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Shareholder litigation rights and ESG controversies: A quasi-natural experiment

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  • Treepongkaruna, Sirimon
  • Kyaw, Khine
  • Jiraporn, Pornsit

Abstract

Leveraging as a quasi-natural experiment the staggered passage of universal demand laws, which raise the difficulty of shareholder lawsuits, we examine the effect of shareholder litigation rights on ESG controversies. Our difference-in-differences estimates show that an exogenous decline in shareholder litigation risk results in a significant drop in ESG controversies. Specifically, ESG controversies fall by 40.85% in response to an exogenous reduction in litigation risk. When more insulated from shareholder litigation, managers prefer to live a quiet life, intentionally avoiding risky and contentious activities, which require more managerial time and effort. Additional analysis validates the results, including propensity score matching, entropy balancing, and Oster's (2019) testing of coefficient stability. Finally, we find that ESG controversies erode firm profitability considerably, consistent with the theoretical expectations.

Suggested Citation

  • Treepongkaruna, Sirimon & Kyaw, Khine & Jiraporn, Pornsit, 2022. "Shareholder litigation rights and ESG controversies: A quasi-natural experiment," International Review of Financial Analysis, Elsevier, vol. 84(C).
    • Handle: RePEc:eee:finana:v:84:y:2022:i:c:s1057521922003465
    DOI: 10.1016/j.irfa.2022.102396
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    More about this item

    Keywords

    ESG controversies; Shareholder litigation rights; Shareholder litigation risk; Quasi-natural experiment; Exogenous shock;
    All these keywords.

    JEL classification:

    • M14 - Business Administration and Business Economics; Marketing; Accounting; Personnel Economics - - Business Administration - - - Corporate Culture; Diversity; Social Responsibility
    • K22 - Law and Economics - - Regulation and Business Law - - - Business and Securities Law
    • G32 - Financial Economics - - Corporate Finance and Governance - - - Financing Policy; Financial Risk and Risk Management; Capital and Ownership Structure; Value of Firms; Goodwill
    • G34 - Financial Economics - - Corporate Finance and Governance - - - Mergers; Acquisitions; Restructuring; Corporate Governance
    • G38 - Financial Economics - - Corporate Finance and Governance - - - Government Policy and Regulation

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