講演情報
[2-P1-02]Environmental, Social, and Governance Factors as Tools for Improving Market Efficiency: A Study on Equity Misvaluation
*王 心雨1 (1. 九州大学)
キーワード：
equity misvaluation、ESG practice、corporate intrinsic value
This study examines the effects of ESG performance and disclosure on corporate intrinsic value and equity misvaluation, using data from 2,622 companies across 31 countries between 2015 and 2019. Results indicate that ESG practices increase intrinsic value and mitigate misvaluation. Notably, ESG performance and disclosure are negatively associated with misvaluation in overvalued firms but positively associated in undervalued firms. These results hold across residual income and cross-sectional models, highlighting the robustness of the analysis. Drawing on signaling, stakeholder, and agency theories, we argue that ESG practices reduce information asymmetry and improve information quality, offering insights into corporate governance and investment strategies.