Does ESG reputational risk affect the efficiency and speed of adjustment of corporate investment?

被引：4

作者：

Chasiotis, Ioannis ^{[1
,2
]}

Gounopoulos, Dimitrios ^{[3
]}

Konstantios, Dimitrios ^{[4
]}

Naoum, Vasilios-Christos ^{[5
]}

Patsika, Victoria ^{[6
]}

机构：

[1] Agr Univ Athens, Dept Agribusiness & Supply Chain Management, Theves, Greece

[2] Amer Coll Greece, Sch Business & Econ, Athens, Greece

[3] Univ Bath, Sch Management, Claverton Down Rd, Bath BA2 7AY, England

[4] Amer Coll Greece, ALBA Grad Business Sch, Athens, Greece

[5] Univ Piraeus, Dept Maritime Studies, Piraeus, Greece

[6] Univ Macedonia, Dept Accounting & Finance, Thessaloniki, Greece

来源：

EUROPEAN FINANCIAL MANAGEMENT | 2024年 / 30卷 / 02期

关键词：

agency costs; capital investment; ESG reputational risk; financial constraints; overinvestment; speed of adjustment; underinvestment; CAPITAL STRUCTURE ADJUSTMENT; SOCIAL-RESPONSIBILITY; INSTITUTIONAL INVESTORS; FINANCIAL CONSTRAINTS; NONFINANCIAL DISCLOSURE; INTERNATIONAL EVIDENCE; STRUCTURE DECISIONS; AGENCY COSTS; PERFORMANCE; IMPACT;

D O I：

10.1111/eufm.12470

中图分类号：

F8 [财政、金融];

学科分类号：

0202 ;

摘要：

This study explores the relationship between environmental, social, and governance (ESG) reputational risk and investment efficiency. We provide evidence that ESG reputational risk relates to higher corporate suboptimal investment (underinvestment) and a lower speed of adjustment back to the optimal investment level. Our findings hold for parametric and nonparametric estimations of underinvestment and are robust to several techniques that address endogeneity and self-selection. Overall, our study highlights the important role of ESG reputational risk in determining corporate investment efficiency.

引用

页码：839 / 878

页数：40

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