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December 8, 2025RisksOpen Access

The Impact of Environmental, Social, and Governance Disclosure on the Firm Value of Non-Financial Firms Listed in South Africa

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Authors

TMThabiso Sthembiso MsomiMAMichael Akinola Aruwaji

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Overview

Panel data analysis finds ESG disclosures positively affect firm value, indicating their importance for policymakers and investors.

Key Points

  • ESG disclosures positively influence firm value, showing that markets reward transparency and sustainability initiatives.
  • The study analyzes 642 firm-year observations using Tobin’s Q as a proxy for firm value from 2017 to 2022.
  • Subgroup regression analysis reveals sectoral differences, with non-manufacturing firms benefiting from ESG disclosures while manufacturing firms face risks.
  • Findings emphasize the significance of aligning ESG practices with sectoral attributes for long-term value optimization.

Cite This Study

Msomi et al. (2025) studied this question.

synapsesocial.com/papers/69401f0f2d562116f28fa26ahttps://doi.org/10.3390/risks13120242
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Also Consider

Synapse has enriched 5 closely related papers on similar clinical questions. Consider them for comparative context:

  1. 1Analysing the Firm Value Effects of Environmental, Social and Governance Disclosure: Empirical Study of Indian Firms2024 · 10 citations
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  3. 3An Overview of Company Valuation: Looking at the Environmental, Social and Governance (ESG) Disclosure Dimension Studies2025
  4. 4The nexus of ESG performance and equity financing: Evidence from JSE-listed non-financial firms in South Africa2025 · 1 citations
  5. 5Sustainability Reporting and Firm Value: Evidence from Listed Firms in Nigeria, An Empirical Investigation Using Tobin's Q (2010–2024)2026