The impact of ESG strategies on growth in the logistics industry
Abstract
The aim of the article is to analyse the relationship between company growth, measured as an increase in Earnings Per Share (EPS) in 3- and 5-year periods, and companies’ financial condition, measured using the Altman z-Score (AS) model. The study was carried out on the example of companies included in the WIG Index and Warsaw Stock Exchange Index (in Polish: Warszawski Indeks Giełdowy – WIG) Environmental, Social, and Governance (ESG) between 2013 and 2020. Furthermore, among the companies included in the WIG index, companies belonging to the logistics industry were distinguished. An analysis of linear and panel relationships was used to verify the nature of the relationships between the variables taken into account. The z-Altman index was found to have a positive effect on company growth in a 3-year period for companies from the transport and logistics industry and all companies included in the WIG ESG index. Regarding company growth over the longer 5-year period, the influence of the z-Altman index on growth was not observed. Therefore, the results for companies in the WIG index show that for company growth in both the 3- and 5-year periods, the financial and economic condition of a company, measured by the z-Altman index, has no impact on the size of this growth, which was also confirmed by panel models.
Keyword : transport, logistics, company growth, ESG strategies, Altman model
How to Cite
Sadowski, A., Gniadkowska-Szymańska, A., Sokolovskij, E., & Jędrzejczak, R. (2024). The impact of ESG strategies on growth in the logistics industry. Transport, 39(2), 174–182. https://doi.org/10.3846/transport.2024.22545
This work is licensed under a Creative Commons Attribution 4.0 International License.
References
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Egorova, A. A.; Grishunin, S. V.; Karminsky, A. M. 2022. The impact of ESG factors on the performance of information technology companies, Procedia Computer Science 199: 399–345. https://doi.org/10.1016/j.procs.2022.01.041
El Hakioui, M.; Louitri, A. 2017. Paradigmatic debate on entrepreneurship and firm growth: essay on the positioning of high-growth, International Journal of Economics & Strategic Management of Business Process 8(1): 54–65.
Fatemi, A. M.; Fooladi, I. J. 2013. Sustainable finance: a new paradigm, Global Finance Journal 24(2): 101–113. https://doi.org/10.1016/j.gfj.2013.07.006
Friede, G.; Busch, T.; Bassen, A. 2015. ESG and financial performance: aggregated evidence from more than 2000 empirical studies, Journal of Sustainable Finance & Investment 5(4): 210–233. https://doi.org/10.1080/20430795.2015.1118917
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Griškevičiūtė-Gečienė, A. 2010. The evaluation of investment projects within the territory of development, Transport 25(2): 203–214. https://doi.org/10.3846/transport.2010.25
Gündoğdu, H. G.; Aytekin, A.; Toptancı, Ş.; Korucuk, S.; Karamaşa, Ç. 2023. Environmental, social, and governance risks and environmentally sensitive competitive strategies: a case study of a multinational logistics company, Business Strategy and the Environment 32(7): 4874–4906. https://doi.org/10.1002/bse.3398
Halbritter, G.; Dorfleitner, G. 2015. The wages of social responsibility – where are they? A critical review of ESG investing, Review of Financial Economics 26(1): 25–35. https://doi.org/10.1016/j.rfe.2015.03.004
Hamilton, J. T. 1995. Pollution as news: media and stock market reactions to the toxics release inventory data, Journal of Environmental Economics and Management 28(1): 98–113. https://doi.org/10.1006/jeem.1995.1007
Hong, H.; Kacperczyk, M. 2009. The price of sin: the effects of social norms on markets, Journal of Financial Economics 93(1): 15–36. https://doi.org/10.1016/j.jfineco.2008.09.001
Huber, B. M.; Comstock, M. 2017. ESG reports and ratings: what they are, why they matter?, The Corporate Governance Advisor 25(5): 1–12.
