私募股权投资行业的 ESG 披露

IF 4.9 2区管理学 Q1 BUSINESS, FINANCE

Journal of Accounting Research Pub Date : 2024-08-28 DOI:10.1111/1475-679X.12570

JEFFERSON ABRAHAM, MARCEL OLBERT, FLORIN VASVARI

{"title":"私募股权投资行业的 ESG 披露","authors":"JEFFERSON ABRAHAM, MARCEL OLBERT, FLORIN VASVARI","doi":"10.1111/1475-679X.12570","DOIUrl":null,"url":null,"abstract":"<p>This paper offers the first systematic evidence on environmental, social, and governance (ESG) disclosures provided by a large global sample of private equity (PE) firms. Using historical websites from 2000 to 2022, we develop and validate a novel dictionary-based measure of voluntary PE firm ESG disclosures. Descriptive statistics reveal an increasing time trend in these disclosures, with social topics becoming as important as environmental topics recently. Multivariate analyses show that the demand for ESG information from fund investors is a significant determinant of PE firms’ ESG disclosures. Leveraging data on PE firms’ portfolio companies, we document that more PE firm ESG disclosures are associated with better ESG outcomes at the portfolio company level, suggesting that voluntary ESG disclosures align with real actions for the average PE firm.</p>","PeriodicalId":48414,"journal":{"name":"Journal of Accounting Research","volume":"62 5","pages":"1611-1660"},"PeriodicalIF":4.9000,"publicationDate":"2024-08-28","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://onlinelibrary.wiley.com/doi/epdf/10.1111/1475-679X.12570","citationCount":"0","resultStr":"{\"title\":\"ESG Disclosures in the Private Equity Industry\",\"authors\":\"JEFFERSON ABRAHAM, MARCEL OLBERT, FLORIN VASVARI\",\"doi\":\"10.1111/1475-679X.12570\",\"DOIUrl\":null,\"url\":null,\"abstract\":\"<p>This paper offers the first systematic evidence on environmental, social, and governance (ESG) disclosures provided by a large global sample of private equity (PE) firms. Using historical websites from 2000 to 2022, we develop and validate a novel dictionary-based measure of voluntary PE firm ESG disclosures. Descriptive statistics reveal an increasing time trend in these disclosures, with social topics becoming as important as environmental topics recently. Multivariate analyses show that the demand for ESG information from fund investors is a significant determinant of PE firms’ ESG disclosures. Leveraging data on PE firms’ portfolio companies, we document that more PE firm ESG disclosures are associated with better ESG outcomes at the portfolio company level, suggesting that voluntary ESG disclosures align with real actions for the average PE firm.</p>\",\"PeriodicalId\":48414,\"journal\":{\"name\":\"Journal of Accounting Research\",\"volume\":\"62 5\",\"pages\":\"1611-1660\"},\"PeriodicalIF\":4.9000,\"publicationDate\":\"2024-08-28\",\"publicationTypes\":\"Journal Article\",\"fieldsOfStudy\":null,\"isOpenAccess\":false,\"openAccessPdf\":\"https://onlinelibrary.wiley.com/doi/epdf/10.1111/1475-679X.12570\",\"citationCount\":\"0\",\"resultStr\":null,\"platform\":\"Semanticscholar\",\"paperid\":null,\"PeriodicalName\":\"Journal of Accounting Research\",\"FirstCategoryId\":\"91\",\"ListUrlMain\":\"https://onlinelibrary.wiley.com/doi/10.1111/1475-679X.12570\",\"RegionNum\":2,\"RegionCategory\":\"管理学\",\"ArticlePicture\":[],\"TitleCN\":null,\"AbstractTextCN\":null,\"PMCID\":null,\"EPubDate\":\"\",\"PubModel\":\"\",\"JCR\":\"Q1\",\"JCRName\":\"BUSINESS, FINANCE\",\"Score\":null,\"Total\":0}","platform":"Semanticscholar","paperid":null,"PeriodicalName":"Journal of Accounting Research","FirstCategoryId":"91","ListUrlMain":"https://onlinelibrary.wiley.com/doi/10.1111/1475-679X.12570","RegionNum":2,"RegionCategory":"管理学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":null,"EPubDate":"","PubModel":"","JCR":"Q1","JCRName":"BUSINESS, FINANCE","Score":null,"Total":0}

引用次数: 0

摘要

本文首次提供了全球大型私募股权投资（PE）公司样本所披露的环境、社会和治理（ESG）信息的系统性证据。利用 2000 年至 2022 年的历史网站，我们开发并验证了一种基于字典的新型私募股权公司 ESG 自愿披露衡量方法。描述性统计显示，这些信息披露的时间趋势在不断增加，最近社会主题变得与环境主题同等重要。多变量分析表明，基金投资者对环境、社会和治理信息的需求是私募股权投资公司披露环境、社会和治理信息的重要决定因素。利用私募股权投资公司投资组合公司的数据，我们发现私募股权投资公司披露更多的环境、社会和公司治理信息与投资组合公司层面更好的环境、社会和公司治理结果相关联，这表明自愿的环境、社会和公司治理信息披露与一般私募股权投资公司的实际行动相一致。

本文章由计算机程序翻译，如有差异，请以英文原文为准。

ESG Disclosures in the Private Equity Industry

查看原文本刊更多论文

ESG Disclosures in the Private Equity Industry

This paper offers the first systematic evidence on environmental, social, and governance (ESG) disclosures provided by a large global sample of private equity (PE) firms. Using historical websites from 2000 to 2022, we develop and validate a novel dictionary-based measure of voluntary PE firm ESG disclosures. Descriptive statistics reveal an increasing time trend in these disclosures, with social topics becoming as important as environmental topics recently. Multivariate analyses show that the demand for ESG information from fund investors is a significant determinant of PE firms’ ESG disclosures. Leveraging data on PE firms’ portfolio companies, we document that more PE firm ESG disclosures are associated with better ESG outcomes at the portfolio company level, suggesting that voluntary ESG disclosures align with real actions for the average PE firm.

求助全文

通过发布文献求助，成功后即可免费获取论文全文。去求助

来源期刊

Journal of Accounting Research BUSINESS, FINANCE-

CiteScore

7.80

自引率

6.80%

发文量

期刊介绍： The Journal of Accounting Research is a general-interest accounting journal. It publishes original research in all areas of accounting and related fields that utilizes tools from basic disciplines such as economics, statistics, psychology, and sociology. This research typically uses analytical, empirical archival, experimental, and field study methods and addresses economic questions, external and internal, in accounting, auditing, disclosure, financial reporting, taxation, and information as well as related fields such as corporate finance, investments, capital markets, law, contracting, and information economics.