环境、社会和公司治理分歧对香港上市公司财务状况的影响：人工神经网络方法

IF 6.3 2区经济学 Q1 BUSINESS, FINANCE

Research in International Business and Finance Pub Date : 2024-10-09 DOI:10.1016/j.ribaf.2024.102616

Louis T.W. Cheng , Tsun Se Cheong , Michal Wojewodzki , David Chui

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引用次数: 0

摘要

本文采用先进的机器学习算法--人工神经网络（ANN），对2019-2021年期间在香港联合交易所（港交所）上市的所有ESG得分公司的公司层面特征与ESG表现之间的线性和非线性效应进行研究。为减少因单一评级机构的评级偏差而导致的特定数据结果问题，我们采用了新颖的 iScore（经分歧调整的 ESG 指标）。研究结果表明，传统的线性回归模型不适合捕捉非线性效应和检测某些线性关系。此外，研究结果表明，自组织图（SOM）ANN 框架在解释公司层面因素对 ESG 表现的影响方面具有优势。

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The effect of ESG divergence on the financial performance of Hong Kong-listed firms: An artificial neural network approach

This paper applies an advanced machine learning algorithm, the Artificial Neural Network (ANN), to examine both linear and nonlinear effects between firm-level characteristics and ESG performance of all firms listed on the Hong Kong Stock Exchange (HKEX) with ESG scores during 2019–2021. To mitigate the problem of data-specific findings due to rating bias from a single rating agency, we employ novel iScore (divergence-adjusted ESG measure). The documented findings indicate the unsuitability of traditional linear regression models to capture the nonlinear effects and to detect some linear relationships. Furthermore, the results show the superiority of the self-organising map (SOM) ANN framework in explaining the impact of firm-level factors on ESG performance.

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来源期刊

Research in International Business and Finance BUSINESS, FINANCE-

CiteScore

11.20

自引率

9.20%

发文量

240

期刊介绍： Research in International Business and Finance (RIBAF) seeks to consolidate its position as a premier scholarly vehicle of academic finance. The Journal publishes high quality, insightful, well-written papers that explore current and new issues in international finance. Papers that foster dialogue, innovation, and intellectual risk-taking in financial studies; as well as shed light on the interaction between finance and broader societal concerns are particularly appreciated. The Journal welcomes submissions that seek to expand the boundaries of academic finance and otherwise challenge the discipline. Papers studying finance using a variety of methodologies; as well as interdisciplinary studies will be considered for publication. Papers that examine topical issues using extensive international data sets are welcome. Single-country studies can also be considered for publication provided that they develop novel methodological and theoretical approaches or fall within the Journal''s priority themes. It is especially important that single-country studies communicate to the reader why the particular chosen country is especially relevant to the issue being investigated. [...] The scope of topics that are most interesting to RIBAF readers include the following: -Financial markets and institutions -Financial practices and sustainability -The impact of national culture on finance -The impact of formal and informal institutions on finance -Privatizations, public financing, and nonprofit issues in finance -Interdisciplinary financial studies -Finance and international development -International financial crises and regulation -Financialization studies -International financial integration and architecture -Behavioral aspects in finance -Consumer finance -Methodologies and conceptualization issues related to finance