Author, as appears in the article.: Abdi Y; Li X; Càmara-Turull X

Department: Gestió d'Empreses

URV's Author/s: Abdi, Yaghoub / Càmara Turull, Xavier / Li, Xiaoni

Keywords: Tobin’s q Sustainability Market-to-book ratio Firm value Financial performance Environmental, social and governance (esg) Air transport industry

Abstract: © 2020 by the authors. Licensee MDPI, Basel, Switzerland. In this study, we examine the extent to which the implementation of environmental, social, and governance (ESG) disclosures influence the firm value and financial performance of airlines. The panel data analysis is applied to the set of collected data from the Thomson Reuters Eikon database for the sample of 27 airlines worldwide from 2013 to 2019. Findings of this study support the positive relationship between the environmental pillar score (Env) and governance pillar score (Gov), with market-to-book ratio and Tobin’s Q as proxies for firm value and financial performance, respectively. This finding implies that an increase in both pillars leads to higher market value and financial efficiency for investigated airlines. Therefore, an airline’s effort to improve Env and Gov dimensions will lead to higher market value and return on invested funds. In contrast, the social pillar disclosure in both models is found to have a significant negative association with the dependent variables, showing that airlines’ social activities result in lower value as well as level of performance.

Thematic Areas: Zootecnia / recursos pesqueiros Renewable energy, sustainability and the environment Medicina i Management, monitoring, policy and law Interdisciplinar Historia Hardware and architecture Green & sustainable science & technology Geography, planning and development Geografía Geociências Environmental studies Environmental sciences Environmental science (miscellaneous) Ensino Engenharias iii Engenharias ii Engenharias i Enfermagem Energy engineering and power technology Education Computer science (miscellaneous) Computer networks and communications Ciências agrárias i Building and construction Biotecnología Biodiversidade Arquitetura, urbanismo e design Arquitetura e urbanismo

licence for use: https://creativecommons.org/licenses/by/3.0/es/

Author's mail: xavier.camara@urv.cat xavier.camara@urv.cat xiaoni.li@urv.cat yaghoub.abdi@estudiants.urv.cat yaghoub.abdi@estudiants.urv.cat

Author identifier: 0000-0001-7018-080X 0000-0001-7018-080X 0000-0002-4047-4046 0000-0002-7551-3068 0000-0002-7551-3068

Record's date: 2023-08-05

Papper version: info:eu-repo/semantics/publishedVersion

Link to the original source: https://www.mdpi.com/2071-1050/12/23/9957

Licence document URL: http://repositori.urv.cat/ca/proteccio-de-dades/

Papper original source: Sustainability. 12 (23): 1-22

APA: Abdi Y; Li X; Càmara-Turull X (2020). Impact of sustainability on firm value and financial performance in the air transport industry. Sustainability, 12(23), 1-22. DOI: 10.3390/su12239957

Article's DOI: 10.3390/su12239957

Entity: Universitat Rovira i Virgili

Journal publication year: 2020

Publication Type: Journal Publications