Pub Date : 2023-11-09DOI: 10.1007/s11846-023-00709-x
Alexander Brem, Petra A. Nylund, Saeed Roshani
Abstract Innovation in times of crisis has experienced a flood of research in the wake of recent events. These studies are dispersed over a broad range of fields and do not adequately reflect earlier research or prior crises. To encourage the convergence of related literature streams, we define crisis innovation as an ecosystem-level process to meet the needs of—and overcome the resource constraints derived from—an exogenous shock. We then conduct a systematic literature review aided by machine learning techniques, specifically utilizing topic modeling. We derive a taxonomy of crisis innovation, which represents innovation as a response to societal crisis, funding crisis, financial crisis, economic crisis, digitalization, transformation, political crisis, strategy crisis, and organizational crisis. We find that crisis innovation drives digitalization through increased motivation for open and ecosystem innovation, but also that the dynamic network structures required for lasting digital transformation are often not implemented during crisis.
{"title":"Unpacking the complexities of crisis innovation: a comprehensive review of ecosystem-level responses to exogenous shocks","authors":"Alexander Brem, Petra A. Nylund, Saeed Roshani","doi":"10.1007/s11846-023-00709-x","DOIUrl":"https://doi.org/10.1007/s11846-023-00709-x","url":null,"abstract":"Abstract Innovation in times of crisis has experienced a flood of research in the wake of recent events. These studies are dispersed over a broad range of fields and do not adequately reflect earlier research or prior crises. To encourage the convergence of related literature streams, we define crisis innovation as an ecosystem-level process to meet the needs of—and overcome the resource constraints derived from—an exogenous shock. We then conduct a systematic literature review aided by machine learning techniques, specifically utilizing topic modeling. We derive a taxonomy of crisis innovation, which represents innovation as a response to societal crisis, funding crisis, financial crisis, economic crisis, digitalization, transformation, political crisis, strategy crisis, and organizational crisis. We find that crisis innovation drives digitalization through increased motivation for open and ecosystem innovation, but also that the dynamic network structures required for lasting digital transformation are often not implemented during crisis.","PeriodicalId":20992,"journal":{"name":"Review of Managerial Science","volume":null,"pages":null},"PeriodicalIF":0.0,"publicationDate":"2023-11-09","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"135291310","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":3,"RegionCategory":"管理学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Pub Date : 2023-11-08DOI: 10.1007/s11846-023-00711-3
Jonas Hammerschmidt, María Huertas González-Serrano, Kaisu Puumalainen, Ferran Calabuig
Abstract This article examines the state of research on sport entrepreneurship, with a particular focus on the intersection of entrepreneurship, innovation, and creativity in sport management. Sport is an increasingly important sector of the global economy, yet little attention has been given to the role of entrepreneurship in its development. This article argues that entrepreneurship, innovation, and creativity are crucial drivers of change, innovation, and employment in sport and that sport entrepreneurship is an emerging but unorganized stream of business research. To better understand the relationship between these research fields, we performed a study that combined a systematic review and a bibliometric analysis. This article presents thematic shifts in the field of sport entrepreneurship, innovation, and creativity. It proposes an integrated model of sport entrepreneurship, offering novel perspectives that contribute to the field. Furthermore, the article addresses the lack of research on creativity, sustainability, and the sport entrepreneur, charting underexplored territories. Overall, this article provides a comprehensive overview of current research on sport entrepreneurship and identifies key areas for future investigation.
