In this study, we examine the extent to which the implementation of environmental, social, and governance (ESG) disclosures influence the firm value and financial performance of airlines. The panel data analysis is applied to the set of collected data from the Thomson Reuters Eikon database for the sample of 27 airlines worldwide from 2013 to 2019. Findings of this study support the positive relationship between the environmental pillar score (Env) and governance pillar score (Gov), with market-to-book ratio and Tobin’s Q as proxies for firm value and financial performance, respectively. This finding implies that an increase in both pillars leads to higher market value and financial efficiency for investigated airlines. Therefore, an airline’s effort to improve Env and Gov dimensions will lead to higher market value and return on invested funds. In contrast, the social pillar disclosure in both models is found to have a significant negative association with the dependent variables, showing that airlines’ social activities result in lower value as well as level of performance.

中文翻译：

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可持续性对航空运输业公司价值和财务业绩的影响

在这项研究中，我们研究了环境、社会和治理 (ESG) 披露的实施对航空公司的公司价值和财务业绩的影响程度。面板数据分析应用于从汤森路透 Eikon 数据库收集的 2013 年至 2019 年全球 27 家航空公司样本的数据集。 本研究结果支持环境支柱得分 (Env) 与治理支柱得分之间存在正相关关系(Gov)，市净率和托宾 Q 值分别代表公司价值和财务业绩。这一发现意味着，两个支柱的增加会导致被调查航空公司的市场价值和财务效率更高。因此，航空公司努力改善 Env 和 Gov 维度将带来更高的市场价值和投资资金回报。