- Original authors / creators
- Chunhua Cai; Yannan Geng; Fufei Yang
- Original publication
- PLOS ONE · Public Library of Science · 2024-07-11
- License & retained notices
- CC BY 4.0
© 2024 Cai et al
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https://creativecommons.org/licenses/by/4.0/This is an open access article distributed under the terms of the Creative Commons Attribution License, which permits unrestricted use, distribution, and reproduction in any medium, provided the original author and source are credited. Article-specific license URL: https://creativecommons.org/licenses/by/4.0/ - Edition changes
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- Evidence limits
- Adjacent research, not a directly sampled family-office study. Applicability to a family office requires separate assessment. Endogeneity, particularly reverse causality in which high corporate value can lead to improved ESG practices, was addressed using a lag test. By analyzing ESG practices lagged by one period (ESG1), the estimations continue to show a significant positive effect (p < 0.01) on corporate value, as detailed in column (1) of Table 5. This supports the notion that ESG practices precede and contribute to changes in corporate value. The robustness of these results is further verified by lagging all control variables by one period, with the outcomes remaining consistently positive and significant. Although this study offers comprehensive insights, it has some limitations. Future research should examine how different institutional environments, tenure lengths, and senior executive positions influence the relationship between ESG practices and corporate value. Additionally, expanding the dataset beyond the Sino-Security database and incorporating industry-specific micro-survey studies can provide more granular insights into the impact of senior executives’ academic backgrounds on corporate ESG practices and value creation.
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