The effect of environmental, social and governance risks

被引：19
|
作者：
Dogru, Tarik [1 ]
Akyildirim, Erdinc [2 ,3 ]
Cepni, Oguzhan [4 ,5 ]
Ozdemir, Ozgur [6 ]
Sharma, Abhinav [1 ]
Yilmaz, Muhammed Hasan [7 ]
机构：
[1] Florida State Univ, Dedman Coll Hospitality, Tallahassee, FL 32306 USA
[2] Bogazici Univ, Dept Management, Istanbul, Turkey
[3] Univ Zurich, Dept Banking & Finance, Zurich, Switzerland
[4] Copenhagen Business Sch, Dept Econ, Copenhagen, Denmark
[5] Cent Bank Republ Turkey, Ankara, Turkey
[6] Univ Nevada, William F Harrah Coll Hospitality, Las Vegas, NV USA
[7] Univ St Andrews, Sch Management, St Andrews, Scotland
来源：
ANNALS OF TOURISM RESEARCH | 2022年 / 95卷
关键词：
Event study methodology; Environmental; Social; Governance; Firm value; COVID-19; pandemic; SHAREHOLDER VALUE; RESPONSIBILITY; TOURISM; DEMAND;
D O I：
10.1016/j.annals.2022.103432
中图分类号：
F [经济];
学科分类号：
02 ;
摘要：
This study examines the effect of environmental, social and governance risks on firm value. We analyze the extent to which environmental, social and governance related news affect tourism firms' abnormal returns using event study methodology. The results show that environmental, social and governance related news releases do not significantly affect firm value in the shortterm. We further investigate the effect of environmental, social and governance risks on the value of tourism firms during the recent pandemic utilizing difference-in-differences analysis. The results provide robust evidence that sustainable business practices provide higher resilience to pandemic-like external shocks. Also, the presence of a sustainability committee mitigates the adverse effects of environmental, social and governance risks on firm value. Theoretical and practical implications are discussed.(c) 2022 Elsevier Ltd. All rights reserved.
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收藏
页数：15
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