期刊論文
| 學年 | 114 |
|---|---|
| 學期 | 2 |
| 出版（發表）日期 | 2026-05-08 |
| 作品名稱 | The U-shaped link between ESG performance on corporate risk-taking |
| 作品名稱（其他語言） | |
| 著者 | Haodong Chang; Tian Feng; XueHui Zhang; Kun-Shan Wu |
| 單位 | |
| 出版者 | |
| 著錄名稱、卷期、頁數 | Oeconomia Copernicana, 17(2), 515-567 |
| 摘要 | Research background: Risk-taking has long been considered fundamental to sustainable firm growth and performance. Environmental, social, and governance (ESG) is crucial to aligning risk-taking decisions with sustainable development goals and enhancing long-term value and stakeholder trust; however, ESG commitments can potentially become a financial burden. Purpose of the article: This study examines the impact of ESG practices on corporate risk-taking (CRT), examining the underlying mechanisms and the U-shaped relationship that suggests the potential drawbacks of excessive ESG commitments. Methods: Using a panel fixed-effect model for Chinese publicly listed firms disclosing ESG data from 2010 to 2023, this study empirically examines the curvilinear relationship between ESG and CRT, validated by the three-step U-test, instrumental variables analysis, and propensity score matching. A panel mediation effect model and moderating effect model for the U-shaped channels are also applied. Findings & value-added: The findings confirm a robust U-shaped curve across multiple sensitivity tests. On disaggregating the ESG components, environmental and social exhibit similar U-shaped curves, whereas governance has an inverted U-shaped relationship with CRT. The mechanism tests reveal the corporate innovation level is a crucial transmission channel for the U-shaped effect, and institutional ownership acts as a moderator influencing CRT through ESG. The heterogeneity analysis further demonstrates the U-shaped effect of ESG performance on CRT is more consequential in non-environmentally sensitive industries and non-state-owned enterprises. These findings demonstrate ESG practices, while motivated by ethical intention, can have a double-edged effect. The research provides novel insights and practical recommendations for policymakers, managers, and stakeholders, aiding in the development of effective ESG policies and strategies. |
| 關鍵字 | ESG; corporate risk-taking; U-shaped; corporate innovation level; institutional ownership |
| 語言 | en |
| ISSN | |
| 期刊性質 | 國外 |
| 收錄於 | SSCI Scopus |
| 產學合作 | |
| 通訊作者 | Kun-Shan Wu |
| 審稿制度 | 是 |
| 國別 | POL |
| 公開徵稿 | |
| 出版型式 | ,電子版 |
| 相關連結 |
機構典藏連結 ( http://tkuir.lib.tku.edu.tw:8080/dspace/handle/987654321/129631 ) |