{"title":"Sport entrepreneurship: the role of innovation and creativity in sport management","authors":"Jonas Hammerschmidt, María Huertas González-Serrano, Kaisu Puumalainen, Ferran Calabuig","doi":"10.1007/s11846-023-00711-3","DOIUrl":"https://doi.org/10.1007/s11846-023-00711-3","url":null,"abstract":"Abstract This article examines the state of research on sport entrepreneurship, with a particular focus on the intersection of entrepreneurship, innovation, and creativity in sport management. Sport is an increasingly important sector of the global economy, yet little attention has been given to the role of entrepreneurship in its development. This article argues that entrepreneurship, innovation, and creativity are crucial drivers of change, innovation, and employment in sport and that sport entrepreneurship is an emerging but unorganized stream of business research. To better understand the relationship between these research fields, we performed a study that combined a systematic review and a bibliometric analysis. This article presents thematic shifts in the field of sport entrepreneurship, innovation, and creativity. It proposes an integrated model of sport entrepreneurship, offering novel perspectives that contribute to the field. Furthermore, the article addresses the lack of research on creativity, sustainability, and the sport entrepreneur, charting underexplored territories. Overall, this article provides a comprehensive overview of current research on sport entrepreneurship and identifies key areas for future investigation.","PeriodicalId":20992,"journal":{"name":"Review of Managerial Science","volume":null,"pages":null},"PeriodicalIF":0.0,"publicationDate":"2023-11-08","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"135341057","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":3,"RegionCategory":"管理学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Pub Date : 2023-11-02DOI: 10.1007/s11846-023-00710-4
Sascha Kolaric
Abstract The issue of oil and gas companies’ contribution to climate change gained particular prominence on May 26, 2021. A Dutch court ordered Royal Dutch Shell to significantly reduce its greenhouse gas emissions, while shareholder votes at Exxon Mobile and Chevron succeeded in pushing for further emissions reductions. Together, these events signify a sudden increase in climate litigation and climate activism risk for global oil and gas companies. This study assesses investors' perception of these events by investigating oil and gas companies’ stock price reaction. The results show a significant negative impact on the stock prices for European and North American oil and gas firms, while firms located in other jurisdictions record slight gains. Higher environmental, social, and governance scores appear to mitigate the negative impact on European and North American oil and gas companies, primarily driven through better emissions related measures. The results highlight the adverse effect of increased climate litigation and climate activism risk on firm valuations.
{"title":"The impact of climate litigation and activism on stock prices: the case of oil and gas majors","authors":"Sascha Kolaric","doi":"10.1007/s11846-023-00710-4","DOIUrl":"https://doi.org/10.1007/s11846-023-00710-4","url":null,"abstract":"Abstract The issue of oil and gas companies’ contribution to climate change gained particular prominence on May 26, 2021. A Dutch court ordered Royal Dutch Shell to significantly reduce its greenhouse gas emissions, while shareholder votes at Exxon Mobile and Chevron succeeded in pushing for further emissions reductions. Together, these events signify a sudden increase in climate litigation and climate activism risk for global oil and gas companies. This study assesses investors' perception of these events by investigating oil and gas companies’ stock price reaction. The results show a significant negative impact on the stock prices for European and North American oil and gas firms, while firms located in other jurisdictions record slight gains. Higher environmental, social, and governance scores appear to mitigate the negative impact on European and North American oil and gas companies, primarily driven through better emissions related measures. The results highlight the adverse effect of increased climate litigation and climate activism risk on firm valuations.","PeriodicalId":20992,"journal":{"name":"Review of Managerial Science","volume":null,"pages":null},"PeriodicalIF":0.0,"publicationDate":"2023-11-02","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"135934119","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":3,"RegionCategory":"管理学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Pub Date : 2023-10-25DOI: 10.1007/s11846-023-00705-1
Alexandra Moritz, Joern H. Block, Fuad Morina
Abstract Many countries are in a state of post-conflict, a situation where an armed conflict between countries or within a country has just come to an end. Such countries are typically poor and characterized by political instability, economic problems and social unrest. Entrepreneurship is considered crucial for such countries as a driver of economic recovery and peacebuilding. However, the exact role and effect of entrepreneurship in a post-conflict context is not well understood and an integrative perspective is needed. Our study reviews the fragmented knowledge on entrepreneurship in post-conflict countries. We structure the literature into four distinct categories ( when and where , who and why, how , and impact ) and develop an integrative conceptual model. Our review reveals research gaps and suggests directions for future research on entrepreneurship in post-conflict countries. Our study also helps policy-makers to design an effective entrepreneurship policy considering the specific requirements of post-conflict contexts.
