{"title":"环境、社会和公司治理绩效与系统性风险的联系:印度公司特定因素的作用","authors":"Mithilesh Gidage, Shilpa Bhide, Rajesh Pahurkar, Ashutosh Kolte","doi":"10.3390/jrfm17090381","DOIUrl":null,"url":null,"abstract":"This study investigates the ESG performance–systemic risk (SR) nexus among Indian companies. Using the beta coefficient from the Capital Asset Pricing Model (CAPM) and statistical analysis, it explores how ESG performance affects SR. The findings reveal that firms with higher ESG scores have lower SR sensitivity. Notably, there is a significant difference in risk sensitivity between high- and low-ESG-rated companies, with ESG effects being less pronounced in high-cap firms compared to low-cap firms. Conversely, large firms, older firms, and those with lower borrowing costs show a diminished effect of ESG ratings on their SR sensitivity. These results underscore the importance of firm-specific characteristics in determining the efficacy of ESG strategies in risk mitigation. This study reveals that ESG performance reduces SR, with market valuation affecting this relationship.","PeriodicalId":47226,"journal":{"name":"Journal of Risk and Financial Management","volume":"6 1","pages":""},"PeriodicalIF":0.0000,"publicationDate":"2024-08-25","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":"0","resultStr":"{\"title\":\"ESG Performance and Systemic Risk Nexus: Role of Firm-Specific Factors in Indian Companies\",\"authors\":\"Mithilesh Gidage, Shilpa Bhide, Rajesh Pahurkar, Ashutosh Kolte\",\"doi\":\"10.3390/jrfm17090381\",\"DOIUrl\":null,\"url\":null,\"abstract\":\"This study investigates the ESG performance–systemic risk (SR) nexus among Indian companies. Using the beta coefficient from the Capital Asset Pricing Model (CAPM) and statistical analysis, it explores how ESG performance affects SR. The findings reveal that firms with higher ESG scores have lower SR sensitivity. Notably, there is a significant difference in risk sensitivity between high- and low-ESG-rated companies, with ESG effects being less pronounced in high-cap firms compared to low-cap firms. Conversely, large firms, older firms, and those with lower borrowing costs show a diminished effect of ESG ratings on their SR sensitivity. These results underscore the importance of firm-specific characteristics in determining the efficacy of ESG strategies in risk mitigation. This study reveals that ESG performance reduces SR, with market valuation affecting this relationship.\",\"PeriodicalId\":47226,\"journal\":{\"name\":\"Journal of Risk and Financial Management\",\"volume\":\"6 1\",\"pages\":\"\"},\"PeriodicalIF\":0.0000,\"publicationDate\":\"2024-08-25\",\"publicationTypes\":\"Journal Article\",\"fieldsOfStudy\":null,\"isOpenAccess\":false,\"openAccessPdf\":\"\",\"citationCount\":\"0\",\"resultStr\":null,\"platform\":\"Semanticscholar\",\"paperid\":null,\"PeriodicalName\":\"Journal of Risk and Financial Management\",\"FirstCategoryId\":\"1085\",\"ListUrlMain\":\"https://doi.org/10.3390/jrfm17090381\",\"RegionNum\":0,\"RegionCategory\":null,\"ArticlePicture\":[],\"TitleCN\":null,\"AbstractTextCN\":null,\"PMCID\":null,\"EPubDate\":\"\",\"PubModel\":\"\",\"JCR\":\"Q4\",\"JCRName\":\"Business, Management and Accounting\",\"Score\":null,\"Total\":0}","platform":"Semanticscholar","paperid":null,"PeriodicalName":"Journal of Risk and Financial Management","FirstCategoryId":"1085","ListUrlMain":"https://doi.org/10.3390/jrfm17090381","RegionNum":0,"RegionCategory":null,"ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":null,"EPubDate":"","PubModel":"","JCR":"Q4","JCRName":"Business, Management and Accounting","Score":null,"Total":0}
引用次数: 0
摘要
本研究调查了印度公司的环境、社会和公司治理绩效与系统风险(SR)之间的关系。它利用资本资产定价模型(CAPM)的贝塔系数和统计分析,探讨了环境、社会和公司治理绩效如何影响系统风险。研究结果表明,ESG 分数越高的公司,SR 敏感性越低。值得注意的是,ESG评级高的公司与ESG评级低的公司在风险敏感性上存在显著差异,ESG对高市值公司的影响不如对低市值公司明显。相反,大公司、老公司和借贷成本较低的公司的 ESG 评级对其 SR 敏感性的影响较小。这些结果凸显了公司的具体特征在决定 ESG 战略在降低风险方面的有效性时的重要性。本研究揭示了环境、社会和公司治理绩效会降低 SR,而市场估值会影响这种关系。
ESG Performance and Systemic Risk Nexus: Role of Firm-Specific Factors in Indian Companies
This study investigates the ESG performance–systemic risk (SR) nexus among Indian companies. Using the beta coefficient from the Capital Asset Pricing Model (CAPM) and statistical analysis, it explores how ESG performance affects SR. The findings reveal that firms with higher ESG scores have lower SR sensitivity. Notably, there is a significant difference in risk sensitivity between high- and low-ESG-rated companies, with ESG effects being less pronounced in high-cap firms compared to low-cap firms. Conversely, large firms, older firms, and those with lower borrowing costs show a diminished effect of ESG ratings on their SR sensitivity. These results underscore the importance of firm-specific characteristics in determining the efficacy of ESG strategies in risk mitigation. This study reveals that ESG performance reduces SR, with market valuation affecting this relationship.