IDEAS home Printed from https://ideas.repec.org/a/spt/admaec/v16y2026i6f16_6_8.html

Do All ESG Dimensions Matter Equally? Evidence from Taiwanese Financial Holding Companies

Author

Listed:
  • Shu-Yu Lin
  • Che-Chiang Hsu
  • Chester Wai-Jen Liu

Abstract

This study examines the relationship between ESG performance and firm value using a sample of 13 Taiwanese financial holding companies over the period 2016–2025. Firm value is measured by Tobin's Q, while ESG performance is measured using the Taiwan ESG (TESG) rating. A series of pooled ordinary least squares (OLS) regression models is employed to examine the effects of overall ESG performance and its individual Environmental (E), Social (S), and Governance (G) dimensions. The results indicate that overall ESG performance is positively associated with firm value. Among the individual ESG dimensions, the Social dimension exhibits the most robust positive association with firm value and remains statistically significant after accounting for within-firm correlation. These findings highlight the importance of evaluating ESG as a multidimensional construct rather than relying solely on an aggregate ESG score. JEL classification numbers: G32.

Suggested Citation

  • Shu-Yu Lin & Che-Chiang Hsu & Chester Wai-Jen Liu, 2026. "Do All ESG Dimensions Matter Equally? Evidence from Taiwanese Financial Holding Companies," Advances in Management and Applied Economics, SCIENPRESS Ltd, vol. 16(6), pages 1-8.
    • Handle: RePEc:spt:admaec:v:16:y:2026:i:6:f:16_6_8
    as

    Download full text from publisher

    File URL: http://www.scienpress.com/Upload/AMAE%2fVol%2016_6_8.pdf
    Download Restriction: no
    ---><---

    More about this item

    Keywords

    ;
    ;
    ;
    ;
    ;

    JEL classification:

    • G32 - Financial Economics - - Corporate Finance and Governance - - - Financing Policy; Financial Risk and Risk Management; Capital and Ownership Structure; Value of Firms; Goodwill

    Statistics

    Access and download statistics

    Corrections

    All material on this site has been provided by the respective publishers and authors. You can help correct errors and omissions. When requesting a correction, please mention this item's handle: RePEc:spt:admaec:v:16:y:2026:i:6:f:16_6_8. See general information about how to correct material in RePEc.

    If you have authored this item and are not yet registered with RePEc, we encourage you to do it here. This allows to link your profile to this item. It also allows you to accept potential citations to this item that we are uncertain about.

    We have no bibliographic references for this item. You can help adding them by using this form .

    If you know of missing items citing this one, you can help us creating those links by adding the relevant references in the same way as above, for each refering item. If you are a registered author of this item, you may also want to check the "citations" tab in your RePEc Author Service profile, as there may be some citations waiting for confirmation.

    For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: Eleftherios Spyromitros-Xioufis (email available below). General contact details of provider: http://www.scienpress.com/ .

    Please note that corrections may take a couple of weeks to filter through the various RePEc services.

    IDEAS is a RePEc service. RePEc uses bibliographic data supplied by the respective publishers.