以环境、社会和公司治理为动机的人员流动对公司财务风险的影响

IF 9.4 3区管理学 Q1 BUSINESS, FINANCE

British Accounting Review Pub Date : 2025-07-01 DOI:10.1016/j.bar.2024.101373

Daewoung Choi , Yong Kyu Gam , Min Jung Kang , Hojong Shin

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引用次数: 0

摘要

本研究探讨了强制CEO离职如何有效地减轻因环境、社会和治理（ESG）实践的不良声誉而放大的公司困境风险。我们发现，在媒体对公司ESG实践的负面报道之后，公司的CEO解雇决定显著降低了公司的困境风险水平（用Altman z - score衡量）。这表明，强制CEO离职可能被视为事后损害工具。其他研究结果表明，在市场竞争、股票行业和分析师覆盖率等多种机制的条件下，受到更严格市场审查的公司，CEO解职的缓解效应更强。

本文章由计算机程序翻译，如有差异，请以英文原文为准。

The effect of ESG-motivated turnover on firm financial risk

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The effect of ESG-motivated turnover on firm financial risk

This study investigates how effectively a forced CEO turnover mitigates a firm's distress risk amplified by a bad reputation for its Environmental, Social, and Governance (ESG) practices. We find that a firm's CEO dismissal decision significantly reduces the level of its distress risk—measured by Altman's Z-Score—subsequent to negative media coverage of the firm's ESG practices. This suggests that the forced CEO turnover may be taken as an ex-post damage instrument. Additional results show that the mitigation effect of CEO dismissal is stronger in firms under greater market scrutiny conditioned on various mechanisms: market competition, sin stock industry, and analyst coverage.

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来源期刊

British Accounting Review BUSINESS, FINANCE-

CiteScore

8.60

自引率

3.90%

发文量

审稿时长

76 days

期刊介绍： The British Accounting Review*is pleased to publish original scholarly papers across the whole spectrum of accounting and finance. The journal is eclectic and pluralistic and contributions are welcomed across a wide range of research methodologies (e.g. analytical, archival, experimental, survey and qualitative case methods) and topics (e.g. financial accounting, management accounting, finance and financial management, auditing, public sector accounting, social and environmental accounting; accounting education and accounting history), evidence from UK and non-UK sources are equally acceptable.