From sustainable value to shareholder value: The impact of sustainable governance and anti‐corruption programs on market valuation
研究了2018-2020年全球110家上市公司的可持续治理和反腐败政策对股东市场价值的影响，发现这些措施对低水平实践的公司有显著正面作用，但对高水平公司影响不显著。
Abstract This study investigates the value relevance of corporate governance and anti‐corruption policies from a sustainable value perspective, basing the analysis on institutional and stakeholder theories. Using a sample of annual and sustainability reports of 110 listed companies of the world, published between 2018 and 2020, the study documents piecewise dependence between some components of sustainable value (i.e., governance and anti‐corruption) and market value for shareholders. Based on our findings, these components exert a significant positive influence on market performance for the sample of companies with an initial low level of these practices ( beginners ). However, companies with an already developed framework for sustainable governance and anti‐corruption ( advanced ) do not experience any significant fluctuations in market value in response to developments in respect of these components. Overall, the results suggest that unexpected activities and disclosure in respect of sustainable governance and anti‐corruption mechanisms are valued more highly by the market than new developments in initiatives and reporting where these mechanisms are already at mature levels. The research bridges the gap in the literature by explaining the influence of sustainable governance and anti‐corruption actions on market prices using piecewise regression; this contrasts with previous single‐model studies. Additionally, anti‐corruption is incorporated as a characteristic of sustainable governance in this research for the first time.