Firms’ ESG reputational risk and market longevity: A firm-level analysis for the United States
研究了2007-2019年美国上市公司ESG声誉风险对市场存续期的影响，发现ESG声誉风险会削弱企业增长机会，从而缩短市场存续期，对投资者和管理者有参考价值。
This study examines the impact of environmental, social, and governance (ESG) reputational risk on a sample of listed firms’ market longevity. Using a novel panel dataset consisting of US firms over the period 2007–2019, we perform dynamic empirical analysis to quantify the underlying relationships between firms’ ESG reputational risk and market longevity. We argue that ESG reputational risk has a negative impact on firm growth opportunities, mitigating thus market longevity. The empirical findings survive several robustness checks, providing useful managerial implications for stakeholders and market participants..