范围(计算机科学)
业务
公司治理
利益相关者
透视图(图形)
风险管理
衡平法
多样性(控制论)
会计
公共关系
营销
公共经济学
经济
财务
政治学
计算机科学
人工智能
程序设计语言
法学
作者
Limin Fu,Dirk Michael Boehe,Marc Orlitzky
标识
DOI:10.1177/00076503211053018
摘要
To mitigate risk, should companies signal a broad range of environmental, social, and governance (ESG) initiatives or instead focus on only a few ESG issues? Drawing on signaling theory, we propose that a broad array of ESG initiatives generates not only signal consistency but also accelerating signal costs. Our empirical results support the resultant hypothesis of a curvilinear relationship between ESG scope and equity risk. In addition, this U-shaped curve seems to become steeper when firms face multiple media-reported ESG controversies. Overall, our study qualifies the conventional wisdom that firms can reduce equity risk by attending to a wide variety of stakeholders and highlights the moderating (signal-amplifying) impact of the firm’s media environment.
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