Study on the Insurance Effect of Enterprise ESG Performance:A Quasi-natural Experiment Based on Public Crisis Events
An increasing number of companies consider ESG as a corporate strategic behavior that has a significant impact on company value.Based on ESG insurance investment theory,this article selects the public crisis event of COVID-19 epidemic as a quasi-natural experimental scenario to explore whether a company's past ESG performance can play a"quasi-insurance"investment effect to mitigate the value loss caused by the pandemic.The research findings are as follows:(1)Corporate ESG performance can play an economic effect of"quasi-insurance"to mitigate the shareholder wealth loss caused by the pandemic.However,this insurance effect can only be highlighted in the super-short and long-term window periods after the pandemic outbreak,and is more robust in the long-term window;(2)Resource effects and information disclosure effects are the two intermediary mechanisms for corporate ESG performance to play a"quasi-insurance"role;(3)The"quasi-insurance"effect of corporate ESG performance is more pronounced in low epidemic risk areas,high customer concentration and low internationalization levels enterprises.The research findings confirm that corporate ESG behavior has an economic effect of"quasi-insurance"and can effectively mitigate the adverse impact of the pandemic on company operations,providing a new perspective for companies to strengthen overall risk management.
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维普
