ESG activities and firm cash flow

被引：27
|
作者：
Gregory, Richard Paul [1 ]
机构：
[1] East Tennessee State Univ, Johnson City, TN 37614 USA
来源：
GLOBAL FINANCE JOURNAL | 2022年 / 52卷
关键词：
Free cash flow; Sustainability; Corporate financial performance; Corporate social responsibility; CORPORATE SOCIAL-RESPONSIBILITY; PANEL-DATA; RISK;
D O I：
10.1016/j.gfj.2021.100698
中图分类号：
F8 [财政、金融];
学科分类号：
0202 ;
摘要：
I measure the influence of ESG activities on Free Cash flow to the Firm and Free Cash Flow to Equity. I find that ESG activities primarily benefit the cash flows to creditors of firms in developed markets. The ESG effect predominantly comes from the excess spending of the firm on communicating how it integrates the economic (financial), social and environmental dimensions into its day-to-day decision-making processes. For developed market firms, the additional factor of excess spending on conditions for the workforce plays a role in boosting Free Cash Flow to the Firm.
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页数：11
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