{"title":"环境、社会和治理争议与破产风险：来自保险业的证据","authors":"Pilar Giráldez-Puig, Ignacio Moreno, Leticia Perez-Calero, Jaime Guerrero Villegas","doi":"10.1108/md-10-2023-2002","DOIUrl":null,"url":null,"abstract":"<h3>Purpose</h3>\n<p>This study investigates the relationships between environmental, social, and governance (ESG) controversies and insolvency risk in the insurance sector. Drawing from legitimacy and stakeholder theories, the authors explore the impact of ESG controversies on insurers’ insolvency risk and the moderating effect of ESG practices on this relationship.</p><!--/ Abstract__block -->\n<h3>Design/methodology/approach</h3>\n<p>This study utilises a dataset comprising 120 stock insurance firms spanning from 2011 to 2022. The authors employed system-GMM estimations to control for potential endogeneity and conducted several robustness checks.</p><!--/ Abstract__block -->\n<h3>Findings</h3>\n<p>ESG controversy positively influences insurers’ insolvency risk, with ESG practices mitigating these positive effects. The Governance (G) component of ESG practices plays a key role in counteracting the effects of ESG controversies on insurance companies’ insolvency risk.</p><!--/ Abstract__block -->\n<h3>Originality/value</h3>\n<p>This is the first study to investigate the direct relationship between ESG controversies and insolvency risk in the insurance industry. It underscores the critical influence of stakeholders’ perceptions of the company’s legitimacy, which is determined by the number of ESG controversies undertaken by the insurer company, on its insolvency risk. Additionally, by examining the three components of ESG practices individually, the authors offer insights into how managers can gain a competitive edge, particularly by utilising governance practices as safeguards against the adverse effects of ESG controversies on their financial risk.</p><!--/ Abstract__block -->","PeriodicalId":18046,"journal":{"name":"Management Decision","volume":"28 1","pages":""},"PeriodicalIF":4.1000,"publicationDate":"2024-07-09","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":"0","resultStr":"{\"title\":\"ESG controversies and insolvency risk: evidence from the insurance industry\",\"authors\":\"Pilar Giráldez-Puig, Ignacio Moreno, Leticia Perez-Calero, Jaime Guerrero Villegas\",\"doi\":\"10.1108/md-10-2023-2002\",\"DOIUrl\":null,\"url\":null,\"abstract\":\"<h3>Purpose</h3>\\n<p>This study investigates the relationships between environmental, social, and governance (ESG) controversies and insolvency risk in the insurance sector. Drawing from legitimacy and stakeholder theories, the authors explore the impact of ESG controversies on insurers’ insolvency risk and the moderating effect of ESG practices on this relationship.</p><!--/ Abstract__block -->\\n<h3>Design/methodology/approach</h3>\\n<p>This study utilises a dataset comprising 120 stock insurance firms spanning from 2011 to 2022. The authors employed system-GMM estimations to control for potential endogeneity and conducted several robustness checks.</p><!--/ Abstract__block -->\\n<h3>Findings</h3>\\n<p>ESG controversy positively influences insurers’ insolvency risk, with ESG practices mitigating these positive effects. The Governance (G) component of ESG practices plays a key role in counteracting the effects of ESG controversies on insurance companies’ insolvency risk.</p><!--/ Abstract__block -->\\n<h3>Originality/value</h3>\\n<p>This is the first study to investigate the direct relationship between ESG controversies and insolvency risk in the insurance industry. It underscores the critical influence of stakeholders’ perceptions of the company’s legitimacy, which is determined by the number of ESG controversies undertaken by the insurer company, on its insolvency risk. Additionally, by examining the three components of ESG practices individually, the authors offer insights into how managers can gain a competitive edge, particularly by utilising governance practices as safeguards against the adverse effects of ESG controversies on their financial risk.</p><!--/ Abstract__block -->\",\"PeriodicalId\":18046,\"journal\":{\"name\":\"Management Decision\",\"volume\":\"28 1\",\"pages\":\"\"},\"PeriodicalIF\":4.1000,\"publicationDate\":\"2024-07-09\",\"publicationTypes\":\"Journal Article\",\"fieldsOfStudy\":null,\"isOpenAccess\":false,\"openAccessPdf\":\"\",\"citationCount\":\"0\",\"resultStr\":null,\"platform\":\"Semanticscholar\",\"paperid\":null,\"PeriodicalName\":\"Management Decision\",\"FirstCategoryId\":\"91\",\"ListUrlMain\":\"https://doi.org/10.1108/md-10-2023-2002\",\"RegionNum\":3,\"RegionCategory\":\"管理学\",\"ArticlePicture\":[],\"TitleCN\":null,\"AbstractTextCN\":null,\"PMCID\":null,\"EPubDate\":\"\",\"PubModel\":\"\",\"JCR\":\"Q2\",\"JCRName\":\"BUSINESS\",\"Score\":null,\"Total\":0}","platform":"Semanticscholar","paperid":null,"PeriodicalName":"Management Decision","FirstCategoryId":"91","ListUrlMain":"https://doi.org/10.1108/md-10-2023-2002","RegionNum":3,"RegionCategory":"管理学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":null,"EPubDate":"","PubModel":"","JCR":"Q2","JCRName":"BUSINESS","Score":null,"Total":0}
ESG controversies and insolvency risk: evidence from the insurance industry
Purpose
This study investigates the relationships between environmental, social, and governance (ESG) controversies and insolvency risk in the insurance sector. Drawing from legitimacy and stakeholder theories, the authors explore the impact of ESG controversies on insurers’ insolvency risk and the moderating effect of ESG practices on this relationship.
Design/methodology/approach
This study utilises a dataset comprising 120 stock insurance firms spanning from 2011 to 2022. The authors employed system-GMM estimations to control for potential endogeneity and conducted several robustness checks.
Findings
ESG controversy positively influences insurers’ insolvency risk, with ESG practices mitigating these positive effects. The Governance (G) component of ESG practices plays a key role in counteracting the effects of ESG controversies on insurance companies’ insolvency risk.
Originality/value
This is the first study to investigate the direct relationship between ESG controversies and insolvency risk in the insurance industry. It underscores the critical influence of stakeholders’ perceptions of the company’s legitimacy, which is determined by the number of ESG controversies undertaken by the insurer company, on its insolvency risk. Additionally, by examining the three components of ESG practices individually, the authors offer insights into how managers can gain a competitive edge, particularly by utilising governance practices as safeguards against the adverse effects of ESG controversies on their financial risk.
期刊介绍：
■In-depth studies of major issues ■Operations management ■Financial management ■Motivation ■Entrepreneurship ■Problem solving and proactivity ■Serious management argument ■Strategy and policy issues ■Tactics for turning around company crises Management Decision, considered by many to be the best publication in its field, consistently offers thoughtful and provocative insights into current management practice. As such, its high calibre contributions from leading management philosophers and practitioners make it an invaluable resource in the aggressive and demanding trading climate of the Twenty-First Century.
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