{"title":"Entrepreneurship in post-conflict countries: a literature review","authors":"Alexandra Moritz, Joern H. Block, Fuad Morina","doi":"10.1007/s11846-023-00705-1","DOIUrl":"https://doi.org/10.1007/s11846-023-00705-1","url":null,"abstract":"Abstract Many countries are in a state of post-conflict, a situation where an armed conflict between countries or within a country has just come to an end. Such countries are typically poor and characterized by political instability, economic problems and social unrest. Entrepreneurship is considered crucial for such countries as a driver of economic recovery and peacebuilding. However, the exact role and effect of entrepreneurship in a post-conflict context is not well understood and an integrative perspective is needed. Our study reviews the fragmented knowledge on entrepreneurship in post-conflict countries. We structure the literature into four distinct categories ( when and where , who and why, how , and impact ) and develop an integrative conceptual model. Our review reveals research gaps and suggests directions for future research on entrepreneurship in post-conflict countries. Our study also helps policy-makers to design an effective entrepreneurship policy considering the specific requirements of post-conflict contexts.","PeriodicalId":20992,"journal":{"name":"Review of Managerial Science","volume":null,"pages":null},"PeriodicalIF":0.0,"publicationDate":"2023-10-25","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"135218516","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":3,"RegionCategory":"管理学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Pub Date : 2023-10-24DOI: 10.1007/s11846-023-00704-2
Marta P. V. Gonçalves, Fernando A. F. Ferreira, Marina Dabić, João J. M. Ferreira
Abstract Digital technology has produced deep changes in the business world. However, companies have a hard time understanding consumers’ changing needs and new consumption patterns, especially small and medium-sized enterprises that currently face growing challenges in an era characterized by a lack of time and information overload. New mechanisms must be found that not only can keep businesses competitive in digital environments but can do so in innovative and sustainable ways. This study sought to address this issue by adopting a process-oriented approach and developing a decision-support tool for SMEs that are considering joining online marketplaces. The proposed analysis model helps these companies decide whether they are ready to take advantage of these digital platforms or whether they have to take action to improve in specific areas of their business operations. The model-building process relied on a combination of cognitive mapping and the best–worst method. An expert panel was recruited to identify the most relevant factors determining SME readiness to join online marketplaces. The model was applied to a set of real companies to assess their propensity for online marketplaces. The practical applicability of this decision-support system was then discussed in a consolidation session with a member of Portugal’s Agência Nacional de Inovação (National Innovation Agency), who acknowledged the strong potential of the proposed model.
{"title":"“Navigating through the digital swamp”: assessing SME propensity for online marketplaces","authors":"Marta P. V. Gonçalves, Fernando A. F. Ferreira, Marina Dabić, João J. M. Ferreira","doi":"10.1007/s11846-023-00704-2","DOIUrl":"https://doi.org/10.1007/s11846-023-00704-2","url":null,"abstract":"Abstract Digital technology has produced deep changes in the business world. However, companies have a hard time understanding consumers’ changing needs and new consumption patterns, especially small and medium-sized enterprises that currently face growing challenges in an era characterized by a lack of time and information overload. New mechanisms must be found that not only can keep businesses competitive in digital environments but can do so in innovative and sustainable ways. This study sought to address this issue by adopting a process-oriented approach and developing a decision-support tool for SMEs that are considering joining online marketplaces. The proposed analysis model helps these companies decide whether they are ready to take advantage of these digital platforms or whether they have to take action to improve in specific areas of their business operations. The model-building process relied on a combination of cognitive mapping and the best–worst method. An expert panel was recruited to identify the most relevant factors determining SME readiness to join online marketplaces. The model was applied to a set of real companies to assess their propensity for online marketplaces. The practical applicability of this decision-support system was then discussed in a consolidation session with a member of Portugal’s Agência Nacional de Inovação (National Innovation Agency), who acknowledged the strong potential of the proposed model.","PeriodicalId":20992,"journal":{"name":"Review of Managerial Science","volume":null,"pages":null},"PeriodicalIF":0.0,"publicationDate":"2023-10-24","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"135273925","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":3,"RegionCategory":"管理学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Pub Date : 2023-10-17DOI: 10.1007/s11846-023-00678-1
Udo Wagner, Karl Akbari
Abstract Pay as you wish (PAYW) pricing offers a radical shift from posted pricing schemes. Modeling consumer behavior under PAYW pricing promises insights into conditions under which PAYW is profitable. Firstly, this paper extends an established model that builds on inequity-averse consumers and models their behavior in PAYW as well as the seller’s profits. The paper uses a comprehensive approach to describe consumers with low fairness concerns and points to a new segment of consumers who were not considered in previous PAYW models. They are characterized by a decision not to buy a good under a PAYW pricing policy, even if they can get it for free, and are not strongly averse to advantageous inequity. Secondly, the paper discusses the profitability of PAYW with a suggested price when the seller’s ability to suggest high prices is limited. Thirdly, the paper incorporates the effect of disadvantageous inequity aversion on PAYW with a minimum price. Finally, the paper offers guidelines on how a seller should choose the optimal pricing policy.
