The DOI matches its Crossref record; 12 of the 12 references it cites were found in a registry or an index.
Embedding sustainability in risk management: The impact of environmental, social, and governance ratings on corporate financial risk
Open accessAbstract
This study investigates the effect of corporate social and environmental evaluation on investors' risk perception to explore the potential market risk for public companies that adopt a sustainable and responsible corporate strategy. We referred to the triple corporate assessment according to environmental, social, and governance (ESG) criteria to check whether ESG factors—meant to direct firms toward social and environmental needs—improve corporate market performance or trigger, among investors, a perception of “window dressing.” In doing so, we tested the impact of corporate social performance—proxied by an ESG assessment—on corporate financial risk using double risk measurement. We conducted a five‐year longitudinal study (fiscal years 2014–2018) of 222 companies listed on the Standard & Poor's index. The empirical findings show higher investor uncertainty regarding corporate sustainability performance, probably due to the misalignment of objectives between investors and investees. Indeed, an overall ESG assessment corresponds to higher systematic risk for firms, and a corporate environmental rating has an upward effect on the same risk dimension.
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Cites
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Cited by
Li, J., Lian, G., & Xu, A. (2023) · Journal of Business Research · doi:10.1016/j.jbusres.2023.113648 · Cited by 423
Sandberg, H., Alnoor, A., & Tiberius, V. (2023) · Business Strategy and the Environment · doi:10.1002/bse.3259 · Cited by 285
Deng, X., Li, W., & Ren, X. (2023) · Finance Research Letters · doi:10.1016/j.frl.2022.103439 · Cited by 269
Barbosa, A. D. S., Crispim, M. C., da Silva, L. B., da Silva, J. M. N., Barbosa, A. M., & Morioka, S. N. (2024) · Business Strategy and the Environment · doi:10.1002/bse.3675 · Cited by 38
Metadata
- Authors
- Landi, G. C., Iandolo, F., Renzi, A., & Rey, A.
- Venue
- Corporate Social Responsibility and Environmental Management
- Publisher
- Wiley
- Published
- 2022-02-27
- Volume
- 29
- Issue
- 4
- Pages
- 1096-1107
- ISSN
- 1535-3958 (ISSN-L)
- 1535-3966
- OpenAlex
- W4214769919
- Cited by
- 216
- References
- 12
- FWCI
- 32.83
- Type
- journal article
- Language
- en
- Open access
- hybrid
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- Landi, G. C., Iandolo, F., Renzi, A., & Rey, A. (2022). Embedding sustainability in risk management: The impact of environmental, social, and governance ratings on corporate financial risk. Corporate Social Responsibility and Environmental Management. https://doi.org/10.1002/csr.2256
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Bibliographic data: Semantic Scholar, OpenAlex, Crossref.
Contains information from the Semantic Scholar Academic Graph Datasets, made available under the ODC Attribution License (ODC-BY 1.0).
Semantic Scholar’s data is described in: Kinney, R., et al. (2023). The Semantic Scholar Open Data Platform. arXiv:2301.10140.
