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ESG Performance and Tourism Enterprise Value: Impact Effects and Mechanism Analysis

Year: 2025

Type: article

Abstract: In the context of global sustainable development, ESG has emerged as a critical indicator for evaluating the long-term value of enterprises. Using a difference-in-differences model and panel data of A-share tourism listed companies from 2012 to 2020, we investigates the impact of ESG disclosure on the value of tourism firms. The study found that ESG disclosure has significantly increased the value of tourism enterprises by alleviating financing constraints, reducing financial risks, and improving green investment levels. Heterogeneity analysis shows that the promotion effect of ESG disclosure on the value of tourism firms is more obvious in the samples with state-owned property nature and low green total factor productivity, and that the disclosure of ESG information by accommodation and catering and tourism sightseeing firms can enhance their market value more significantly.

Source: Sustainability

DOI: 10.3390/su17219550

Authors: Qianqian WANG, Zeqi Jia

Institution: Beijing Technology and Business University

Language: English

Topic: Corporate Social Responsibility Reporting

Subfield: Strategy and Management

Field: Business, Management and Accounting

Domain: Social Sciences

SDG: Decent work and economic growth

Open Access status: gold

Estimated APC paid: $2,896