The impact of institutional commitments on corporate risk-taking: Evidence from the United Nations Principles for responsible investment

IF 4.8 2区经济学 Q1 BUSINESS, FINANCE

International Review of Economics & Finance Pub Date : 2024-11-01 DOI:10.1016/j.iref.2024.103715

Rongxin Chen , Yuhao Chen

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Abstract

Taking the institutions that signed the United Nations (UN) Principles of Responsible Investment (PRI) from 2012 to 2021 as a sample, we study whether the risk-taking of investment targets will be affected when the institutions sign the PRI. The findings demonstrate that when an institution subscribes to the PRI, it significantly decreases its investment target's degree of risk-taking. After a series of stability tests, such as surrogate variables and propensity score matching method, the main regression results in this paper remain consistent. It has been suggested through mechanism analysis that signing the PRI increases both investment efficiency and information disclosure quality thereby minimizing enterprise risk-taking behavior. Further research shows that the state-owned nature of institutions and higher media attention can reduce the risk-taking of enterprises. This paper provides a new explanatory dimension through which enterprises can reduce their level of risk-taking and offers a theoretical foundation for further expanding the impact of the PRI.

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制度承诺对企业承担风险的影响：联合国负责任投资原则的证据

我们以 2012 年至 2021 年签署《联合国负责任投资原则》（PRI）的机构为样本，研究机构签署 PRI 是否会影响投资目标的风险承担程度。研究结果表明，当机构签署《责任投资原则》时，会显著降低其投资对象的风险承担程度。经过代用变量和倾向得分匹配法等一系列稳定性检验后，本文的主要回归结果保持一致。通过机理分析，本文认为签署 PRI 既提高了投资效率，又提高了信息披露质量，从而最大限度地减少了企业的风险承担行为。进一步的研究表明，机构的国有性质和较高的媒体关注度可以降低企业的风险承担行为。本文为企业降低风险承担水平提供了一个新的解释维度，并为进一步扩大 PRI 的影响提供了理论基础。

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

International Review of Economics & Finance Multiple-

CiteScore

7.30

自引率

2.20%

发文量

253

期刊介绍： The International Review of Economics & Finance (IREF) is a scholarly journal devoted to the publication of high quality theoretical and empirical articles in all areas of international economics, macroeconomics and financial economics. Contributions that facilitate the communications between the real and the financial sectors of the economy are of particular interest.