未管理的ESG风险与企业绩效——管理缺口的影响

IF 7.4 2区经济学 Q1 BUSINESS, FINANCE

Finance Research Letters Pub Date : 2025-06-04 DOI:10.1016/j.frl.2025.107707

Dat Thanh Nguyen , Vuong Thao Tran , Dinh Hoang Bach Phan , Quang Thi Thieu Nguyen

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引用次数: 0

摘要

本研究通过详细分析ESG风险及其对公司绩效的影响，为环境、社会和治理（ESG）文献做出了贡献。虽然以前的研究主要依赖于总体ESG指标，但我们的方法侧重于ESG风险的异质性，特别是未管理的风险和管理差距。利用2018-2023年期间2350家美国公司的数据，我们发现ESG总风险与公司绩效之间存在统计学上显著的负相关关系。值得注意的是，这种负面影响主要是由无法管理的ESG风险造成的，管理缺口的影响大约是无法管理的风险的八倍。未管理的ESG风险的影响在第一年最为明显，随后几年逐渐减弱。即使在控制了内生性并进行了各种稳健性测试之后，我们的发现仍然是稳健的。

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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Unmanaged ESG risks and corporate performance – The impact of management gaps

This study contributes to the Environmental, Social, and Governance (ESG) literature by providing a detailed analysis of ESG risks and their impact on corporate performance. While previous research has primarily relied on aggregate ESG measures, our approach focuses on the heterogeneity of ESG risks, particularly unmanaged risks and management gaps. Using data from 2,350 U.S. firms over the period 2018–2023, we find a statistically significant negative relationship between total ESG risk and firm performance. Notably, this negative impact is primarily driven by unmanaged ESG risks, with management gaps exerting an influence approximately eight times greater than that of unmanageable risks. The effect of unmanaged ESG risks is most pronounced in the first year, diminishing in subsequent years. Our findings remain robust even after controlling for endogeneity and conducting various robustness tests.

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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