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Environmental, social, and governance ratings and systematic Risk
Author(s)
Date Issued
2025
ISSN
1556-5793
Citation
Journal of Accounting, Finance & Mangement Strategy, 2025, vol. 20(1), pp. 51-74.
Type
Peer Reviewed Journal Article
Abstract
This paper examines the relationship between corporate environmental, social, and governance (ESG) performance and systematic risk. Using a sample of firms listed in Taiwan from 2016 to 2022 and controlling for influencing factors, the results show a significantly negative relationship between ESG ratings and systematic risk. The evidence suggests that firms
with stronger ESG performance exhibit lower systematic risk. The results are robust to alternative measures of ESG performance. Additionally, our findings provide policy implications for regulatory requirements for sustainability development and ESG disclosures and reporting.
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