ESG performance and bond return volatility
研究了企业环境、社会和治理（ESG）表现对债券收益波动性的影响，发现ESG表现越好，债券收益波动性越大，且主要由ESG优势而非问题驱动，对机会主义管理者及信息环境差的企业影响更显著。
This study examines the effects of environmental, social, and governance (ESG) performance on bond return volatility. After controlling for bond characteristics and firm fundamentals, we find a robust positive relationship between ESG performance and bond return volatility. The empirical results demonstrate that the impact on bond return volatility is primarily driven by ESG strengths rather than concerns. The results are robust to alternative measures, sample periods, and endogeneity controls. Furthermore, the effect of ESG performance is more pronounced for firms with opportunistic managers and poor information environments.