Sustainability Performance and Corporate Risk: Evidence From the Tourism Industry
研究了247家国际旅游企业2002-2018年的ESG评分与企业风险的关系，发现ESG表现越好，企业盈利波动风险和失败概率越低，且养老金基金作为控股股东时效果更显著。
ABSTRACT We investigate the impact of sustainability performance (Refinitiv Environmental, Social, and Governance [ESG] scores) on corporate risk (CR). We apply stakeholder theory and the resource‐based view to an international sample of 247 tourism firms from 2002 to 2018. We demonstrate a negative association between ESG and CR, which is more pronounced when pension funds act as the controlling shareholders. We reveal that tourism firms with stronger ESG performance have statistically and economically significantly less risk of volatile earnings and a lower probability of failure than their counterparts with poor ESG. Our findings are robust to endogeneity and model misspecification. Overall, we add new evidence suggesting that ESG generates value and concrete positive outcomes for tourism firms, an effect moderated by the identity of controlling shareholders.