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    Por favor, use este identificador para citar o enlazar este ítem:https://uvadoc.uva.es/handle/10324/69819

    Título
    Pretending to be sustainable: Is ESG disparity a symptom?
    Autor
    Fuente Herrero, Gabriel de laAutoridad UVA Orcid
    Velasco González, María Del PilarAutoridad UVA Orcid
    Año del Documento
    2024
    Editorial
    Elsevier
    Descripción
    Producción Científica
    Documento Fuente
    Journal of Contemporary Accounting & Economics, agosto 2024, vol. 20, n. 2, 100418.
    Resumo
    This study investigates a novel dimension of ESG (environmental, social, and governance), namely the degree of inequality in the distribution of a firm’s overall ESG performance across the three pillars. By grounding our arguments on the agency theory, we argue that such a dimension can discern the degree of authenticity of managers’ ESG awareness. A more unequal distribution might be due to a discretionary and self-interested adoption of ESG principles in order to win the favour of key stakeholders. Using a sample of U.S. listed companies, we provide empirical evidence that disparity in ESG scores between pillars detracts value from ESG engagement. Moreover, such a negative moderating effect worsens in companies that are more prone to agency problems (e.g. higher cash holdings), lack ESG-based compensation, have lower leverage, and are more exposed to the investor spotlight (e.g. higher analyst coverage). Overall, our findings suggest the importance of accounting for managerial motivations to engage in ESG and support the idea that a lower perceived authenticity of these programmes results in lower value outcomes.
    Materias Unesco
    53 Ciencias Económicas
    Palabras Clave
    ESG
    Corporate social responsibility
    Firm value
    Agency theory
    Disparity
    ISSN
    1815-5669
    Revisión por pares
    SI
    DOI
    10.1016/j.jcae.2024.100418
    Patrocinador
    Ministerio de Ciencia, Innovación y Universidades/AEI (PID2020-114797GB-I00)
    Version del Editor
    https://www.sciencedirect.com/science/article/pii/S1815566924000183
    Propietario de los Derechos
    © The Authors
    Idioma
    eng
    URI
    https://uvadoc.uva.es/handle/10324/69819
    Tipo de versión
    info:eu-repo/semantics/publishedVersion
    Derechos
    openAccess
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    • DEP21 - Artículos de revista [58]
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    Universidad de Valladolid

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