How ESG shapes firm value: The mediating role of customer satisfaction
研究了ESG表现如何通过客户满意度影响企业价值，发现ESG提升企业价值，客户满意度起中介作用，且在环境敏感行业更显著。
In contemporary business landscapes, concerns about environmental, social, and governance (ESG) issues are increasingly prominent. Despite the rising public interest in ESG, empirical research assessing its efficacy remains sparse. This research investigates the subtle connection between ESG initiatives and firm value, highlighting the mediating role of customer satisfaction. Utilizing an industry-fixed effects model, our research analyzes an unbalanced panel dataset comprising 168 firms over five years. We make three conclusions based on empirical analyses of a comprehensive secondary dataset. First, ESG performance improves a firm's value. Second, customer satisfaction positively mediates this relationship. Third, this relationship is noticeable in firms in environmentally sensitive industries. By distinctively focusing on ESG performance rather than broader CSR concepts, this research underscores the importance of customer satisfaction in determining how ESG performance influences firm value. • Empirical research on the efficacy of ESG remains sparse. • We study the subtle link between ESG performance and firm value. • We highlight the mediating role of customer satisfaction. • We analyze an unbalanced panel dataset comprising 168 firms over five years.