We examine the value relevance of board monitoring committees when there are increased corporate reputation risks (CRR) from undesirable media coverage of environmental, social, and governance (ESG) issues. Empirical evidence indicates that monitoring committees can play an effective role in mitigating investors’ negative stock market reactions in this situation. The results are robust across different model specifications, and we utilize control groups to validate our findings further. Overall, this study lends support to the beneficial effects of board monitoring committees, particularly those with an emphasis on environmental and social aspects.

中文翻译：

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ESG 声誉风险和董事会监督委员会

当媒体对环境、社会和治理 (ESG) 问题的不良报道导致企业声誉风险 (CRR) 增加时，我们研究了董事会监督委员会的价值相关性。经验证据表明，在这种情况下，监督委员会可以在减轻投资者对股市的负面反应方面发挥有效作用。结果在不同的模型规格中是稳健的，我们利用对照组进一步验证我们的发现。总体而言，本研究支持董事会监督委员会的有益影响，特别是那些强调环境和社会方面的委员会。