Jamali, D.; Carroll, A. 2017. Capturing advances in CSR: developed versus developing country perspectives, Business Ethics, the Environment & Responsibility 26(4): 321–325. https://doi.org/10.1111/beer.12157
Jensen, M. C. 2001. Value maximization, stakeholder theory, and the corporate objective function, Journal of Applied Corporate Finance 14(3): 8–21. https://doi.org/10.1111/j.1745-6622.2001.tb00434.x
Jonwall, R.; Gupta, S.; Pahuja, S. 2022. Socially responsible investment behavior: a study of individual investors from India, Review of Behavioral Finance 15(6): 865–888. https://doi.org/10.1108/RBF-05-2021-0099
Kumar, S.; Sharma, D.; Rao, S.; Lim, W. M.; Mangla, S. K. 2022. Past, present, and future of sustainable finance: insights from big data analytics through machine learning of scholarly research, Annals of Operations Research (online first). https://doi.org/10.1007/s10479-021-04410-8
Kuranovič, V.; Sokolovskij, E.; Bazaras, D.; Jarašūnienė, A.; Čižiūnienė, K. 2023. Estimating the intensity of cargo flows in warehouses by applying guanxi principles, Sustainability 15(23): 16226. https://doi.org/10.3390/su152316226
Lantos, G. P. 2001. The boundaries of strategic corporate social responsibility, Journal of Consumer Marketing 18(7): 595–632. https://doi.org/10.1108/07363760110410281
Lins, K. V.; Servaes, H.; Tamayo, A. 2017. Social capital, trust, and firm performance: the value of corporate social responsibility during the financial crisis, Journal of Finance 72(4): 1785–1824. https://doi.org/10.1111/jofi.12505
Liu, W.; Wang, S.; Lin, Y.; Xie, D.; Zhang, J. 2020. Effect of intelligent logistics policy on shareholder value: Evidence from Chinese logistics companies, Transportation Research Part E: Logistics and Transportation Review 137: 101928. https://doi.org/10.1016/j.tre.2020.101928
Mathiasson, M. H.; Jochumsen, H. 2022. Libraries, sustainability and sustainable development: a review of the research literature, Journal of Documentation 78(6): 1278–1304. https://doi.org/10.1108/jd-11-2021-0226
Meira, E.; De Souza Cunha, F. A. F.; Orsato, R. J.; Miralles-Quirós, M. M.; Miralles-Quirós, J. L. 2023. The added value and differentiation among ESG investment strategies in stock markets, Business Strategy and the Environment 32(4): 1816–1834. https://doi.org/10.1002/bse.3221
Muhammad, N.; Scrimgeour, F. 2014. Stock returns and fundamentals in the Australian market, Asian Journal of Finance & Accounting 6(1): 271–290. https://doi.org/10.5296/ajfa.v6i1.5486
Naeem, M. A.; Yousaf, I.; Karim, S.; Tiwari, A. K.; Farid, S. 2023. Comparing asymmetric price efficiency in regional ESG markets before and during COVID-19, Economic Modelling 118: 106095. https://doi.org/10.1016/j.econmod.2022.106095
Naffa, H.; Fain, M. 2022. A factor approach to the performance of ESG leaders and laggards, Finance Research Letters 44: 102073. https://doi.org/10.1016/j.frl.2021.102073
Perez Liston, D.; Soydemir, G. 2010. Faith‐based and sin portfolios: an empirical inquiry into norm‐neglect vs norm‐conforming investor behavior, Managerial Finance 36(10): 876–885. https://doi.org/10.1108/03074351011070242
Schoenmaker, D.; Schramade, W. 2018. Principles of Sustainable Finance. Oxford University Press. 432 p.
Shanaev, S.; Ghimire, B. 2022. When ESG meets AAA: The effect of ESG rating changes on stock returns, Finance Research Letters 46: 102302. https://doi.org/10.1016/j.frl.2021.102302
Szychta, A. 2022. Rola wytycznych UNCTAD−ISAR w monitorowaniu realizacji celów zrównoważonego rozwoju przez przedsiębiorstwa [The role of UNCTAD-ISAR guidance in monitoring the implementation of sustainable development goals by enterprises], Zeszyty Teoretyczne Rachunkowości [Theoretical Journal of Accounting] 46(1): 67–99. https://doi.org/10.5604/01.3001.0015.7989 (in Polish).
