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引用次数: 0
摘要
本研究采用新颖的企业环境、社会和治理概况来研究中国环境和社会（ES）丑闻的行业效应。研究结果表明，在丑闻公布期间，竞争对手公司的股票价格明显下跌。此外，我们还发现，在丑闻发生的五天内，竞争对手的环境和社会绩效与异常回报之间存在明显的正相关关系。这种相关性在披露 ES 信息的竞争对手中更为明显。此外，相对于表现优异的竞争对手，ES 表现较弱的竞争对手在第二年的 ES 表现会显著提升，这主要是由于在行业丑闻中感知到了 ES 的价值。研究结果还强调了国家所有权、外部治理环境和行业竞争通过风险渠道对经济丑闻溢出效应的影响。
Industry effects of corporate environmental and social scandals: Evidence from China
This study employs novel corporate environmental, social, and governance profiles to investigate the industry effects of environmental and social (ES) scandals in China. The findings reveal a notable decrease in stock prices for rival firms during scandal announcements. Further, we document a significant, positive correlation between rivals' ES performance and the abnormal returns over a five-day period surrounding the scandals. This correlation is more pronounced in rivals that disclose ES information. Additionally, relative to high-performing rivals, those with weaker ES performance significantly enhance their ES performance in the following year, driven by the perceived ES value in industry scandals. The findings also underscore the influence of state ownership, external governance environment, and industry competition on the spillover effects of ES scandals via risk channels.
期刊介绍：
The International Review of Financial Analysis (IRFA) is an impartial refereed journal designed to serve as a platform for high-quality financial research. It welcomes a diverse range of financial research topics and maintains an unbiased selection process. While not limited to U.S.-centric subjects, IRFA, as its title suggests, is open to valuable research contributions from around the world.
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