The Nexus of Managerial Myopia and Transparency in ESG Information: Evidence From the Textual Analysis of ESG Disclosures

IF 8.3 2区 管理学 Q1 BUSINESS
Yanqi Sun, Ziyao San, Cheng Xu, Howard Davey
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引用次数: 0

Abstract

This study investigates the relationship between managerial myopia and ESG (environmental, social, and governance) disclosures, focusing on how CEOs with a short-term orientation influence corporate ESG transparency practices. Using a unique dataset of Chinese listed firms from 2009 to 2021, we apply machine learning-based textual analysis to measure managerial myopia from annual report narratives. Empirical results show that myopic CEOs are significantly less likely to disclose ESG information, even when such disclosures could yield immediate governance or signaling benefits. However, responses to external scrutiny vary: under government oversight, myopic managers tend to disclose strategically and cautiously, limiting transparency; under analyst scrutiny, by contrast, they exhibit a greater level of ESG disclosures, suggesting market forces play a more effective role in mitigating short-term bias. These findings highlight the importance of institutional context in shaping the impact of CEO time orientation on ESG disclosure. The study contributes to the literature on behavioral corporate governance and offers practical insights for regulators, boards, and investors in emerging markets like China.

管理短视与ESG信息透明度的关系:来自ESG披露文本分析的证据
本研究探讨了管理短视与ESG(环境、社会和治理)披露之间的关系,重点关注具有短期导向的ceo如何影响公司ESG透明度实践。利用2009年至2021年中国上市公司的独特数据集,我们应用基于机器学习的文本分析来衡量年度报告叙述中的管理近视。实证结果显示,目光短浅的ceo披露ESG信息的可能性显著降低,即使披露这些信息可以立即带来治理效益或信号效益。然而,对外部监督的反应各不相同:在政府监督下,目光短浅的管理者倾向于战略性地、谨慎地披露信息,限制了透明度;相比之下,在分析师的审查下,它们表现出更高水平的ESG披露,这表明市场力量在缓解短期偏见方面发挥了更有效的作用。这些发现强调了制度背景在塑造CEO时间取向对ESG披露的影响方面的重要性。该研究为行为性公司治理的相关文献做出了贡献,并为中国等新兴市场的监管机构、董事会和投资者提供了实用的见解。
本文章由计算机程序翻译,如有差异,请以英文原文为准。
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来源期刊
CiteScore
17.20
自引率
16.30%
发文量
189
期刊介绍: Corporate Social Responsibility and Environmental Management is a journal that publishes both theoretical and practical contributions related to the social and environmental responsibilities of businesses in the context of sustainable development. It covers a wide range of topics, including tools and practices associated with these responsibilities, case studies, and cross-country surveys of best practices. The journal aims to help organizations improve their performance and accountability in these areas. The main focus of the journal is on research and practical advice for the development and assessment of social responsibility and environmental tools. It also features practical case studies and evaluates the strengths and weaknesses of different approaches to sustainability. The journal encourages the discussion and debate of sustainability issues and closely monitors the demands of various stakeholder groups. Corporate Social Responsibility and Environmental Management is a refereed journal, meaning that all contributions undergo a rigorous review process. It seeks high-quality contributions that appeal to a diverse audience from various disciplines.
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