The Shareholder Value Effect of System Overloads: An Analysis of Investor Responses to the 2003 Blackout in the Us

Bouzzine, Yassin Denis; Lueg, Rainer

doi:10.32479/ijeep.11756

Cited by 3 publications

(1 citation statement)

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“…Research on CS has experienced a considerable surge since the 2000s [1,2]. In particular, the effect of CS on performance and risk management is of great interest to firms who have to make decisions regarding investment in CS [3][4][5]. At the same time, shareholders, such as fund managers, are increasing their focus on sustainable investments that promise lower long-term risk management and the avoidance of strict future regulation [6][7][8].…”

Section: Introductionmentioning

confidence: 99%

Corporate Sustainability and Risk Management—The U-Shaped Relationships of Disaggregated ESG Rating Scores and Risk in the German Capital Market

Korinth

Lueg

2022

Sustainability

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This study addresses the relationship between the (dis)aggregated ESG rating and different types of risk (i.e., market risk, idiosyncratic risk, total risk) in the German stock market. We investigate not only the overall ESG rating and the E, S, and G pillar scores but also all the underlying category scores. Thereby, we provide in-depth insight into diverse CS operations. We cover 454 firm years (2012–2019) using ordinary least squares regression with firm and year fixed effects. Our main insights are the U-shaped relationships between CS and risk: Ecological investments first decrease systematic risk (beta), while overinvestment increases systematic risk again. Likewise, social investments initially decrease idiosyncratic risk, while overinvestment increases idiosyncratic risk again. Further findings suggest only one linkage between systematic risk and the social pillar score. In the category scores, a few more relevant linkages were identified, which indicates that disaggregation of the ESG ratings increases the explanatory power of models. In respect to findings from other capital markets, it appears that the effects of the ESG ratings on risk may depend on the existing level of sustainability in the capital market. Last, our study provides insights into the nonlinearity of the CS–risk relationships.

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Section: Introductionmentioning

confidence: 99%

Corporate Sustainability and Risk Management—The U-Shaped Relationships of Disaggregated ESG Rating Scores and Risk in the German Capital Market

Korinth

Lueg

2022

Sustainability

Self Cite

View full text Add to dashboard Cite

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ESG ratings and risk dynamics: A disaggregated analysis <br>

Lueg,

Korinth

2024

SSRN Journal

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Moral licensing and corporate social responsibility: A systematic literature review and a research agenda

Feldmann¹,

Halfina²,

Heyn³

et al. 2022

JGR

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Moral licensing describes people’s sense of ethical entitlement to morally questionable behavior after they have previously exhibited socially desired behavior. The objective of this review is to examine the concept of moral licensing in the corporate social responsibility (CSR) literature. To this end, we conducted a systematic literature review (SLR) covering the period from 2012 to 2021. First, our research explains why moral licensing is defined differently across CSR contexts. Second, we illustrate how CSR practices precede moral licensing and misconduct among top executives and employees (List & Momeni, 2021; Ormiston & Wong, 2013). Third, findings suggest that currently underexplored variables moderate the relationship between CSR and moral licensing, including the moral identity symbolization of CEOs and the style of CSR communication. Fourth, we suggest that very few studies have addressed these potentially negative effects of CSR. In conclusion, this review offers an initial overview on moral licensing, examines implications for practice, proposes extensions to existing theory, and sets an agenda for future research.

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The Shareholder Value Effect of System Overloads: An Analysis of Investor Responses to the 2003 Blackout in the Us

Cited by 3 publications

References 20 publications

Corporate Sustainability and Risk Management—The U-Shaped Relationships of Disaggregated ESG Rating Scores and Risk in the German Capital Market

Corporate Sustainability and Risk Management—The U-Shaped Relationships of Disaggregated ESG Rating Scores and Risk in the German Capital Market

ESG ratings and risk dynamics: A disaggregated analysis <br>

Moral licensing and corporate social responsibility: A systematic literature review and a research agenda

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