Tsang, Y. P.; Fan, Y.; Feng, Z. P. 2023. Bridging the gap: Building environmental, social and governance capabilities in small and medium logistics companies, Journal of Environmental Management 338: 117758. https://doi.org/10.1016/j.jenvman.2023.117758
Uyar, A.; Karaman, A. S.; Kilic, M. 2020. Is corporate social responsibility reporting a tool of signaling or greenwashing? Evidence from the worldwide logistics sector, Journal of Cleaner Production 253: 119997. https://doi.org/10.1016/j.jclepro.2020.119997
Wong, W. C.; Batten, J. A.; Ahmad, A. H.; Mohamed-Arshad, S. B.; Nordin, S.; Abdul Adzis, A. 2021. Does ESG certification add firm value?, Finance Research Letters 39: 101593. https://doi.org/10.1016/j.frl.2020.101593
Ye, C.; Song, X.; Liang, Y. 2022. Corporate sustainability performance, stock returns, and ESG indicators: fresh insights from EU member states, Environmental Science and Pollution Research 29(58): 87680–87691. https://doi.org/10.1007/s11356-022-20789-8
Yu, E. P.-Y.; Guo, C. Q.; Luu, B. V. 2018. Environmental, social and governance transparency and firm value, Business Strategy and the Environment 27(7): 987–1004. https://doi.org/10.1002/bse.2047
Acosta Castellanos, P. M.; Queiruga-Dios, A. 2022. From environmental education to education for sustainable development in higher education: a systematic review, International Journal of Sustainability in Higher Education 23(3): 622–644. https://doi.org/10.1108/ijshe-04-2021-0167
Adams, M.; Jiang, W. 2016. Do outside directors influence the financial performance of risk-trading firms? Evidence from the United Kingdom (UK) insurance industry, Journal of Banking & Finance 64: 36–51. https://doi.org/10.1016/j.jbankfin.2015.11.018
Altman, E. I.; Hotchkiss, E. 2006. Corporate credit scoring–insolvency risk models, in E. I. Altman, E. Hotchkiss (Eds.). Corporate Financial Distress and Bankruptcy: Predict and Avoid Bankruptcy, Analyze and Invest in Distressed Debt, 231–264. https://doi.org/10.1002/9781118267806.ch11
Apostoaie, C.-M. 2020. Sustainable finance: a bibliometric analysis of the scientific literature, International Journal of Management and Applied Science 6(6): 21–27. Available from Internet: https://ijmas.iraj.in/paper_detail.php?paper_id=17279
Avetisyan, E.; Hockerts, K. 2017. The Consolidation of the ESG Rating Industry as an enactment of institutional retrogression, Business Strategy and the Environment 26(3): 316–330. https://doi.org/10.1002/bse.1919
Bajic, S.; Yurtoglu, B. 2018. CSR, market value and profitability: International evidence, in S. Boubaker, D. Cumming, D. K. Nguyen (Eds.). Research Handbook of Finance and Sustainability, 29–53. https://doi.org/10.4337/9781786432636.00009
Balcaen, S.; Ooghe, H.; 2006. 35 years of studies on business failure: an overview of the classic statistical methodologies and their related problems, The British Accounting Review 38(1): 63–93. https://doi.org/10.1016/j.bar.2005.09.001
Battall, A. H.; Sabri, B. A.; Rasul, M. A. 2020. Analysis of common stocks and their impact on market value an applied study on the banking sector companies listed on Iraq stock exchange, Tikrit Journal of Administrative and Economic Sciences 16(49): 253–269. Available from Internet: https://www.iasj.net/iasj/article/179838 (in Arabic).
Besson, F.; Durand, C.; Miroudot, S. 2013. How much does offshoring matter? Evolution of imports and their relation to profits, labor, and firm′ strategies in France, 1990–2009, in A. Bardhan, D. Jaffee, C. Kroll (Eds.). The Oxford Handbook of Offshoring and Global Employment, 122–156. https://doi.org/10.1093/oxfordhb/9780199765904.013.0006
Bose, S.; Khan, H. Z. 2022. Sustainable development goals (SDGs) reporting and the role of country-level institutional factors: an international evidence, Journal of Cleaner Production 335: 130290. https://doi.org/10.1016/j.jclepro.2021.130290
Brzeziński, M.; Pyza, D. 2021. Carbon dioxide emission from diesel engine vehicles in intermodal transport, Transport 36(3): 246–259. https://doi.org/10.3846/transport.2021.15484
Chow, G. W. S.; Durand, R. B.; Koh, S. 2014. Are ethical investments good?, Australian Journal of Management 39(4): 645–665. https://doi.org/10.1177/0312896213516327
D’Angelo, V.; Cappa, F.; Peruffo, E. 2023. Green manufacturing for sustainable development: the positive effects of green activities, green investments, and non-green products on economic performance, Business Strategy and the Environment 32(4): 1900–1913. https://doi.org/10.1002/bse.3226
Danbolt, J.; Hirst, I. R. C.; Jones, E. 2011. The growth companies puzzle: can growth opportunities measures predict firm growth?, The European Journal of Finance 17(1): 1–25. https://doi.org/10.1080/13518470903448432
Dasgupta, P. 2007. The idea of sustainable development, Sustainability Science 2(1): 5–11. https://doi.org/10.1007/s11625-007-0024-y
De Souza Cunha, F. A. F.; Meira, E.; Orsato, R. J. 2021. Sustainable finance and investment: review and research agenda, Business Strategy and the Environment 30(8): 3821–3838. https://doi.org/10.1002/bse.2842
Dyllick, T.; Muff, K. 2016. Clarifying the meaning of sustainable business: introducing a typology from business-as-usual to true business sustainability, Organization & Environment 29(2): 156–174. https://doi.org/10.1177/1086026615575176
Egorova, A. A.; Grishunin, S. V.; Karminsky, A. M. 2022. The impact of ESG factors on the performance of information technology companies, Procedia Computer Science 199: 399–345. https://doi.org/10.1016/j.procs.2022.01.041
El Hakioui, M.; Louitri, A. 2017. Paradigmatic debate on entrepreneurship and firm growth: essay on the positioning of high-growth, International Journal of Economics & Strategic Management of Business Process 8(1): 54–65.
