ESG controversies and insolvency risk: evidence from the insurance industry
Pilar Giráldez-Puig,
Ignacio Moreno,
Leticia Perez-Calero
et al.
Abstract:PurposeThis study investigates the relationships between environmental, social, and governance (ESG) controversies and insolvency risk in the insurance sector. Drawing from legitimacy and stakeholder theories, the authors explore the impact of ESG controversies on insurers’ insolvency risk and the moderating effect of ESG practices on this relationship.Design/methodology/approachThis study utilises a dataset comprising 120 stock insurance firms spanning from 2011 to 2022. The authors employed system-GMM estima… Show more
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