题　目：The Externalities of ESG Disclosure

嘉　宾：姜易 Yi Jiang  Assistant Professor  Harbin Institute of Technology, Shenzhen

主持人：黄立 助理教授 上海交通大学安泰经济与管理学院

时　间：2024年04月10日（周三）14:00-15:30

地　点：上海交通大学 徐汇校区安泰楼A503室

内容简介:

We study the negative externalities of mandatory environmental, social, and governance (ESG) disclosure through the lens of regulatory salience. Our analysis exploits a unique setting in China, where firms differ in their exposure to a countrywide political campaign of combating poverty depending on whether they are required to disclose their contribution to it on their ESG reports (“treatment”). Using a difference-in-differences analysis, we find that treated firms significantly increase their donations to poverty alleviation but also their pollutions, following the treatment. Negative environmental externalities increase with firms’ financial constraints and market competition. Further evidence shows that treated firms receive more government subsidies and state-owned bank loans, and achieve greater operating performance and valuation. Collectively, these findings suggest that mandatory ESG disclosure may induce firms to trade off different ESG goals by prioritizing more conspicuous ESG practices at the cost of trivializing other, longer-term, issues.

演讲人简介：

Dr. Jiang is an assistant professor affiliated with Harbin Institute of Technology (Shenzhen). She obtained her PhD degree in Accounting at National University of Singapore in 2020 and her master degree in Economics at Hong Kong University of Science and Technology in 2014. Her research interests mainly focus on venture capitalists, environmental, social and governance (ESG) and firm investments.

欢迎广大师生参加！