Fatemi, A. M.; Fooladi, I. J. 2013. Sustainable finance: a new paradigm, Global Finance Journal 24(2): 101–113. https://doi.org/10.1016/j.gfj.2013.07.006
Friede, G.; Busch, T.; Bassen, A. 2015. ESG and financial performance: aggregated evidence from more than 2000 empirical studies, Journal of Sustainable Finance & Investment 5(4): 210–233. https://doi.org/10.1080/20430795.2015.1118917
Govindan, K.; Kilic, M.; Uyar, A.; Karaman, A. S. 2021. Drivers and value-relevance of CSR performance in the logistics sector: a cross-country firm-level investigation, International Journal of Production Economics 231: 107835. https://doi.org/10.1016/j.ijpe.2020.107835
Griškevičiūtė-Gečienė, A. 2010. The evaluation of investment projects within the territory of development, Transport 25(2): 203–214. https://doi.org/10.3846/transport.2010.25
Gündoğdu, H. G.; Aytekin, A.; Toptancı, Ş.; Korucuk, S.; Karamaşa, Ç. 2023. Environmental, social, and governance risks and environmentally sensitive competitive strategies: a case study of a multinational logistics company, Business Strategy and the Environment 32(7): 4874–4906. https://doi.org/10.1002/bse.3398
Halbritter, G.; Dorfleitner, G. 2015. The wages of social responsibility – where are they? A critical review of ESG investing, Review of Financial Economics 26(1): 25–35. https://doi.org/10.1016/j.rfe.2015.03.004
Hamilton, J. T. 1995. Pollution as news: media and stock market reactions to the toxics release inventory data, Journal of Environmental Economics and Management 28(1): 98–113. https://doi.org/10.1006/jeem.1995.1007
Hong, H.; Kacperczyk, M. 2009. The price of sin: the effects of social norms on markets, Journal of Financial Economics 93(1): 15–36. https://doi.org/10.1016/j.jfineco.2008.09.001
Huber, B. M.; Comstock, M. 2017. ESG reports and ratings: what they are, why they matter?, The Corporate Governance Advisor 25(5): 1–12.
