Saudi Cultural Missions Theses & Dissertations

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    The Impact of Environmental, Social, and Governance (ESG) Factors on Firm Financial Performance: An Empirical Study of Non-Financial Constituents of the S&P 500
    (University of Liverpool, 2024-09) Fallatah, Ahmed Zaki; Giorgioni, Gianluigi
    Abstract This study empirically examines the influence of Environmental, Social, and Governance (ESG) factors on financial performance of non-financial firms listed on the S&P 500. It analyzes data for 425 firms over the period from 2010 to 2023. This research study apply panel data analysis using Generalized Least Squares (GLS) Regression and reveals a significant and positive relationship between overall ESG scores and Corporate financial performance metrics, Return on Equity, Return on Assets and Tobin's Q for current S&P 500 firms. For the firms that were removed from the index, while ESG scores significantly enhance Tobin's Q in terms of market evaluation and their impact on financial measurement is less pronounced. The analysis highlights that environmental scores influence financial outcomes across both current and dropped firms. Social scores positively affect financial performance in current firms but show limited impact for firms removed from the index. Governance scores appear to have a more nuanced impact, suggesting that good governance alone may not be enough to differentiate performance among firms. The study shows the importance of robust ESG practices, particularly in environmental and social pillars, for enhancing corporate financial success and market valuation. The firm’s market position and financial health may influence the relationship between ESG factors and immediate financial returns. The research shows that ESG investments can boost a market position of company and resilience and their direct impact on immediate financial returns can vary depending on the company’s financial health and market status. Therefore, this study reveals the complex relationship between ESG practices and financial performance. The findings provide useful valuable insights for business leaders, investors, and policymakers looking to align ESG practices with financial goals and foster sustainable, long-term growth.
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    What are the comparative effects of the subprime crises and COVID-19 pandemic on US stock market volatility: an empirical study
    (Essex University, 2023-12-04) Alajmi, Mona; Nawosah, Vivek
    This study examines the effects of the subprime crises and COVID-19 on stock market volatility in the United States, utilizing the GJR GARCH model. The data utilized is the daily closing prices of the S&P 500 stock index. The study's findings highlight the prevalence of volatility clustering during the subprime crisis that occurred between 2007 and 2008. However, the lack of a substantial asymmetric evidence suggests an absence of compelling empirical proof for the existence of asymmetry within that period and during the COVID-19 pandemic, it was observed that there were occurrences of volatility clustering and asymmetry. This shows that compared to positive shocks, negative shocks have a more significant effect on increasing volatility which is commonly known as leverage effects.
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