过度投资与ESG不平等

IF 3.6 Q1 BUSINESS, FINANCE Review of Accounting and Finance Pub Date : 2023-05-22 DOI:10.1108/raf-10-2022-0279
C. Kuzey, Ali Uyar, Abdullah S. Karaman
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引用次数: 1

摘要

本研究旨在测试过度投资是否与环境、社会和治理(ESG)变化(即不平等)有关,如果是这样,则意味着某些利益相关者的利益优先于其他利益相关者的利益。设计/方法/方法根据2003年至2019年期间全球41个国家9个行业29428个观察样本,作者进行了国家-行业-年度固定效应回归分析。在稳健性检验中,本研究还采用了熵平衡和倾向得分匹配方法。研究结果作者发现,虽然企业过度投资增加了社会支柱不平等,但它减少了环境支柱不平等。进一步的分析表明,过度投资策略减少(增加)了低(高)环境绩效和社会绩效的ESG不平等。这一结果可能与内部治理机制和政策制定有关,因为ESG不平等可能会引发合法性问题,并阻碍公司的长期可持续性。实际意义研究结果对内部治理机制和政策制定具有重要意义。考虑到财务约束,企业应在企业投资和解决利益相关者利益之间保持平衡战略。否则,过度投资可能会在某些方面减少环境和社会参与,这可能会引发对企业和一些利益相关者的批评和合法性担忧。过去的研究集中于ESG(而非ESG不平等)是否与投资效率相关。此外,它主要阐述了从ESG到公司投资的因果关系,因此,文献在这方面缺乏异质性。然而,作者认为,企业投资对ESG的潜在影响至关重要,并对确定过度投资是否会导致ESG参与的变化具有影响。因此,作者通过研究过度投资与ESG不平等之间的关系来解决文献中的这一差距。
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Over-investment and ESG inequality
Purpose This study aims to test whether over-investment is associated with environmental, social and governance (ESG) variation (i.e. inequality) across its dimensions, which, if so, would imply the prioritization of the interests of some stakeholders over those of others. Design/methodology/approach Drawing on a global sample of 29,428 observations across nine sectors and 41 countries between 2003 and 2019, the authors executed a country-industry-year fixed-effects regression analysis. In the robustness tests, this study also used the entropy balancing and propensity score matching approaches. Findings The authors found that while firm over-investment increases social pillar inequality, it reduces environmental pillar inequality. Further analysis revealed that the over-investment strategy decreases (increases) ESG inequality in low (high) environmental and social performers. This outcome could be of relevance to internal governance mechanisms and policymaking as ESG inequality might raise legitimacy concerns and hamper the long-term sustainability of firms. Practical implications The outcome of the study could be of relevance to internal governance mechanisms as well as policymaking. Considering financial constraints, firms should maintain a balanced strategy between firm investment and addressing stakeholder interests. Otherwise, over-investment might reduce environmental and social engagement in some dimensions, which could prompt criticisms and legitimacy concerns about firms and some stakeholders. Originality/value Past research has intensively focused on whether ESG – rather than ESG inequality – is associated with investment (in)efficiency. In addition, it has mostly formulated the causality running from ESG to firm investment, and hence, the literature lacks heterogeneity in this respect. Nevertheless, the authors believe that the potential effect of firm investment on ESG is of critical importance and has implications for determining whether over-investment causes variations across ESG engagement. Thus, the authors addressed this gap in the literature by investigating the relationship between over-investment and ESG inequality.
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CiteScore
4.30
自引率
0.00%
发文量
18
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