加重效应：ESG绩效和声誉惩罚

IF 6.9 2区经济学 Q1 BUSINESS, FINANCE

Finance Research Letters Pub Date : 2024-11-26 DOI:10.1016/j.frl.2024.106515

Wu Chao , Xing Yifei , Yang Shuai

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引用次数: 0

摘要

本研究调查了环境、社会和治理（ESG）绩效对涉及企业欺诈的公司声誉处罚的影响。我们引入了ESG绩效与随后的欺诈行为之间的期望差距的概念，以解释媒体如何执行声誉惩罚作为对形象逆转的反应。我们的研究结果表明，较高的ESG绩效加剧了媒体对欺诈公司的负面报道，这表明期望差距在形成声誉惩罚方面发挥了重要作用。进一步的分析表明，这种放大效应对于内部控制较弱的公司更为明显。这些发现表明，当企业未能达到道德期望时，ESG绩效会加速声誉惩罚。

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Aggravating effect: ESG performance and reputational penalty

This study investigates the impact of environmental, social, and governance (ESG) performance on reputational penalties imposed on companies involved in corporate fraud. We introduce the concept of the expectation gap between ESG performance and subsequent fraudulent behavior to explain how the media enforces reputational penalties as a response to image reversal. Our results indicate that higher ESG performance exacerbates negative media coverage of fraudulent firms, suggesting that the expectation gap plays a significant role in shaping reputational penalties. Further analysis reveals that this amplifying effect is more pronounced for firms with weaker internal controls. These findings suggest that ESG performance serves as an accelerator of reputational penalties when firms fail to meet ethical expectations.

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来源期刊

Finance Research Letters BUSINESS, FINANCE-

CiteScore

11.10

自引率

14.40%

发文量

863

期刊介绍： Finance Research Letters welcomes submissions across all areas of finance, aiming for rapid publication of significant new findings. The journal particularly encourages papers that provide insight into the replicability of established results, examine the cross-national applicability of previous findings, challenge existing methodologies, or demonstrate methodological contingencies. Papers are invited in the following areas: Actuarial studies Alternative investments Asset Pricing Bankruptcy and liquidation Banks and other Depository Institutions Behavioral and experimental finance Bibliometric and Scientometric studies of finance Capital budgeting and corporate investment Capital markets and accounting Capital structure and payout policy Commodities Contagion, crises and interdependence Corporate governance Credit and fixed income markets and instruments Derivatives Emerging markets Energy Finance and Energy Markets Financial Econometrics Financial History Financial intermediation and money markets Financial markets and marketplaces Financial Mathematics and Econophysics Financial Regulation and Law Forecasting Frontier market studies International Finance Market efficiency, event studies Mergers, acquisitions and the market for corporate control Micro Finance Institutions Microstructure Non-bank Financial Institutions Personal Finance Portfolio choice and investing Real estate finance and investing Risk SME, Family and Entrepreneurial Finance