公司层面的政治风险对环境、社会和公司治理实践的影响:首席执行官双重性是否重要?

IF 9.7 1区 环境科学与生态学 Q1 ENGINEERING, ENVIRONMENTAL Journal of Cleaner Production Pub Date : 2024-10-28 DOI:10.1016/j.jclepro.2024.144096
Kaouther Chebbi, Aymen Ammari, Seyed Alireza Athari, Nouha Ben Arfa
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引用次数: 0

摘要

尽管之前的研究已经探究了公司环境、社会和治理(ESG)绩效的决定因素,但深入探讨公司层面的政治风险(PRISK)在决定 ESG 评级中的作用以及所有权结构对 PRISK-ESG 绩效关系的调节作用的研究还很有限。因此,本研究致力于填补这一空白,探讨 PRISK 对企业总体 ESG 表现及其支柱(即环境、社会和治理)的影响。本研究特别探讨了首席执行官(CEO)双重性在 PRISK 和 ESG 表现之间是否具有调节作用。我们的样本聚焦于标准普尔 500 指数中的 350 家非金融类上市公司,并采用 Tobit 和 Poisson 面板数据估计方法对 2005 年至 2022 年间的数据进行了估计。值得注意的是,我们发现 PRISK 会对企业的 ESG 表现产生积极影响,这支持了合法性理论。这表明,政治风险较高的公司倾向于参与更多的环境、社会和公司治理活动,以获得合法性,提高声誉,实现企业成功。此外,研究结果还强调,首席执行官双重性水平的提高会导致 PRISK 对环境、社会和公司治理的积极影响降低。在考虑了各种修正之后,研究结果是稳健的,这对企业高管和政策制定者具有重要的政策意义。
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The Impact of Firm-Level Political Risk on ESG Practices: Does CEO Duality Matter?
Although prior studies have probed the determinants of corporate environmental, social, and governance (ESG) performance, limited works have deeply explored the role of firm-level political risk (PRISK) in determining ESG ratings and the moderator role of ownership structure on the PRISK–ESG performance nexus. Thus, this work endeavors to fill the gap by probing the impact of PRISK on aggregate corporate ESG performance and its pillars, namely environmental, social, and governance. In particular, the present study explores whether chief executive officer (CEO) duality has a moderating role between PRISK and ESG performance. Our sample focuses on 350 listed nonfinancial companies operating in the Standard and Poor’s 500 index and performing both Tobit and Poisson panel data estimation methods between 2005 and 2022. Remarkably, we found that PRISK positively affects corporate ESG performance, supporting legitimacy theory. This indicates that a firm with higher political risk exposure prefers to engage more in ESG activities to gain legitimacy, increase its reputation, and achieve corporate success. Furthermore, the findings underscore that an increase in the level of CEO duality leads to a decrease in the positive effect of PRISK on ESG. The findings are robust after considering the various modifications that suggest significant policy implications for corporate executives and policymakers.
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来源期刊
Journal of Cleaner Production
Journal of Cleaner Production 环境科学-工程:环境
CiteScore
20.40
自引率
9.00%
发文量
4720
审稿时长
111 days
期刊介绍: The Journal of Cleaner Production is an international, transdisciplinary journal that addresses and discusses theoretical and practical Cleaner Production, Environmental, and Sustainability issues. It aims to help societies become more sustainable by focusing on the concept of 'Cleaner Production', which aims at preventing waste production and increasing efficiencies in energy, water, resources, and human capital use. The journal serves as a platform for corporations, governments, education institutions, regions, and societies to engage in discussions and research related to Cleaner Production, environmental, and sustainability practices.
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