نوع مقاله : مقاله پژوهشی

نویسندگان

• غریبه اسماعیلی کیا ¹
• سارا صیدی ²

¹ عضو هیات علمی دانشگاه ایلام

² دانشگاه ایلام

چکیده

در چشم‌انداز اقتصادی جهان معاصر، اهمیت عملکرد زیست‌محیطی، اجتماعی و راهبری به دلیل تأثیر عمیق بر عملیات، رشد و عملکرد شرکت‌ها، به طور فزاینده‌ای مورد توجه قرار گرفته است. عملکرد ESG عناصر غیرمالی نظیر تغییرات اقلیمی و اخلاق شرکتی را مورد توجه قرار می‌دهد، از آنجایی که عناصر غیرمالی مذکور می‌توانند آسیب‌پذیری بازارها را تشدید نموده یا کاهش دهند، لذا عملکرد ESG می‌تواند بر ریسک تاثیر گذارد. از طرفی، اجرا و درک فعالیت‌های زیست‌محیطی، اجتماعی و راهبری در انواع شرکت‌ها و میان سرمایه‌گذاران مختلف می‌تواند تفاوت قابل‌توجهی داشته باشد و بر این اساس بر درک ریسک سیستماتیک و نحوه مدیریت آن در بازارهای مالی تأثیر بگذارد، بنابراین در این زمینه توجه به عوامل خاص شرکت ضروری است. هدف پژوهش حاضر بررسی تأثیر عملکرد زیست‌محیطی، اجتماعی و راهبری بر ریسک سیستماتیک شرکت‌ها با در نظر گرفتن نقش تعدیل‌کننده عوامل خاص شرکت است. پژوهش حاضر از نظر هدف کاربردی و توصیفی بوده و مبتنی بر روش تحلیل رگرسیونی است. داده‌های 166 شرکت پذیرفته‌شده در بورس اوراق بهادار تهران طی سال‌های 1393 تا 1402 گردآوری شده و با استفاده از مدل‌های اقتصادسنجی و نرم‌افزار Eviews مورد تجزیه ‌و تحلیل قرار گرفته است. نتایج نشان داد که عملکرد ESG تأثیر منفی و معناداری بر ریسک سیستماتیک دارد، به این معنا که شرکت‌هایی با عملکرد بهتر در حوزهESG ، ریسک سیستماتیک کمتری تجربه می‌کنند. همچنین، اندازه شرکت، عمر شرکت و ارزش بازار تأثیر کاهشی ESG بر ریسک سیستماتیک را تقویت می‌کنند، در حالی که هزینه بدهی می‌تواند این تأثیر را تضعیف نماید.

کلیدواژه‌ها

• عملکرد زیست محیطی
• اجتماعی و راهبری
• ریسک سیستماتیک
• عوامل خاص شرکت
• هزینه بدهی
• ارزش بازار شرکت

موضوعات

• بورس اوراق بهادار

عنوان مقاله [English]

The impact of environmental, social and governance performance on systematic risk: The role of firm-specific factors

نویسندگان [English]

• gharibe esmailikia ¹
• sara seyedi ²

¹ دانشگاه ایلام

² ilam university

چکیده [English]

In the contemporary global economic landscape, the importance of environmental, social and governance performance has been increasingly recognized due to its profound impact on the firms operations, growth and performance. ESG performance considers non-financial elements such as climate change and corporate ethics, as these non-financial elements can exacerbate or reduce the vulnerability of markets, so ESG performance can affect risk.On the other hand, the implementation and understanding of environmental, social, and governance activities in different types of companies and among different investors can differ significantly and Accordingly, it affects the understanding of systematic risk and how it is managed in financial markets, so it is essential to pay attention to company-specific factors in this context. The aim of the present study is to investigate the effect of environmental, social, and governance performance on the systematic risk of companies by considering the moderating role of company-specific factors. The present study is applied and descriptive in terms of purpose and is based on the regression analysis method. Data from 166 companies listed on the Tehran Stock Exchange were collected during the years 2014 to 2023 and analyzed using econometric models and Eviews software. The results showed that ESG performance has a significant negative effect on systematic risk, meaning that companies with better ESG performance experience lower systematic risk. Also, company size, company age, and market capitalization strengthen the reducing effect of ESG on systematic risk, while the cost of debt can weaken this effect. Better firms performance of companies in the field of ESG improves transparency, enhances their commercial credibility and reputation. The direct result of this is creating a positive image of the company among stakeholders, improving financial and non-financial stability and consequently reducing the firm 's systematic risk. firm -specific factors can moderate this relationship. Accordingly, it is recommended that corporate managers strive to improve their ESG performance to not only reduce risk but also become more attractive to investors. Investors and policymakers can also use these indicators as a tool for risk management and more informed decision-making.. Also, company size, company age, and market capitalization strengthen the reducing effect of ESG on systematic risk, while the cost of debt can weaken this effect. Better firms performance of companies in the field of ESG improves transparency, enhances their commercial credibility and reputation. The direct result of this is creating a positive image of the company among stakeholders, improving financial and non-financial stability and consequently reducing the firm 's systematic risk. firm -specific factors can moderate this relationship. Accordingly, it is recommended that corporate managers strive to improve their ESG performance to not only reduce risk but also become more attractive to investors. Investors and policymakers can also use these indicators as a tool for risk management and more informed decision-making.. Also, company size, company age, and market capitalization strengthen the reducing effect of ESG on systematic risk, while the cost of debt can weaken this effect. Better firms performance of companies in the field of ESG improves transparency, enhances their commercial credibility and reputation. The direct result of this is creating a positive image of the company among stakeholders, improving financial and non-financial stability and consequently reducing the firm 's systematic risk. firm -specific factors can moderate this relationship. Accordingly, it is recommended that corporate managers strive to improve their ESG performance to not only reduce risk but also become more attractive to investors. Investors and policymakers can also use these indicators as a tool for risk management and more informed decision-making.. Also, company size, company age, and market capitalization strengthen the reducing effect of ESG on systematic risk, while the cost of debt can weaken this effect. Better firms performance of companies in the field of ESG improves transparency, enhances their commercial credibility and reputation. The direct result of this is creating a positive image of the company among stakeholders, improving financial and non-financial stability and consequently reducing the firm 's systematic risk. firm -specific factors can moderate this relationship. Accordingly, it is recommended that corporate managers strive to improve their ESG performance to not only reduce risk but also become more attractive to investors. Investors and policymakers can also use these indicators as a tool for risk management and more informed decision-making.

کلیدواژه‌ها [English]

• Environmental
• social and governance performance
• systematic risk
• company-specific factors
• Cost of Debt
• Firm market value