业务多元化和ESG参与：携手降低风险和创造价值？

IF 9.8 1区管理学 Q1 BUSINESS

Journal of Business Research Pub Date : 2025-09-05 DOI:10.1016/j.jbusres.2025.115676

Gabriel de la Fuente , Margarita Ortiz , Pilar Velasco

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引用次数: 0

摘要

我们研究了业务多元化与环境、社会和治理（ESG）参与作为两种企业风险管理策略之间的重叠，并对它们对企业价值的相互作用的潜在机制进行了理论化。利用代理和利益相关者理论，我们使用美国公司样本（2009-2019）来检验我们的假设。我们的研究结果表明，ESG参与缓解了多元化折扣。此外，参与ESG降低了系统性风险，而多元化降低了特质风险。然而，我们没有发现证据支持总风险在这些策略的相互作用与企业价值之间的中介作用。这表明需要探索可能在这些战略之间产生互补性的替代渠道。

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Business diversification and ESG engagement: Riding tandem to risk reduction and value creation?

We examine the overlap between business diversification and environmental, social, and governance (ESG) engagement as two corporate risk management strategies, and theorise the underlying mechanisms of their interaction effect on firm value. Drawing on agency and stakeholder theories, we test our hypotheses using a sample of U.S. firms (2009–2019). Our findings indicate that ESG engagement mitigates the diversification discount. Further, ESG engagement reduces systematic risk, while diversification reduces idiosyncratic risk. However, we find no evidence supporting for the mediating role of total risk in the relationship between these strategies’ interaction and firm value. This suggests the need to explore alternative channels that may produce complementarities between these strategies.

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来源期刊

Journal of Business Research BUSINESS-

CiteScore

20.30

自引率

10.60%

发文量

956

期刊介绍： The Journal of Business Research aims to publish research that is rigorous, relevant, and potentially impactful. It examines a wide variety of business decision contexts, processes, and activities, developing insights that are meaningful for theory, practice, and/or society at large. The research is intended to generate meaningful debates in academia and practice, that are thought provoking and have the potential to make a difference to conceptual thinking and/or practice. The Journal is published for a broad range of stakeholders, including scholars, researchers, executives, and policy makers. It aids the application of its research to practical situations and theoretical findings to the reality of the business world as well as to society. The Journal is abstracted and indexed in several databases, including Social Sciences Citation Index, ANBAR, Current Contents, Management Contents, Management Literature in Brief, PsycINFO, Information Service, RePEc, Academic Journal Guide, ABI/Inform, INSPEC, etc.