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Turning perception into impact: ESG risk perception and ESG controversies

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  • Li, Ruiqian
  • Huang, Tong
  • Ramanathan, Ramakrishnan

Abstract

Mitigating corporate environmental, social and governance (ESG) controversies is a topic of profound theoretical and practical relevance. In this study, we use a dataset of Chinese A-share listed firms from 2018 to 2022 as our research sample. We introduce a novel approach to measure the degree of firm-level ESG risk perception and investigate its impact on ESG controversies using the technique of textual analysis. We further examine how stable institutional ownership and financial constraints moderate the relationship between ESG risk perception and ESG controversies. The results show that ESG risk perception has an inhibitory effect on ESG controversies. Moreover, stable institutional ownership can strengthen this inhibitory effect, whereas financial constraints can weaken it. Heterogeneity analyses show that the inhibitory effect of ESG risk perception on ESG controversies is more pronounced for firms located in regions with heightened government environmental attention, firms subject to higher media attention, firms audited by the Big 4 accounting firms, and firms facing higher retail investor attention. Our findings have important implications for reducing ESG controversial behaviors through the actions of both institutional investors and firms themselves.

Suggested Citation

  • Li, Ruiqian & Huang, Tong & Ramanathan, Ramakrishnan, 2026. "Turning perception into impact: ESG risk perception and ESG controversies," Research in International Business and Finance, Elsevier, vol. 81(C).
    • Handle: RePEc:eee:riibaf:v:81:y:2026:i:c:s0275531925004593
    DOI: 10.1016/j.ribaf.2025.103203
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