Not so myopic: Investors lowering short-term growth expectations under high industry ESG-sales-related dynamism and predictability

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Fältnamn	Indikatorer	Metadata
000		03239naa a2200385 4500
001		oai:DiVA.org:sh-42303
003		SwePub
008		201204s2021 \| \|\|\|\|\|\|\|\|\|\|\|000 \|\|eng\|
024	7	a https://urn.kb.se/resolve?urn=urn:nbn:se:sh:diva-423032 URI
024	7	a https://doi.org/10.1016/j.jbusres.2020.11.0132 DOI
040		a (SwePub)sh
041		a engb eng
042		9 SwePub
072	7	a ref2 swepub-contenttype
072	7	a art2 swepub-publicationtype
100	1	a Patel, P. C.u Villanova University, Villanova, USA4 aut
245	1 0	a Not so myopic :b Investors lowering short-term growth expectations under high industry ESG-sales-related dynamism and predictability
264	1	b Elsevier,c 2021
338		a electronic2 rdacarrier
520		a Past studies on the effects of environmental, social, and governance (ESG) scores on firm performance have found mixed support. To further unpack these findings, we focus on the effects of industry-level dynamism and the predictability of ESG scores on sales and investor expectations on the prospects of firm growth. Dynamism (predictability) is based on the standard error (R-squared) of industry ESG ratings regressed on industry sales. Taking an investor's perspective, we focus on a forward-looking performance measure, specifically, the implied volatility in a firm's 365-day at-the-money call options. Our findings show that although industry ESG-sales dynamism and predictability lower a firm's implied volatility, a higher firm-level ESG rating mitigates the decline in the implied volatility under increasing ESG-sales dynamism. The findings show that investors expect lower short-term growth potential of industry firms with experimentation in leveraging ESG to increase sales (i.e., dynamism) and only lower their discounts in growth expectations for firms with higher ESG scores. The industry-level dynamics among ESG scores and sales and investor growth expectations in the form of implied volatility are added considerations in studying ESG and performance relationships.
650	7	a SAMHÄLLSVETENSKAPx Ekonomi och näringslivx Företagsekonomi0 (SwePub)502022 hsv//swe
650	7	a SOCIAL SCIENCESx Economics and Businessx Business Administration0 (SwePub)502022 hsv//eng
653		a Environmental performance
653		a Financial performance
653		a Implied volatility
653		a Sustainability
700	1	a Pearce, J. A. , I Iu Villanova University, Villanova, USA ; Eastern University, St. David's, USA4 aut
700	1	a Oghazi, Pejvak,d 1979-u Södertörns högskola,Företagsekonomi4 aut0 (Swepub:sh)shpkoi16
710	2	a Villanova University, Villanova, USAb Villanova University, Villanova, USA ; Eastern University, St. David's, USA4 org
773	0	t Journal of Business Researchd : Elsevierg 128, s. 551-563q 128<551-563x 0148-2963x 1873-7978
856	4	u https://doi.org/10.1016/j.jbusres.2020.11.013y Fulltext
856	4	u https://sh.diva-portal.org/smash/get/diva2:1506812/FULLTEXT01.pdfx primaryx Raw objecty fulltext:print
856	4	u https://doi.org/10.1016/j.jbusres.2020.11.013
856	4 8	u https://urn.kb.se/resolve?urn=urn:nbn:se:sh:diva-42303
856	4 8	u https://doi.org/10.1016/j.jbusres.2020.11.013

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