Previous findings predominantly relate to US samples, and for these, there is also a tendency to find evidence supporting the risk mitigation view. There are different circumstances between the US and Europe (including regulatory standards, cultural factors, and the capital market). This clearly argues in favor of specifically examining the European context. In addition, both with regard to ESG as an aggregated measure and with respect to the individual ESG dimensions, differences are evident in the results of previous research. There is (yet) no clear evidence for Europe.