economics - - Business Administration - - - Corporate Culture; Diversity; Social Responsibility
    • F23 - International Economics - - International Factor Movements and International Business - - - Multinational Firms; International Business

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