Jamali, D.; Carroll, A. 2017. Capturing advances in CSR: developed versus developing country perspectives, Business Ethics, the Environment & Responsibility 26(4): 321–325. https://doi.org/10.1111/beer.12157
Jensen, M. C. 2001. Value maximization, stakeholder theory, and the corporate objective function, Journal of Applied Corporate Finance 14(3): 8–21. https://doi.org/10.1111/j.1745-6622.2001.tb00434.x
Jonwall, R.; Gupta, S.; Pahuja, S. 2022. Socially responsible investment behavior: a study of individual investors from India, Review of Behavioral Finance 15(6): 865–888. https://doi.org/10.1108/RBF-05-2021-0099
Kumar, S.; Sharma, D.; Rao, S.; Lim, W. M.; Mangla, S. K. 2022. Past, present, and future of sustainable finance: insights from big data analytics through machine learning of scholarly research, Annals of Operations Research (online first). https://doi.org/10.1007/s10479-021-04410-8
Kuranovič, V.; Sokolovskij, E.; Bazaras, D.; Jarašūnienė, A.; Čižiūnienė, K. 2023. Estimating the intensity of cargo flows in warehouses by applying guanxi principles, Sustainability 15(23): 16226. https://doi.org/10.3390/su152316226
Lantos, G. P. 2001. The boundaries of strategic corporate social responsibility, Journal of Consumer Marketing 18(7): 595–632. https://doi.org/10.1108/07363760110410281
Lins, K. V.; Servaes, H.; Tamayo, A. 2017. Social capital, trust, and firm performance: the value of corporate social responsibility during the financial crisis, Journal of Finance 72(4): 1785–1824. https://doi.org/10.1111/jofi.12505
Liu, W.; Wang, S.; Lin, Y.; Xie, D.; Zhang, J. 2020. Effect of intelligent logistics policy on shareholder value: Evidence from Chinese logistics companies, Transportation Research Part E: Logistics and Transportation Review 137: 101928. https://doi.org/10.1016/j.tre.2020.101928
Mathiasson, M. H.; Jochumsen, H. 2022. Libraries, sustainability and sustainable development: a review of the research literature, Journal of Documentation 78(6): 1278–1304. https://doi.org/10.1108/jd-11-2021-0226
Meira, E.; De Souza Cunha, F. A. F.; Orsato, R. J.; Miralles-Quirós, M. M.; Miralles-Quirós, J. L. 2023. The added value and differentiation among ESG investment strategies in stock markets, Business Strategy and the Environment 32(4): 1816–1834. https://doi.org/10.1002/bse.3221
Muhammad, N.; Scrimgeour, F. 2014. Stock returns and fundamentals in the Australian market, Asian Journal of Finance & Accounting 6(1): 271–290. https://doi.org/10.5296/ajfa.v6i1.5486
Naeem, M. A.; Yousaf, I.; Karim, S.; Tiwari, A. K.; Farid, S. 2023. Comparing asymmetric price efficiency in regional ESG markets before and during COVID-19, Economic Modelling 118: 106095. https://doi.org/10.1016/j.econmod.2022.106095
Naffa, H.; Fain, M. 2022. A factor approach to the performance of ESG leaders and laggards, Finance Research Letters 44: 102073. https://doi.org/10.1016/j.frl.2021.102073
Perez Liston, D.; Soydemir, G. 2010. Faith‐based and sin portfolios: an empirical inquiry into norm‐neglect vs norm‐conforming investor behavior, Managerial Finance 36(10): 876–885. https://doi.org/10.1108/03074351011070242
Schoenmaker, D.; Schramade, W. 2018. Principles of Sustainable Finance. Oxford University Press. 432 p.
Shanaev, S.; Ghimire, B. 2022. When ESG meets AAA: The effect of ESG rating changes on stock returns, Finance Research Letters 46: 102302. https://doi.org/10.1016/j.frl.2021.102302
Szychta, A. 2022. Rola wytycznych UNCTAD−ISAR w monitorowaniu realizacji celów zrównoważonego rozwoju przez przedsiębiorstwa [The role of UNCTAD-ISAR guidance in monitoring the implementation of sustainable development goals by enterprises], Zeszyty Teoretyczne Rachunkowości [Theoretical Journal of Accounting] 46(1): 67–99. https://doi.org/10.5604/01.3001.0015.7989 (in Polish).
Tsang, Y. P.; Fan, Y.; Feng, Z. P. 2023. Bridging the gap: Building environmental, social and governance capabilities in small and medium logistics companies, Journal of Environmental Management 338: 117758. https://doi.org/10.1016/j.jenvman.2023.117758
Uyar, A.; Karaman, A. S.; Kilic, M. 2020. Is corporate social responsibility reporting a tool of signaling or greenwashing? Evidence from the worldwide logistics sector, Journal of Cleaner Production 253: 119997. https://doi.org/10.1016/j.jclepro.2020.119997
Wong, W. C.; Batten, J. A.; Ahmad, A. H.; Mohamed-Arshad, S. B.; Nordin, S.; Abdul Adzis, A. 2021. Does ESG certification add firm value?, Finance Research Letters 39: 101593. https://doi.org/10.1016/j.frl.2020.101593
Ye, C.; Song, X.; Liang, Y. 2022. Corporate sustainability performance, stock returns, and ESG indicators: fresh insights from EU member states, Environmental Science and Pollution Research 29(58): 87680–87691. https://doi.org/10.1007/s11356-022-20789-8
Yu, E. P.-Y.; Guo, C. Q.; Luu, B. V. 2018. Environmental, social and governance transparency and firm value, Business Strategy and the Environment 27(7): 987–1004. https://doi.org/10.1002/bse.2047