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ESG-as-Insurance: An Implicit Social Contract for Sustainable Competitive Advantage and Social Responsibility

  • Hyoung-Goo Kang Department of Finance, Hanyang University Business School
This paper investigates the concept of Environmental, Social, and Governance (ESG) practices as a form of social contract for insurance. The paper’s core hypothesis suggests that ESG, influenced by a social contract, requires a unique set of variables for valuation compared to traditional insurance. We also explore how institutional variables impact this valuation, with stronger traditions intensifying the ESG-as-insurance effect. The research delves into how capital market conditions make ESG-as-Insurance more appealing and considers the correlation between a firm’s use of financial derivatives and its ESG practices. Additionally, we argue that elevated social capital amplifies ESG effectiveness. The study concludes by highlighting the benefits of an integrated approach, combining various strategies to enhance firm engagement with ESG standards.

  • Hyoung-Goo Kang
This paper investigates the concept of Environmental, Social, and Governance (ESG) practices as a form of social contract for insurance. The paper’s core hypothesis suggests that ESG, influenced by a social contract, requires a unique set of variables for valuation compared to traditional insurance. We also explore how institutional variables impact this valuation, with stronger traditions intensifying the ESG-as-insurance effect. The research delves into how capital market conditions make ESG-as-Insurance more appealing and considers the correlation between a firm’s use of financial derivatives and its ESG practices. Additionally, we argue that elevated social capital amplifies ESG effectiveness. The study concludes by highlighting the benefits of an integrated approach, combining various strategies to enhance firm engagement with ESG standards.
ESG (Environmental,Social,Governance),insurance,social contract,valuation,derivatives,financial engineering.