000165011 001__ 165011
000165011 005__ 20251204150238.0
000165011 0247_ $$2doi$$a10.1080/23311975.2025.2585542
000165011 0248_ $$2sideral$$a146464
000165011 037__ $$aART-2025-146464
000165011 041__ $$aeng
000165011 100__ $$aGaldos Urbizu, Libe
000165011 245__ $$aESG risk exposure, management and firm risk: new evidence from a panel quantile regression approach
000165011 260__ $$c2025
000165011 5060_ $$aAccess copy available to the general public$$fUnrestricted
000165011 5203_ $$aThis paper addresses how the environmental, social and governance (ESG) risk of a firm influences their global risk. Differentiated ESG risk measures are used to test for an excess risk effect derived from companies’ effective management of ESG risk factors. With a panel quantile regression using the method of moments, we investigated a data set of 4,792 international firms over the 2018–2022 period, yielding a total of 23,960 firm-year observations. The results align with risk management theory, showing that firm risk increases with higher ESG risk. However, ESG risk exposure and unmanaged ESG risk have an asymmetrical effect on firm risk, with the latter being more positively influenced in the upper quantiles. Sensitivity analyses reveal that the findings are robust even during different market cycles, such as the recent COVID-19 pandemic. Managerial implications and insights for investors are useful regarding the riskiness of ESG issues and strategies for mitigating them.
000165011 536__ $$9info:eu-repo/grantAgreement/ES/AEI/PID2023-146084OB-I00$$9info:eu-repo/grantAgreement/ES/DGA/S33-20R
000165011 540__ $$9info:eu-repo/semantics/openAccess$$aby$$uhttps://creativecommons.org/licenses/by/4.0/deed.es
000165011 655_4 $$ainfo:eu-repo/semantics/article$$vinfo:eu-repo/semantics/publishedVersion
000165011 700__ $$0(orcid)0000-0001-5582-3694$$aOrtas, Eduardo$$uUniversidad de Zaragoza
000165011 700__ $$aAlvarez Etxeberria, Igor
000165011 7102_ $$14002$$2230$$aUniversidad de Zaragoza$$bDpto. Contabilidad y Finanzas$$cÁrea Economía Finan. y Contab.
000165011 773__ $$g12, 1 (2025), [20 pp.]$$tCogent Business and Management$$x2331-1975
000165011 8564_ $$s2593598$$uhttp://zaguan.unizar.es/record/165011/files/texto_completo.pdf$$yVersión publicada
000165011 8564_ $$s1036968$$uhttp://zaguan.unizar.es/record/165011/files/texto_completo.jpg?subformat=icon$$xicon$$yVersión publicada
000165011 909CO $$ooai:zaguan.unizar.es:165011$$particulos$$pdriver
000165011 951__ $$a2025-12-04-14:39:17
000165011 980__ $$aARTICLE