This study explores the relationship between environmental, social, and governance (ESG) reputational risk and investment efficiency. We provide evidence that ESG reputational risk relates to higher corporate suboptimal investment (underinvestment) and a lower speed of adjustment back to the optimal investment level. Our findings hold for parametric and nonparametric estimations of underinvestment and are robust to several techniques that address endogeneity and self-selection. Overall, our study highlights the important role of ESG reputational risk in determining corporate investment efficiency.

中文翻译：

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ESG声誉风险是否影响企业投资调整的效率和速度？

本研究探讨了环境、社会和治理 (ESG) 声誉风险与投资效率之间的关系。我们提供的证据表明，ESG 声誉风险与较高的企业次优投资（投资不足）和较慢的调整回最佳投资水平的速度有关。我们的研究结果适用于投资不足的参数和非参数估计，并且对于解决内生性和自我选择的几种技术来说是稳健的。总体而言，我们的研究强调了 ESG 声誉风险在决定企业投资效率方面的重要作用。