企业如何应对ESG新闻带来的情绪？企业风险承担视角

IF 6.9 2区经济学 Q1 BUSINESS, FINANCE

Research in International Business and Finance Pub Date : 2025-06-01 DOI:10.1016/j.ribaf.2025.103031

Pengtao Zhuang, Qing He, Wangjing Ju, Qin Xia

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引用次数: 0

摘要

本研究从企业风险承担的角度探讨了企业对ESG新闻情绪的反应。研究结果显示，ESG新闻情绪与企业风险承担之间存在显著的负相关关系。机制分析揭示了声誉压力和信息混淆两种主要的传递渠道，通过这两种渠道，高涨的情绪加剧了管理层的风险厌恶。在ESG的三个维度中，治理相关情绪对风险承担的抑制作用最强。异质性分析表明，这种负面影响在第三方ESG评级较低、管理层所有权较弱、分析师覆盖范围有限的公司中更为明显。这些发现强调了外部ESG信息中介和强大的内部治理在调节ESG新闻情绪的影响方面的作用。然而，ESG新闻情绪对风险承担的抑制作用对企业价值的长期增长构成了重大挑战。

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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How do firms react to ESG news-based sentiment? A corporate risk-taking perspective

This study investigates how firms respond to ESG news-based sentiment from the perspective of corporate risk-taking. Our findings reveal a significant negative relationship between ESG news sentiment and corporate risk-taking. Mechanism analyses reveal two primary transmission channels—reputational pressure and information obfuscation—through which heightened sentiment intensifies managerial risk aversion. Among the three ESG dimensions, governance-related sentiment has the strongest dampening effect on risk-taking. Heterogeneity analyses show that this negative impact is more pronounced in firms with lower third-party ESG ratings, weaker managerial ownership, and limited analyst coverage. These findings highlight the role of both external ESG information intermediaries and strong internal governance in moderating the influence of ESG news sentiment. However, the dampening effect of ESG news sentiment on risk-taking poses significant challenges to the long-term growth of corporate value.

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来源期刊

Research in International Business and Finance BUSINESS, FINANCE-

CiteScore

11.20

自引率

9.20%

发文量

240

期刊介绍： Research in International Business and Finance (RIBAF) seeks to consolidate its position as a premier scholarly vehicle of academic finance. The Journal publishes high quality, insightful, well-written papers that explore current and new issues in international finance. Papers that foster dialogue, innovation, and intellectual risk-taking in financial studies; as well as shed light on the interaction between finance and broader societal concerns are particularly appreciated. The Journal welcomes submissions that seek to expand the boundaries of academic finance and otherwise challenge the discipline. Papers studying finance using a variety of methodologies; as well as interdisciplinary studies will be considered for publication. Papers that examine topical issues using extensive international data sets are welcome. Single-country studies can also be considered for publication provided that they develop novel methodological and theoretical approaches or fall within the Journal''s priority themes. It is especially important that single-country studies communicate to the reader why the particular chosen country is especially relevant to the issue being investigated. [...] The scope of topics that are most interesting to RIBAF readers include the following: -Financial markets and institutions -Financial practices and sustainability -The impact of national culture on finance -The impact of formal and informal institutions on finance -Privatizations, public financing, and nonprofit issues in finance -Interdisciplinary financial studies -Finance and international development -International financial crises and regulation -Financialization studies -International financial integration and architecture -Behavioral aspects in finance -Consumer finance -Methodologies and conceptualization issues related to finance