ESG News, Future Cash Flows, and Firm Value

IF 9.5 1区经济学 Q1 BUSINESS, FINANCE

Journal of Finance Pub Date : 2025-09-30 DOI:10.1111/jofi.13498

FRANÇOIS DERRIEN, PHILIPP KRÜGER, AUGUSTIN LANDIER, TIANHAO YAO

引用次数: 0

Abstract

We investigate the expected consequences of negative environmental, social, and governance (ESG) news on firms' future profits. After learning about negative ESG news, analysts significantly downgrade their forecasts at short and longer horizons. Negative ESG news affects forecasts more strongly at longer horizons than other types of negative corporate news. The negative revisions of earnings forecasts following negative ESG news largely reflect expectations of lower future sales, rather than higher future costs. Quantitatively, forecast revisions can explain most of the negative impacts of ESG news on firm value. Analysts are correct to revise forecasts downward following negative ESG news.

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ESG新闻，未来现金流和公司价值

我们调查了负面的环境、社会和治理（ESG）新闻对公司未来利润的预期后果。在得知负面的ESG消息后，分析师大幅下调了他们的短期和长期预测。与其他类型的企业负面消息相比，ESG负面消息对长期预测的影响更大。在负面ESG消息发布后，对收益预测的负面修正主要反映了对未来销售额下降的预期，而不是对未来成本上升的预期。从数量上讲，预测修正可以解释ESG新闻对公司价值的大部分负面影响。在ESG方面出现负面消息后，分析师下调预期是正确的。

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

Journal of Finance Multiple-

CiteScore

12.90

自引率

2.50%

发文量

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