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The Impact of Abnormal ESG on Firm Value—Focusing on Voluntary Disclosure on Carbon Emissions

Jaehong null Lee & S. Kim

Journal of East European Management Studies2026https://doi.org/10.31083/jeems40067article
AJG 1ABDC C
Weight
0.50

What the paper says

Following the COVID-19 pandemic, investors’ growing focus on sustainable management has increased substantially, drawing greater attention to Environmental, Social and Governance (ESG) practices. This study examines the effect of abnormal ESG investment, defined as ESG activities exceeding the level predicted by firm-specific financial and economic characteristics, on firm value and assesses the moderating role of voluntary carbon emission disclosure. Based on agency theory, the empirical results indicate that abnormal ESG investment is associated with lower firm value, suggesting potential inefficiencies. However, voluntary carbon emission disclosure mitigates this negative relationship by improving transparency, demonstrating environmental accountability, and strengthening investor confidence. By distinguishing economically justified ESG investment from abnormal levels and evaluating the role of voluntary disclosure, this research offers evidence regarding how ESG strategies can be aligned with firm value enhancement in an environment of increasing sustainability expectations.

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https://doi.org/https://doi.org/10.31083/jeems40067

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@article{jaehong2026,
  title        = {{The Impact of Abnormal ESG on Firm Value—Focusing on Voluntary Disclosure on Carbon Emissions}},
  author       = {Jaehong null Lee & S. Kim},
  journal      = {Journal of East European Management Studies},
  year         = {2026},
  doi          = {https://doi.org/https://doi.org/10.31083/jeems40067},
}

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Evidence weight

0.50

Balanced mode · F 0.40 / M 0.15 / V 0.05 / R 0.40

F · citation impact0.50 × 0.4 = 0.20
M · momentum0.50 × 0.15 = 0.07
V · venue signal0.50 × 0.05 = 0.03
R · text relevance †0.50 × 0.4 = 0.20

† Text relevance is estimated at 0.50 on the detail page — for your query’s actual relevance score, open this paper from a search result.