{"title":"Refining the freeloading and no purchase behavior in pay as you wish pricing","authors":"Udo Wagner, Karl Akbari","doi":"10.1007/s11846-023-00678-1","DOIUrl":"https://doi.org/10.1007/s11846-023-00678-1","url":null,"abstract":"Abstract Pay as you wish (PAYW) pricing offers a radical shift from posted pricing schemes. Modeling consumer behavior under PAYW pricing promises insights into conditions under which PAYW is profitable. Firstly, this paper extends an established model that builds on inequity-averse consumers and models their behavior in PAYW as well as the seller’s profits. The paper uses a comprehensive approach to describe consumers with low fairness concerns and points to a new segment of consumers who were not considered in previous PAYW models. They are characterized by a decision not to buy a good under a PAYW pricing policy, even if they can get it for free, and are not strongly averse to advantageous inequity. Secondly, the paper discusses the profitability of PAYW with a suggested price when the seller’s ability to suggest high prices is limited. Thirdly, the paper incorporates the effect of disadvantageous inequity aversion on PAYW with a minimum price. Finally, the paper offers guidelines on how a seller should choose the optimal pricing policy.","PeriodicalId":20992,"journal":{"name":"Review of Managerial Science","volume":null,"pages":null},"PeriodicalIF":0.0,"publicationDate":"2023-10-17","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"135995514","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":3,"RegionCategory":"管理学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Pub Date : 2023-10-10DOI: 10.1007/s11846-023-00703-3
Nina Schweiger, Kurt Matzler, Julia Hautz, Alfredo de Massis
Abstract In this study, we analyze how the performance-aspiration gap influences strategic change in family firms, providing evidence of the moderating role of family ownership in this relationship. According to socioemotional wealth (SEW) theory, family owners pursue non-financial as well as financial goals, are more risk-averse due to their personal wealth being tied to the firm, and seek to maintain control of the firm to preserve and build their SEW—all characteristics that influence their strategic behavior. We therefore suggest that strategic decisions in family-owned firms are less influenced by purely economic performance, and that such firms tend to persevere more strongly in their strategic direction. We test our hypotheses on a sample of publicly listed European firms between 2007 and 2016. Our findings confirm that the success of firms inhibits strategic change, and that family ownership moderates this relationship by making the overall effect smaller, indicating greater resistance to change despite economic pitfalls.
{"title":"Family businesses and strategic change: the role of family ownership","authors":"Nina Schweiger, Kurt Matzler, Julia Hautz, Alfredo de Massis","doi":"10.1007/s11846-023-00703-3","DOIUrl":"https://doi.org/10.1007/s11846-023-00703-3","url":null,"abstract":"Abstract In this study, we analyze how the performance-aspiration gap influences strategic change in family firms, providing evidence of the moderating role of family ownership in this relationship. According to socioemotional wealth (SEW) theory, family owners pursue non-financial as well as financial goals, are more risk-averse due to their personal wealth being tied to the firm, and seek to maintain control of the firm to preserve and build their SEW—all characteristics that influence their strategic behavior. We therefore suggest that strategic decisions in family-owned firms are less influenced by purely economic performance, and that such firms tend to persevere more strongly in their strategic direction. We test our hypotheses on a sample of publicly listed European firms between 2007 and 2016. Our findings confirm that the success of firms inhibits strategic change, and that family ownership moderates this relationship by making the overall effect smaller, indicating greater resistance to change despite economic pitfalls.","PeriodicalId":20992,"journal":{"name":"Review of Managerial Science","volume":null,"pages":null},"PeriodicalIF":0.0,"publicationDate":"2023-10-10","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"136352433","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":3,"RegionCategory":"管理学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Pub Date : 2023-10-09DOI: 10.1007/s11846-023-00701-5
Douglas Wegner, Alexandre Borba da Silveira, Diego Marconatto, Maciej Mitrega
{"title":"Correction to: A systematic review of collaborative digital platforms: structuring the domain and research agenda","authors":"Douglas Wegner, Alexandre Borba da Silveira, Diego Marconatto, Maciej Mitrega","doi":"10.1007/s11846-023-00701-5","DOIUrl":"https://doi.org/10.1007/s11846-023-00701-5","url":null,"abstract":"","PeriodicalId":20992,"journal":{"name":"Review of Managerial Science","volume":null,"pages":null},"PeriodicalIF":0.0,"publicationDate":"2023-10-09","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"135095510","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":3,"RegionCategory":"管理学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Pub Date : 2023-09-30DOI: 10.1007/s11846-023-00700-6
Satish Kumar, Weng Marc Lim, Riya Sureka, Charbel Jose Chiappetta Jabbour, Umesh Bamel
Abstract Balanced scorecard (BSC) is widely studied and practiced. As research on the BSC has matured since its introduction in 1992, it is timely to assess its progress and outline future directions. This study synthesizes extant research and presents avenues to advance the BSC. To accomplish these objectives, we undertake a review employing a bibliometric and systematic methodology on a corpus of 1294 BSC-related studies. The review reveals that the more than 30-year history of BSC research has followed a bell-curve trajectory, with publications appearing in high-quality, multidisciplinary journals and contributions from numerous author groups worldwide. Moreover, the review highlights the evolution of major themes and topics on the BSC, encompassing customer orientation, financial management, integrated reporting, strategic performance management, sustainable development, and systems thinking. Sustainability BSC has also gained prominence due to sustainability firmly establishing itself as a global agenda and grand challenge. Taken collectively, this review serves as a one-stop resource for gaining a state-of-the-art understanding of the trends, developments, and future directions of the BSC.
