企业风险承担、经济政策不确定性与环境、社会和公司治理绩效:国际证据

IF 4.8 Q1 BUSINESS Business Strategy and Development Pub Date : 2024-10-17 DOI:10.1002/bsd2.70028
Chai-Aun Ooi, Ming Pey Lu, Abdul Hadi Zulkafli
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引用次数: 0

摘要

以股东利润最大化为目标的企业风险承担引发了人们对环境、社会和治理(ESG)投资潜在冲突的担忧。为了填补这一空白,我们利用 2000 年至 2022 年期间 20 个经济体的国际样本,研究了企业风险承担与 ESG 业绩之间的关系,同时基于 GMM、Heckman 样本选择偏差和同步方程仔细考虑了内生性问题。我们的研究结果表明,两者之间存在明显的负相关关系,表明两者之间存在权衡,这与资源保护(COR)理论不谋而合。此外,在研究高分和低分公司治理子样本时,COR 理论与代理理论和利益相关者理论相结合。此外,我们还发现经济政策不确定性(EPU)对这一关系起到了积极的调节作用,尤其是在高收入经济体和大型企业中。这种影响在 2008 年次贷危机后时期非常明显,但在后 COVID-19 时代则逐渐消失。总体研究结果对相关文献具有若干重要的理论和实践意义。
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Corporate risk-taking, economic policy uncertainty and ESG performance: International evidence

Corporate risk-taking, which aims to maximize shareholders' profits, has raised concerns regarding potential conflicts with Environmental, social and governance (ESG) investments. We address this gap by investigating the relationship between corporate risk-taking and ESG performance using an international sample from 20 economies spanning 2000 to 2022, while carefully accounting for endogeneity based on GMM, Heckman sample selection bias and simultaneous equations. Our findings reveal a significantly negative relationship, suggesting a trade-off between the two, which aligns with the conservation of resources (COR) theory. Furthermore, the COR theory is integrated with agency theory and stakeholder theory when examining subsamples of high and low corporate governance scores. Additionally, we find that economic policy uncertainty (EPU) positively moderates this relationship, particularly in high-income economies and for large firms. This effect is evident during the post-2008 subprime crisis period but dissipates in the post-COVID-19 era. The overall findings have several important theoretical and practical implications for the literature.

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来源期刊
Business Strategy and Development
Business Strategy and Development Economics, Econometrics and Finance-Economics, Econometrics and Finance (all)
CiteScore
5.80
自引率
6.70%
发文量
33
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