Does ESG reputational risk affect the efficiency and speed of adjustment of corporate investment?
研究发现ESG声誉风险会导致企业投资不足，并降低投资向最优水平调整的速度，对关注企业投资决策和ESG管理的学者有参考价值。
Abstract This study explores the relationship between environmental, social, and governance (ESG) reputational risk and investment efficiency. We provide evidence that ESG reputational risk relates to higher corporate suboptimal investment (underinvestment) and a lower speed of adjustment back to the optimal investment level. Our findings hold for parametric and nonparametric estimations of underinvestment and are robust to several techniques that address endogeneity and self‐selection. Overall, our study highlights the important role of ESG reputational risk in determining corporate investment efficiency.