Managing reputational risks related to environmental, social and governance factors has emerged as a very complex challenge. This study follows the stakeholder theory that an appropriate proactive approach to environmental, social and governance factors is currently all stakeholders in a financial institution. Therefore, the aim of the study is to investigate the consequences of reputational risk related to environmental, social and governance factors in companies. The analysis method of the present study is the qualitative content analysis method of articles published in reputable journals. The results of the study indicate that past financial performance can affect environmental, social and governance (ESG) investments and exposure to reputational risk of environmental, social and governance factors. Environmental, social or governance oversight committees may help reduce agency problems related to asymmetric information through timely communication on issues. A favorable reputation for environmental, social and governance factors can strengthen stakeholder relationships, act as a source of competitive advantage, and help create firm value.