Author, as appears in the article.: Abdi, Yaghoub; Li, Xiaoni; Camara-Turull, Xavier;

Department: Gestió d'Empreses

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

Keywords: Sustainability Strategy Resource-based view Reputation Philanthropy Nonfinancial disclosure Governance disclosure Firm value Firm size Firm age Financial performance Earnings Determinants Csr Corporate social-responsibility Airline industry

Abstract: This study aims at exploring the impact of ESG scores on the value and FP of firms in the airline industry. The potential moderating role of firm size and age has also been studied in an effort to disentangle their relationships in this context. In particular, the analysis involves interaction effects for two types of firms: full-service and low-cost carriers. Based on the collected data from 38 airlines worldwide for the period 2009 to 2019, we observed that contributions to governance initiatives improve a firm's market-to-book ratio. We also found that a firm's participation in social and environmental activities is positively and significantly rewarded by a higher level of financial efficiency. Additionally, firm size is the relevant moderator for the association between sustainability disclosure and both firm value and FP in the air transport industry. We therefore propose that a managerial strategy of participating in these initiatives may adapt them based on their total assets as proxy of firm size. In regard to firm age, we did not find it to be a significant moderator.

Thematic Areas: Zootecnia / recursos pesqueiros Medicina i Materiais Management, monitoring, policy and law Interdisciplinar Green & sustainable science & technology Geography, planning and development Geografía Geociências Farmacia Environmental sciences Engenharias iii Engenharias ii Engenharias i Economics and econometrics Economia Ciencias sociales Ciências biológicas i Ciências ambientais Ciências agrárias i Biotecnología Biodiversidade Arquitetura, urbanismo e design Administração pública e de empresas, ciências contábeis e turismo

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

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

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

Record's date: 2023-04-08

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

Link to the original source: https://link.springer.com/article/10.1007%2Fs10668-021-01649-w

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

Papper original source: Environment Development And Sustainability. 24 (4): 5052-5079

APA: Abdi, Yaghoub; Li, Xiaoni; Camara-Turull, Xavier; (2022). Exploring the impact of sustainability (ESG) disclosure on firm value and financial performance (FP) in airline industry: the moderating role of size and age. Environment Development And Sustainability, 24(4), 5052-5079. DOI: 10.1007/s10668-021-01649-w

Article's DOI: 10.1007/s10668-021-01649-w

Entity: Universitat Rovira i Virgili

Journal publication year: 2022

Publication Type: Journal Publications