Professor Hidemichi Fujii of the Environmental and Economic Policy in Environment and Food Unit (Faculty of Economics), together with his colleagues, published a study in Business Strategy and the Environment, a leading journal in the fields of environmental economics and environmental management. Using firm-level data from 2,636 companies across 31 countries worldwide from 2015 to 2022, the study examines the impact of ESG initiatives on firms’ intrinsic value and misvaluation (the gap between intrinsic value and market capitalization). The results show that ESG initiatives enhance firms’ intrinsic value in the long term and contribute to a reduction in misvaluation, thereby improving market efficiency.
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