Environmental, social, and governance (ESG) activities have recently become a widely discussed topic, but clear strategies on whether firms should focus on concentrating or reducing their ESG activities have not been developed. This study develops a strategic approach to ESG investments, which...

This study investigates the potential factors explaining the inconsistent relationship between profitability and firm value. Specifically, it examines whether dividend policy contributes to the profitability-firm value relationship and determines the form of the moderating variables. We use a...