Corporate Controversies and Market-to-Book: The Moderating Role of ESG Practices

Detalhes bibliográficos
Autor(a) principal: Keidann Soschinski, Caroline
Data de Publicação: 2024
Outros Autores: Mazzioni, Sady, Baú Dal Magro', Cristian, Leite, Maurício
Tipo de documento: Artigo
Idioma: eng
Título da fonte: Revista Brasileira de Gestão de Negócios (Online)
Texto Completo: https://rbgn.fecap.br/RBGN/article/view/4255
Resumo: Purpose – The aim of this study is to analyze the moderating role of ESG practices in the relationship between corporate controversies and companies’ market-tobook performance. Theoretical framework – ESG effect, ESG controversies and market performance. Design/methodology/approach – We investigated 3,267 companies from 20 countries with the highest GDP in 2021. ESG ratings and other variables were collected from the Refinitiv database. The cross-country analysis considered panel data regressions with fixed effects by year, industry and country from 2016 to 2020. Findings – The results showed that corporate controversies have a negative effect on companies’ market performance, while engagement in ESG practices has a positive effect. However, when analyzing the relationship between corporate controversies and market-to-book value in companies with high ESG ratings, the negative effect of controversies is not significant. Practical & social implications of research – This research contributes by indicating the negative consequences of corporate controversies in terms of market performance and signaling that ESG practices are important to meet the needsof stakeholders, but are not enough to mitigate the impact of ESG controversies on market performance. Originality/value – To the best of our knowledge, this is the first paper to demonstrate that ESG practices are not strong enough to mitigate the negative effects of ESG controversies on market performance in a large sample. Keywords: Corporate controversies, ESG, market-to-book.
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spelling Corporate Controversies and Market-to-Book: The Moderating Role of ESG PracticesControversias corporativas y Market-to-Book: el papel moderador de las prácticas ESGControvérsias Corporativas e Market-to-Book: O Papel Moderador das Práticas ESGCorporate controversiesESGmarket-to-bookControvérsias corporativasASGmercado para reservaPurpose – The aim of this study is to analyze the moderating role of ESG practices in the relationship between corporate controversies and companies’ market-tobook performance. Theoretical framework – ESG effect, ESG controversies and market performance. Design/methodology/approach – We investigated 3,267 companies from 20 countries with the highest GDP in 2021. ESG ratings and other variables were collected from the Refinitiv database. The cross-country analysis considered panel data regressions with fixed effects by year, industry and country from 2016 to 2020. Findings – The results showed that corporate controversies have a negative effect on companies’ market performance, while engagement in ESG practices has a positive effect. However, when analyzing the relationship between corporate controversies and market-to-book value in companies with high ESG ratings, the negative effect of controversies is not significant. Practical & social implications of research – This research contributes by indicating the negative consequences of corporate controversies in terms of market performance and signaling that ESG practices are important to meet the needsof stakeholders, but are not enough to mitigate the impact of ESG controversies on market performance. Originality/value – To the best of our knowledge, this is the first paper to demonstrate that ESG practices are not strong enough to mitigate the negative effects of ESG controversies on market performance in a large sample. Keywords: Corporate controversies, ESG, market-to-book.Propósito – El objetivo de este estudio es analizar el papel moderador de las prácticas ESG