{"title":"Balanced scorecard: trends, developments, and future directions","authors":"Satish Kumar, Weng Marc Lim, Riya Sureka, Charbel Jose Chiappetta Jabbour, Umesh Bamel","doi":"10.1007/s11846-023-00700-6","DOIUrl":"https://doi.org/10.1007/s11846-023-00700-6","url":null,"abstract":"Abstract Balanced scorecard (BSC) is widely studied and practiced. As research on the BSC has matured since its introduction in 1992, it is timely to assess its progress and outline future directions. This study synthesizes extant research and presents avenues to advance the BSC. To accomplish these objectives, we undertake a review employing a bibliometric and systematic methodology on a corpus of 1294 BSC-related studies. The review reveals that the more than 30-year history of BSC research has followed a bell-curve trajectory, with publications appearing in high-quality, multidisciplinary journals and contributions from numerous author groups worldwide. Moreover, the review highlights the evolution of major themes and topics on the BSC, encompassing customer orientation, financial management, integrated reporting, strategic performance management, sustainable development, and systems thinking. Sustainability BSC has also gained prominence due to sustainability firmly establishing itself as a global agenda and grand challenge. Taken collectively, this review serves as a one-stop resource for gaining a state-of-the-art understanding of the trends, developments, and future directions of the BSC.","PeriodicalId":20992,"journal":{"name":"Review of Managerial Science","volume":null,"pages":null},"PeriodicalIF":0.0,"publicationDate":"2023-09-30","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"136279821","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":3,"RegionCategory":"管理学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Pub Date : 2023-09-27DOI: 10.1007/s11846-023-00702-4
Milagros Vivel-Búa, Rubén Lado-Sestayo, Andrea Martínez-Salgueiro, Mariana Díaz-Ballesteros
Abstract This paper analyses the impact of sustainability through ESG factors on the default risk. The sample consists of 990 non-financial firms in the Eurozone over the period 2004–2020. The results show that ESG factors influence default risk, although this relationship could be influenced by the economic cycle. Also, the results highlight a significant interaction effect between firm size and ESG which affects default risk. Considering firm size by terciles, the evidence obtained shows that smaller and medium-sized firms have a positive net effect of a high ESG score on their default risk, while the opposite effect was found among larger firms.
{"title":"Environmental, social, and governance perfomance and default risk in the eurozone","authors":"Milagros Vivel-Búa, Rubén Lado-Sestayo, Andrea Martínez-Salgueiro, Mariana Díaz-Ballesteros","doi":"10.1007/s11846-023-00702-4","DOIUrl":"https://doi.org/10.1007/s11846-023-00702-4","url":null,"abstract":"Abstract This paper analyses the impact of sustainability through ESG factors on the default risk. The sample consists of 990 non-financial firms in the Eurozone over the period 2004–2020. The results show that ESG factors influence default risk, although this relationship could be influenced by the economic cycle. Also, the results highlight a significant interaction effect between firm size and ESG which affects default risk. Considering firm size by terciles, the evidence obtained shows that smaller and medium-sized firms have a positive net effect of a high ESG score on their default risk, while the opposite effect was found among larger firms.","PeriodicalId":20992,"journal":{"name":"Review of Managerial Science","volume":null,"pages":null},"PeriodicalIF":0.0,"publicationDate":"2023-09-27","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"135538864","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":3,"RegionCategory":"管理学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}