The role of ESG in default early warning

• Autorzy: Anna Grygiel-Tomaszewska , Jolanta Turek

Warianty tytułu

Rola ESG we wczesnym ostrzeganiu przed niewypłacalnością i bankructwem

• Języki publikacji: PL

Abstrakty

Celem niniejszego artykułu jest sprawdzenie, czy istnieje luka badawcza odnosząca się do potencjalnego zastosowania informacji ESG w sygnałach wczesnego ostrzegania przed bankructwem lub upadłością. W relacji przedsiębiorstwo-inwestor występuje problem silnej asymetrii informacyjnej, w której stroną uprzywilejowaną jest emitent. Problem jest na tyle palący, że niewątpliwie globalnym skutkiem kryzysu wywołanego pandemią COVID-19 będzie gwałtowny wzrost liczby podmiotów gospodarczych zagrożonych niewypłacalnością i upadłością. Pojawia się zatem pytanie - czy kryteria związane z relacjami środowiskowymi, zarządczymi czy społecznymi (ang. environmental, social, governance, ESG) mogą być wykorzystane jako elementy systemu wczesnego ostrzegania przed bankructwem? W badaniu przyjęto następującą hipotezę badawczą: Istnieje luka badawcza odnosząca się do roli informacji związanych z ESG w systemach wczesnego ostrzegania przed bankructwem. W celu weryfikacji hipotezy (H0) zbudowano model oparty na koncepcji regresji zliczania cytowań (Staszkiewicz, 2019) w oparciu o dane (artykuły naukowe) indeksowane w bazie Web of Science Core Collection, przygotowywanej przez Clarivate Analytics, pochodzące z okresu styczeń 2016 - czerwiec 2021. Przeprowadzone badania potwierdziły istnienie luki badawczej w przedmiotowym obszarze. Dodatkowo wykazały, że ewentualny obowiązek prawny odnoszący się do ujawniania określonych, ustandaryzowanych zestawów informacji związanych z ESG byłby pomocny w zmniejszeniu asymetrii informacji rynkowej. Silne działania regulacyjne wspierają funkcjonowanie przedsięwzięć biznesowych zgodnie z ESG (Ortas et al., 2019). Również standaryzacja kryteriów oceny ESG i procesu oceny byłaby pomocna w tej kwestii i mogłaby jednocześnie wzmocnić porównywalność danych źródłowych i wyników.(abstrakt oryginalny)

EN

The purpose of this article is to verify whether there is a research gap referring to the potential application of ESG-related information in bankruptcy early warning signals. There is a problem of a strong information asymmetry in the enterprise-investor relationship, with the issuer being the privileged party. The problem is so urgent that, undoubtedly, the global effect of the crisis caused by the COVID-19 pandemic will be a sharp increase in the number of economic entities threatened with insolvency and bankruptcy. The question then arisescan environmental, social and governmental (ESG) criteria be used as elements of the bankruptcy early warning system? The study covers the time period beginning January 2016 through June 2021 and includes scientific indexed in the Web of Science Core Collection database provided by Clarivate Analytics. The following research hypothesis guides this study: There is a research gap referring to the role of ESG-related information in bankruptcy early-warning systems. To verify the hypothesis (H0) the model was built, based on the concept of citations count regression (Staszkiewicz, 2019). The study confirmed the existence of a research gap indicated in the research hypothesis. Possible legal obligation referring to the disclosure of certain ESG-related, standardized information sets would be helpful to diminish the market information asymmetry. Research shows, that strong regulatory activities support the ESG-compliant performance of a business venture(Ortas et al., 2019). Also, standardization of ESG rating criteria and evaluation process would be helpful in this matter and would endure comparability of sourcing data and outcome. (original abstract)

Słowa kluczowe

PL

Bankructwo; Upadłość przedsiębiorstwa; System wczesnego ostrzegania

EN

Bankruptcy; Enterprise bankruptcy; Early warning system

• Czasopismo: Kwartalnik Nauk o Przedsiębiorstwie
• Rocznik: 2021
• Numer: nr 5
• Strony: 25-39

Twórcy

autor

Anna Grygiel-Tomaszewska

• Szkoła Główna Handlowa w Warszawie

autor

Jolanta Turek

• Szkoła Główna Handlowa w Warszawie

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Identyfikatory

DOI

https://doi.org/10.33119/KNoP.2021.62.5.3