en la relación entre las controversias corporativas y el desempeño mercado-valor contable de las empresas.Marco teórico – efecto ESG, de controversias ESG y desempeño del mercado.Diseño/metodología/enfoque: investigamos 3267 empresas de 20 países con el producto interno bruto más alto en 2021. Las calificaciones ESG y otras variables se recopilaron de la base de datos de Refinitiv. El análisis transversal consideró una regresión de datos de panel con efectos fijos por año, industria y país, de 2016 a 2020.Objetivo – O objetivo deste estudo é analisar o papel moderador das práticas ESG na relação entre controvérsias corporativas e o desempenho market-to-book das empresas. Referencial Teórico – Efeito ESG, de controvérsias ESG e desempenho de mercado. Metodologia – Investigamos 3.267 empresas de 20 países com o maior produto interno bruto em 2021. As classificações ESG e outras variáveis foram coletadas do banco de dados Refinitiv. A análise entre países considerou regressão de dados em painel com efeitos fixos por ano, setor e país, de 2016 a 2020. Resultados – Os resultados mostraram que as controvérsias corporativas têm um efeito negativo no desempenho de mercado das empresas, enquanto o envolvimento em práticas ESG tem um efeito positivo. No entanto, ao analisar a relação entre controvérsias corporativas e desempenho de mercado em empresas com classificações ESG elevadas, o efeito negativo das controvérsias não é significativo. Implicações Práticas e Sociais da Pesquisa – Esta pesquisa contribui ao indicar as consequências negativas das controvérsias corporativas em termos de desempenho de mercado e sinalizar que as práticas ESG são importantes para atender às necessidades dos stakeholders, mas não são suficientes para mitigar o efeito das controvérsias ESG em termos de desempenho de mercado. Contribuições – Até onde sabemos, este é o primeiro artigo a demonstrar que as práticas ESG não são suficientemente fortes para mitigar os efeitos negativos das controvérsias ESG no desempenho do mercado numa grande amostra.   Palavras-chave – Controvérsias Corporativas, ESG, Market-to-Book.FECAP2024-04-22info:eu-repo/semantics/articleinfo:eu-repo/semantics/publishedVersionAvaliado por paresapplication/pdfhttps://rbgn.fecap.br/RBGN/article/view/425510.7819/rbgn.v26i01.4255Review of Business Management; Vol. 26 No. 01 (2024)RBGN Revista Brasileira de Gestão de Negócios; Vol. 26 Núm. 01 (2024)RBGN - Revista Brasileira de Gestão de Negócios; v. 26 n. 01 (2024): 1983-08071806-4892reponame:Revista Brasileira de Gestão de Negócios (Online)instname:Fundação Escola de Comércio Álvares Penteado (FECAP)instacron:FECAPenghttps://rbgn.fecap.br/RBGN/article/view/4255/1949Copyright (c) 2024 Review of Business Managementinfo:eu-repo/semantics/openAccessKeidann Soschinski, CarolineMazzioni, SadyBaú Dal Magro', CristianLeite, Maurício2024-09-19T16:47:45Zoai:ojs.emnuvens.com.br:article/4255Revistahttps://rbgn.fecap.br/RBGN/oaiPUBhttps://rbgn.fecap.br/RBGN/oai||jmauricio@fecap.br1983-08071806-4892opendoar:2024-09-19T16:47:45Revista Brasileira de Gestão de Negócios (Online) - Fundação Escola de Comércio Álvares Penteado (FECAP)false
dc.title.none.fl_str_mv Corporate Controversies and Market-to-Book: The Moderating Role of ESG Practices
Controversias corporativas y Market-to-Book: el papel moderador de las prácticas ESG
Controvérsias Corporativas e Market-to-Book: O Papel Moderador das Práticas ESG
title Corporate Controversies and Market-to-Book: The Moderating Role of ESG Practices
spellingShingle Corporate Controversies and Market-to-Book: The Moderating Role of ESG Practices
Keidann Soschinski, Caroline
Corporate controversies
ESG
market-to-book
Controvérsias corporativas
ASG
mercado para reserva
title_short Corporate Controversies and Market-to-Book: The Moderating Role of ESG Practices
title_full Corporate Controversies and Market-to-Book: The Moderating Role of ESG Practices
title_fullStr Corporate Controversies and Market-to-Book: The Moderating Role of ESG Practices
