Impact of ESG Controversy Score on Firm Financial Performance: An Empirical Analysis
ESG論争スコアが企業財務業績に与える影響：実証分析 (AI 翻訳)
Srivastava Ajay Bhiari Lal, Agrawal Ankur
🤖 gxceed AI 要約
日本語
本研究は、ESG論争スコアと企業の財務業績との関係を実証的に分析した。2018年から2025年の査読付き研究を統合し、ESG論争が一般的に企業価値を低下させリスクを高めることを示す一方、短期的に正の関係を示す研究もある。最終的に、経営者、投資家、規制当局への示唆を提供する。
English
This paper empirically analyzes the relationship between ESG controversy scores and firm financial performance. Synthesizing peer-reviewed studies from 2018-2025, it finds that ESG controversies generally reduce firm value and increase risk, though some studies show short-term positive associations. The paper concludes with implications for managers, investors, and regulators.
Unofficial AI-generated summary based on the public title and abstract. Not an official translation.
📝 gxceed 編集解説 — Why this matters
日本のGX文脈において
日本でもESG評価が浸透する中、ESG論争スコアの財務影響を理解することは、企業のリスク管理や開示戦略に示唆を与える。特にSSBJ開示基準において、ネガティブ情報の扱いが議論される可能性がある。
In the global GX context
As ESG integration grows globally, understanding the financial impact of ESG controversies is crucial for investors and companies. This synthesis adds to the debate on how controversy scores should inform investment decisions and disclosure practices, particularly under ISSB and CSRD frameworks.
👥 読者別の含意
🔬研究者:This synthesis provides a structured overview of empirical findings on ESG controversy-financial performance links, useful for designing future primary studies.
🏢実務担当者:Corporate sustainability teams can use these insights to understand how controversies may affect financial performance and investor perception.
🏛政策担当者:Regulators can note the mixed evidence on controversy impact to inform disclosure requirements for negative events.
📄 Abstract（原文）
This paper examines the relationship between a firm's ESG controversy score and its financial performance. ESG controversies are negative, publicly reported events relating to a company's environmental, social, or governance conduct, and rating agencies such as LSEG (formerly Refinitiv) convert these events into a numerical controversy score that is used by investors alongside standard ESG ratings. The paper builds a conceptual model linking controversy exposure to profitability, market valuation, and firm risk, and develops testable hypotheses grounded in stakeholder theory, legitimacy theory, and risk management theory. Because primary access to proprietary ESG controversy databases (LSEG, Refinitiv, Bloomberg) was not available for this exercise, the empirical section takes the form of a structured synthesis of quantitative findings reported in peer-reviewed studies published between 2018 and 2025, covering panel data from more than ten countries and industries. The synthesis shows that the direction of the relationship is not uniform: most studies report that ESG controversies reduce firm value and raise firm risk, a smaller number report a short-run positive association driven by media attention and investor overreaction effects, and the moderating role of a firm's underlying ESG performance is mixed. The paper concludes with implications for managers, investors, and regulators, and outlines a methodology that a future primary study with access to firm-level ESG controversy and financial data could follow
🔗 Provenance — このレコードを発見したソース
- openalex https://doi.org/10.5281/zenodo.21232788first seen 2026-07-18 06:42:23 · last seen 2026-07-18 06:42:25
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