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Do ESG Investments Mitigate ESG Controversies? Evidence From International Data

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  • Paola Brighi
  • Antonio Carlo Francesco Della Bina
  • Valeria Venturelli

Abstract

Using an extensive international dataset based on Thomson Reuters environmental, social, and corporate governance (ESG) scores and controversies for an average of 7,175 companies in the period 2002–2018, this paper contributes to investigate how controversies may negatively affect market firm value and risk. This result can, however, be reversed in the case firms take advantage of high ESG scoring. In terms of policy implications findings suggest that controlling for ESG is important not only from a macro sustainability point of view but also from the individual firm perspective. Results are confirmed in the case of each single E, S and G pillars even though the social and governance dimension are statistically more significant in terms of controversies mitigation effects.

Suggested Citation

  • Paola Brighi & Antonio Carlo Francesco Della Bina & Valeria Venturelli, 2022. "Do ESG Investments Mitigate ESG Controversies? Evidence From International Data," Centro Studi di Banca e Finanza (CEFIN) (Center for Studies in Banking and Finance) 0084, Universita di Modena e Reggio Emilia, Dipartimento di Economia "Marco Biagi".
    • Handle: RePEc:mod:wcefin:0084
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    More about this item

    Keywords

    ESG scoring; Controversy; Risk; Performance; Moderating effect.;
    All these keywords.

    JEL classification:

    • G30 - Financial Economics - - Corporate Finance and Governance - - - General
    • M14 - Business Administration and Business Economics; Marketing; Accounting; Personnel Economics - - Business Administration - - - Corporate Culture; Diversity; Social Responsibility
    • Q56 - Agricultural and Natural Resource Economics; Environmental and Ecological Economics - - Environmental Economics - - - Environment and Development; Environment and Trade; Sustainability; Environmental Accounts and Accounting; Environmental Equity; Population Growth

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