The U-shaped link between ESG performance and corporate risk-taking
ESGパフォーマンスと企業のリスクテイクの間のU字型の関連性 (AI 翻訳)
Haodong Chang, Tianchi Feng, Xuehui Zhang, Kun-Shan Wu
🤖 gxceed AI 要約
日本語
本研究は、中国上場企業の2010～2023年のデータを用いて、ESGパフォーマンスと企業リスクテイクの間にU字型の関係があることを実証した。過度なESGへの取り組みは逆効果になる可能性を示唆し、イノベーションの媒介効果や機関投資家の調整効果も検証している。
English
Using Chinese listed firms from 2010-2023, this study confirms a U-shaped relationship between ESG performance and corporate risk-taking. It finds that while moderate ESG enhances risk-taking, excessive ESG commitments can reduce it, mediated by innovation and moderated by institutional ownership. The effect is stronger in non-environmentally sensitive industries and non-state-owned enterprises.
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
日本企業においてもESG重視が進む中、過度なESG投資がリスクテイクを抑制する可能性を示唆する。SSBJや有報でのESG開示が強化される局面で、バランスの取れたESG戦略の重要性を再認識させる知見を提供する。
In the global GX context
This paper contributes to the global ESG literature by revealing a nonlinear effect of ESG on risk-taking, cautioning against excessive ESG commitments. It supports the need for nuanced ESG policies and is relevant for firms balancing sustainability with growth, especially under emerging ISSB/CSRD disclosure regimes.
👥 読者別の含意
🔬研究者:Provides robust empirical evidence of a U-shaped ESG-risk-taking relationship, with mediation and moderation mechanisms, valuable for future ESG research.
🏢実務担当者:Offers guidance on balancing ESG investments to avoid suppressing risk-taking; useful for corporate strategy and sustainability reporting.
🏛政策担当者:Highlights that ESG mandates may need calibration to prevent unintended negative effects on corporate innovation and risk appetite.
📄 Abstract（原文）
Research background: Risk-taking has long been considered fundamental to sustainable firm growth and performance. Environmental, social, and governance (ESG) is crucial to aligning risk-taking decisions with sustainable development goals and enhancing long-term value and stakeholder trust; however, ESG commitments can potentially become a financial burden. Purpose of the article: This study examines the impact of ESG practices on corporate risk-taking (CRT), examining the underlying mechanisms and the U-shaped relationship that suggests the potential drawbacks of excessive ESG commitments. Methods: Using a panel fixed-effect model for Chinese publicly listed firms disclosing ESG data from 2010 to 2023, this study empirically examines the curvilinear relationship between ESG and CRT, validated by the three-step U-test, instrumental variables analysis, and propensity score matching. A panel mediation effect model and moderating effect model for the U-shaped channels are also applied. Findings & value-added: The findings confirm a robust U-shaped curve across multiple sensitivity tests. On disaggregating the ESG components, environmental and social exhibit similar U-shaped curves, whereas governance has an inverted U-shaped relationship with CRT. The mechanism tests reveal the corporate innovation level is a crucial transmission channel for the U-shaped effect, and institutional ownership acts as a moderator influencing CRT through ESG. The heterogeneity analysis further demonstrates the U-shaped effect of ESG performance on CRT is more consequential in non-environmentally sensitive industries and non-state-owned enterprises. These findings demonstrate ESG practices, while motivated by ethical intention, can have a double-edged effect. The research provides novel insights and practical recommendations for policymakers, managers, and stakeholders, aiding in the development of effective ESG policies and strategies.
🔗 Provenance — このレコードを発見したソース
- semanticscholar https://oeconomia.pl/index.php/oc/article/download/3611/2650first seen 2026-07-18 08:16:42
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