Do financial constraints lead to environmental, social and governance controversies? The role of country context

IF 12.5 1区管理学 Q1 BUSINESS

Business Strategy and The Environment Pub Date : 2024-11-01 DOI:10.1002/bse.4025

Karen Gloria Vargas‐Santander, Susana Álvarez‐Diez, Samuel Baixauli‐Soler, María Belda‐Ruiz

引用次数: 0

Abstract

The term sustainability and environmental, social and governance (ESG) criteria has gained greater importance globally in recent decades. As social and environmental issues increase, firms are advocating the need to be more sustainable. However, in this scenario, corporate controversies still persist, and an analysis of their causes is required. This study focuses on establishing the relationship between financial constraints (FC) and ESG controversies and on determining whether the country context might modify the controversial behaviours of financially constrained firms. Through a Tobit analysis for panel data—and using a sample of firms with headquarters in 47 countries—our results show a positive and significant influence of FC on ESG controversies. In addition, our evidence confirms that country context impacts relationships within the firm, and that opting for controversial activities is increasingly less viable for firms located in countries where there is institutionalized sustainability.

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资金限制是否会导致环境、社会和治理方面的争议？国情的作用

近几十年来，可持续性一词以及环境、社会和治理（ESG）标准在全球范围内变得越来越重要。随着社会和环境问题的增多，各公司都在倡导必须更具可持续性。然而，在这种情况下，企业争议依然存在，需要对其原因进行分析。本研究的重点是建立财务约束（FC）与环境、社会和治理争议之间的关系，并确定国家背景是否会改变财务约束企业的争议行为。通过对面板数据进行 Tobit 分析，并使用总部位于 47 个国家的企业样本，我们的结果表明，财务约束对环境、社会和公司治理争议具有积极而显著的影响。此外，我们的证据还证实，国家背景会影响公司内部的关系，而且对于位于可持续发展制度化国家的公司来说，选择有争议的活动越来越不可行。

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

Business Strategy and The Environment Multiple-

CiteScore

22.50

自引率

19.40%

发文量

336

期刊介绍： Business Strategy and the Environment (BSE) is a leading academic journal focused on business strategies for improving the natural environment. It publishes peer-reviewed research on various topics such as systems and standards, environmental performance, disclosure, eco-innovation, corporate environmental management tools, organizations and management, supply chains, circular economy, governance, green finance, industry sectors, and responses to climate change and other contemporary environmental issues. The journal aims to provide original contributions that enhance the understanding of sustainability in business. Its target audience includes academics, practitioners, business managers, and consultants. However, BSE does not accept papers on corporate social responsibility (CSR), as this topic is covered by its sibling journal Corporate Social Responsibility and Environmental Management. The journal is indexed in several databases and collections such as ABI/INFORM Collection, Agricultural & Environmental Science Database, BIOBASE, Emerald Management Reviews, GeoArchive, Environment Index, GEOBASE, INSPEC, Technology Collection, and Web of Science.