ESG Shareholder Engagement and Downside Risk

IF 5.6 2区经济学 Q1 BUSINESS, FINANCE

Review of Finance Pub Date : 2023-10-03 DOI:10.1093/rof/rfad034

Andreas G F Hoepner, Ioannis Oikonomou, Zacharias Sautner, Laura T Starks, Xiao Y Zhou

引用次数: 3

Abstract

Abstract We show that engagement on environmental, social, and governance issues can benefit shareholders by reducing firms’ downside risks. We find that the risk reductions (measured using value at risk and lower partial moments) vary across engagement types and success rates. Engagement is most effective in lowering downside risk when addressing environmental topics (primarily climate change). Further, targets with large downside risk reductions exhibit a decrease in environmental incidents after the engagement. We estimate that the value at risk of engagement targets decreases by 9% of the standard deviation after successful engagements, relative to control firms.

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ESG股东参与与下行风险

本文表明，参与环境、社会和治理问题可以通过降低公司的下行风险而使股东受益。我们发现风险降低(使用风险值和较低部分时刻来衡量)因参与类型和成功率而异。在处理环境问题(主要是气候变化)时，参与是降低下行风险最有效的方式。此外，具有较大下行风险降低的目标在参与后显示环境事件减少。我们估计，与控制公司相比，在成功的业务后，业务目标的风险价值降低了9%的标准差。

本文章由计算机程序翻译，如有差异，请以英文原文为准。

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来源期刊

Review of Finance Multiple-

CiteScore

7.80

自引率

2.30%

发文量

期刊介绍： The Review of Finance, the official journal of the European Finance Association, aims at a wide circulation and visibility in the finance profession. The journal publishes high-quality papers in all areas of financial economics, both established and newly developing fields: • •Asset pricing •Corporate finance •Banking and market microstructure •Law and finance •Behavioral finance •Experimental finance Review of Finance occasionally publishes special issues on timely topics, including selected papers presented at the meetings of the European Finance Association or at other selected conferences in the field.