title_full_unstemmed Corporate Controversies and Market-to-Book: The Moderating Role of ESG Practices
title_sort Corporate Controversies and Market-to-Book: The Moderating Role of ESG Practices
author Keidann Soschinski, Caroline
author_facet Keidann Soschinski, Caroline
Mazzioni, Sady
Baú Dal Magro', Cristian
Leite, Maurício
author_role author
author2 Mazzioni, Sady
Baú Dal Magro', Cristian
Leite, Maurício
author2_role author
author
author
dc.contributor.author.fl_str_mv Keidann Soschinski, Caroline
Mazzioni, Sady
Baú Dal Magro', Cristian
Leite, Maurício
dc.subject.por.fl_str_mv Corporate controversies
ESG
market-to-book
Controvérsias corporativas
ASG
mercado para reserva
topic Corporate controversies
ESG
market-to-book
Controvérsias corporativas
ASG
mercado para reserva
description Purpose – The aim of this study is to analyze the moderating role of ESG practices in the relationship between corporate controversies and companies’ market-tobook performance. Theoretical framework – ESG effect, ESG controversies and market performance. Design/methodology/approach – We investigated 3,267 companies from 20 countries with the highest GDP in 2021. ESG ratings and other variables were collected from the Refinitiv database. The cross-country analysis considered panel data regressions with fixed effects by year, industry and country from 2016 to 2020. Findings – The results showed that corporate controversies have a negative effect on companies’ market performance, while engagement in ESG practices has a positive effect. However, when analyzing the relationship between corporate controversies and market-to-book value in companies with high ESG ratings, the negative effect of controversies is not significant. Practical & social implications of research – This research contributes by indicating the negative consequences of corporate controversies in terms of market performance and signaling that ESG practices are important to meet the needsof stakeholders, but are not enough to mitigate the impact of ESG controversies on market performance. Originality/value – To the best of our knowledge, this is the first paper to demonstrate that ESG practices are not strong enough to mitigate the negative effects of ESG controversies on market performance in a large sample. Keywords: Corporate controversies, ESG, market-to-book.
publishDate 2024
dc.date.none.fl_str_mv 2024-04-22
dc.type.driver.fl_str_mv info:eu-repo/semantics/article
info:eu-repo/semantics/publishedVersion
Avaliado por pares
format article
status_str publishedVersion
dc.identifier.uri.fl_str_mv https://rbgn.fecap.br/RBGN/article/view/4255
10.7819/rbgn.v26i01.4255
url https://rbgn.fecap.br/RBGN/article/view/4255
identifier_str_mv 10.7819/rbgn.v26i01.4255
dc.language.iso.fl_str_mv eng
language eng
dc.relation.none.fl_str_mv https://rbgn.fecap.br/RBGN/article/view/4255/1949
dc.rights.driver.fl_str_mv Copyright (c) 2024 Review of Business Management
info:eu-repo/semantics/openAccess
rights_invalid_str_mv Copyright (c) 2024 Review of Business Management
eu_rights_str_mv openAccess
dc.format.none.fl_str_mv application/pdf
dc.publisher.none.fl_str_mv FECAP
publisher.none.fl_str_mv FECAP
dc.source.none.fl_str_mv Review of Business Management; Vol. 26 No. 01 (2024)
RBGN Revista Brasileira de Gestão de Negócios; Vol. 26 Núm. 01 (2024)
RBGN - Revista Brasileira de Gestão de Negócios; v. 26 n. 01 (2024):
1983-0807
1806-4892
reponame:Revista Brasileira de Gestão de Negócios (Online)
instname:Fundação Escola de Comércio Álvares Penteado (FECAP)
instacron:FECAP
instname_str Fundação Escola de Comércio Álvares Penteado (FECAP)
instacron_str FECAP
institution FECAP
reponame_str Revista Brasileira de Gestão de Negócios (Online)
collection Revista Brasileira de Gestão de Negócios (Online)
repository.name.fl_str_mv Revista Brasileira de Gestão de Negócios (Online) - Fundação Escola de Comércio Álvares Penteado (FECAP)
repository.mail.fl_str_mv ||jmauricio@fecap.br
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