ESG声誉风险是否影响企业投资调整的效率和速度?

IF 2.1 3区经济学 Q2 BUSINESS, FINANCE

European Financial Management Pub Date : 2023-11-22 DOI:10.1111/eufm.12470

Ioannis Chasiotis, Dimitrios Gounopoulos, Dimitrios Konstantios, Vasilios-Christos Naoum, Victoria Patsika

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引用次数: 0

摘要

本研究探讨环境、社会和治理(ESG)声誉风险与投资效率之间的关系。我们提供的证据表明，ESG声誉风险与较高的企业次优投资(投资不足)和较低的调整到最优投资水平的速度有关。我们的研究结果适用于投资不足的参数和非参数估计，并且对解决内生性和自我选择的几种技术具有鲁棒性。总体而言，我们的研究强调了ESG声誉风险在决定企业投资效率方面的重要作用。

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Does ESG reputational risk affect the efficiency and speed of adjustment of corporate investment?

This study explores the relationship between environmental, social, and governance (ESG) reputational risk and investment efficiency. We provide evidence that ESG reputational risk relates to higher corporate suboptimal investment (underinvestment) and a lower speed of adjustment back to the optimal investment level. Our findings hold for parametric and nonparametric estimations of underinvestment and are robust to several techniques that address endogeneity and self-selection. Overall, our study highlights the important role of ESG reputational risk in determining corporate investment efficiency.

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来源期刊

European Financial Management BUSINESS, FINANCE-

CiteScore

4.30

自引率

18.20%

发文量

期刊介绍： European Financial Management publishes the best research from around the world, providing a forum for both academics and practitioners concerned with the financial management of modern corporation and financial institutions. The journal publishes signficant new finance research on timely issues and highlights key trends in Europe in a clear and accessible way, with articles covering international research and practice that have direct or indirect bearing on Europe.