系统管理学报2024，Vol.33Issue(1)：214-229,16.DOI:10.3969/j.issn1005-2542.2024.01.015
ESG信息披露、外部关注与企业风险
ESG Disclosure,External Concerns,and Firm Risk
摘要
Abstract
This paper empirically examines the impact and underlying mechanisms of disclosing environmental,social,and governance(ESG)information on firm risk in Chinese A-share listed companies from 2011 to 2020.The results reveal that proactive ESG disclosure reduces risk for firms,and this effect is enhanced by media and analyst attention.The analysis of mechanisms demonstrates that ESG disclosure mitigates firm risk by improving stakeholder identification,reducing information asymmetry,and managing ESG risks.Additionally,heterogeneity tests indicate that the risk reduction from ESG disclosure is particularly significant for non-state-owned enterprises and firms in the growth and mature stages.This paper helps understand the inherent logic of risk management in enterprises through ESG strategies,and provides empirical evidence for regulatory bodies to strengthen ESG disclosure guidelines,thereby enhancing the overall quality of listed companies.关键词
环境、社会、治理/媒体关注/分析师关注/利益相关者/代理成本/企业风险Key words
environmental,social,and governance(ESG)/media attention/analyst attention/stakeholders/agency costs/firm risk分类
管理科学引用本文复制引用
蒋艺翅,姚树洁..ESG信息披露、外部关注与企业风险[J].系统管理学报,2024,33(1):214-229,16.基金项目
国家自然科学基金青年项目(72203027,72203028) （72203027,72203028）
教育部人文社会科学青年基金资助项目(20YJC790046) （20YJC790046）
