Does aggressive environmental, social, and governance engagement trigger firm risk? The moderating role of executive compensation

被引：13

作者：

Uyar, Ali ^{[1
]}

Kuzey, Cemil ^{[2
]}

Karaman, Abdullah S. ^{[3
]}

机构：

[1] Excelia Business Sch, La Rochelle, France

[2] Murray State Univ, Arthur J Bauernfeind Coll Business, Murray, KY USA

[3] Amer Univ Middle East, Coll Engn & Technol, Egaila, Kuwait

来源：

JOURNAL OF CLEANER PRODUCTION | 2023年 / 398卷

关键词：

Corporate social responsibility; Optimum environmental; Social; And governance; Aggressive environmental; Firm risk; Executive compensation; CORPORATE; RESPONSIBILITY; PERFORMANCE; MANAGEMENT; PREDICTION; OWNERSHIP;

D O I：

10.1016/j.jclepro.2023.136542

中图分类号：

X [环境科学、安全科学];

学科分类号：

08 ; 0830 ;

摘要：

Drawing on stakeholder and agency theories, we analyzed whether optimum and aggressive environmental, social, and governance engagement alleviates/exacerbates firm risk with the moderating effect of executive compensation. We distinguished optimum and aggressive environmental, social, and governance engagement via a separate research model and subsequently applied the generalized method of moments based on 43,803 ob-servations between 2002 and 2019. We found that while optimum environmental, social, and governance engagement is negatively associated with firm risk, aggressive environmental, social, and governance engage-ment is positively associated with firm risk. However, the moderating effect of executive compensation signif-icantly weakened the positive association between aggressive environmental, social, and governance engagement and firm risk. Hence, corporate social responsibility contracting is key to reconciling the interests of stakeholders and shareholders.

引用

页数：11

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