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<p>This paper explores the moderating role of intellectual capital (IC) in the relationship between environmental, social, and governance (ESG) factors and firm risk in 17 European countries. We use 390 non-financial firms for the years between 2015 and 2024. Panel data estimation is employed to examine the direct and moderate impacts. Our findings reveal that while environmental and social dimensions are associated with higher firm risk, the governance dimension reduces total risk in firms with strong IC. Moreover, we find that in favorable-income country–year observations, firms with high IC experience reduced risk, whereas in unfavorable-income country–year observations, firms with high IC face increased risk. The findings contribute to the body of literature on ESG by elucidating the effect of IC on the ESG-risk relationship.</p>

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The role of intellectual capital in the ESG-firm risk relationship: empirical evidence from European companies

  • 期刊论文

  • 发表日期：

    2025年12月17日

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  • Seyfullah Seli̇mefendi̇gi̇l

摘要

This paper explores the moderating role of intellectual capital (IC) in the relationship between environmental, social, and governance (ESG) factors and firm risk in 17 European countries. We use 390 non-financial firms for the years between 2015 and 2024. Panel data estimation is employed to examine the direct and moderate impacts. Our findings reveal that while environmental and social dimensions are associated with higher firm risk, the governance dimension reduces total risk in firms with strong IC. Moreover, we find that in favorable-income country–year observations, firms with high IC experience reduced risk, whereas in unfavorable-income country–year observations, firms with high IC face increased risk. The findings contribute to the body of literature on ESG by elucidating the effect of IC on the ESG-risk relationship.