绿色基金投资者与环境、社会和公司治理绩效：来自中国的证据

IF 4.8 2区经济学 Q1 BUSINESS, FINANCE

Pacific-Basin Finance Journal Pub Date : 2024-09-27 DOI:10.1016/j.pacfin.2024.102546

Yumeng Zhang , Xiong Xiong , Ya Gao

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引用次数: 0

摘要

利用彭博数据库的ESG评分和人工筛选的绿色基金投资者数据，我们研究了绿色基金投资者对中国A股ESG表现的影响。我们发现，关注可持续发展的基金投资者的持股能够改善公司的环境、社会和公司治理绩效，而这种改善在国有企业、重污染行业和绿色政策公布后更为明显。考虑到反向因果关系的内生性问题和样本选择偏差，我们的研究结果是稳健的。此外，绿色基金投资者的持股有利于公司作为绿色指数成份股的地位及其长期财务表现。此外，机制检验揭示了这一改善的影响渠道，并支持长期绿色基金投资者自身改善公司的环境、社会和公司治理绩效，并通过吸引其他长期投资者和新的共同基金投资者，以及增加媒体监督压力水平来改善公司的环境、社会和公司治理绩效。本文有助于弄清机构控股对企业环境、社会和治理发展的影响，并进一步指出这种影响的来源。

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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Green fund investors and ESG performance: Evidence from China

Using the ESG scores from the Bloomberg Database and the manually filtered green fund investor data, we study the influence of green fund investors on the Chinese A-shares' ESG performance. As we have found, the holding of fund investors who pay attention to sustainable development can improve the firm's ESG performance, and this improvement is more pronounced in state-owned enterprises, heavily polluting industries, and after the green policy announcement. Our findings are robust after considering the reverse causality endogeneity concern and sample selection bias. In addition, the holdings of green fund investors favor the company's status as a green index constituent and its long-term financial performance. Further, the mechanism test reveals the influencing channel of this improvement and supports that it is long-term green fund investors themselves improving the firms' ESG performance and can improve a firm's ESG performance by attracting other long-term investors and new mutual fund investors, and increasing the level of media scrutiny pressure. Our paper contributes to figuring out the impact of institutional holding on ESG development and further points out the source of this influence.

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来源期刊

Pacific-Basin Finance Journal BUSINESS, FINANCE-

CiteScore

6.80

自引率

6.50%

发文量

157

期刊介绍： The Pacific-Basin Finance Journal is aimed at providing a specialized forum for the publication of academic research on capital markets of the Asia-Pacific countries. Primary emphasis will be placed on the highest quality empirical and theoretical research in the following areas: • Market Micro-structure; • Investment and Portfolio Management; • Theories of Market Equilibrium; • Valuation of Financial and Real Assets; • Behavior of Asset Prices in Financial Sectors; • Normative Theory of Financial Management; • Capital Markets of Development; • Market Mechanisms.