气候变化领域集成服务门户(CCPortal): Does voluntary environmental, social, and governance disclosure impact initial public offer withdrawal risk?

CCPortal

DOI	10.1111/beer.12678
	Does voluntary environmental, social, and governance disclosure impact initial public offer withdrawal risk?
	Jamaani, Fouad; Alidarous, Manal
发表日期	2024
ISSN	2694-6416
EISSN	2694-6424
英文摘要	Despite much research now being published on Environmental, Social, and Governance (ESG) investments and Initial Public Offerings (IPOs) withdrawal risk, there appears to be a lack of evidence on the prospective IPO withdrawal risk associated with voluntary disclosure of ESG policies. This paper investigates the influence of ESG disclosure on IPO withdrawal by comparing voluntary ESG disclosure to conventional IPOs in the international market. A large data set is employed here, containing 33,535 failed and successful IPOs from 1995 to 2019 from several nations with their own legal systems, cultural norms, and economic systems. The findings reveal that voluntary disclosure of ESG practices does significantly reduce the likelihood of an IPO withdrawal, by as much as 48%. These findings strongly suggest that organizations engaged in ESG activities perceive voluntary disclosure as an incentive, to adhere to social expectations. Consequently, reducing the asymmetry of information between IPO participants minimizes the withdrawal risk these companies face, hence diminishing doubts about their legitimacy. The results have consequences for IPO businesses, investors, researchers, and regulators.
英文关键词	ESG policies; information asymmetry; IPO withdrawal risk; legitimacy; voluntary disclosure
语种	英语
WOS研究方向	Business & Economics ; Social Sciences - Other Topics
WOS类目	Business ; Ethics
WOS记录号	WOS:001201876700001
来源期刊	BUSINESS ETHICS THE ENVIRONMENT & RESPONSIBILITY
文献类型	期刊论文
条目标识符	http://gcip.llas.ac.cn/handle/2XKMVOVA/293198
作者单位	Taif University; Taif University
推荐引用方式 GB/T 7714	Jamaani, Fouad,Alidarous, Manal. Does voluntary environmental, social, and governance disclosure impact initial public offer withdrawal risk?[J],2024.
APA	Jamaani, Fouad,&Alidarous, Manal.(2024).Does voluntary environmental, social, and governance disclosure impact initial public offer withdrawal risk?.BUSINESS ETHICS THE ENVIRONMENT & RESPONSIBILITY.
MLA	Jamaani, Fouad,et al."Does voluntary environmental, social, and governance disclosure impact initial public offer withdrawal risk?".BUSINESS ETHICS THE ENVIRONMENT & RESPONSIBILITY (2024).