This paper examines the association between environmental, social, and governance (ESG) performance and firm value. We show that ESG performance is positively associated with firm value. This positive association almost disappears, however, for firms that fall into the below-median ROA group....

We find that investors responded positively to a mandated gender quota in Korea, which requires large public firms to include at least one female director on their boards. Investor responses were more positive for firms with high risk, weak corporate governance, and poor social performance,...

We investigate the relationship between carbon intensity and default risk for South Korean firms and examine the role of investor attentiveness to environmental issues on this relationship. Using carbon emissions and Merton’s distance-to-default, we find that carbon emission is significantly...