ESG评级机构和投资者对收益消息的反应

IF 2.9 3区 管理学 Q2 BUSINESS, FINANCE
Qingyuan Li , Albert Tsang , Qiong Wu , Xi Xiong
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引用次数: 0

摘要

我们研究了评级机构提供的环境、社会和治理(ESG)信息对投资者对收益新闻的反应的影响。基于三家主要评级机构提供的ESG评级,我们证明了企业的盈余反应系数(ERCs)与ESG评级机构的覆盖起始、覆盖强度和评级分散度呈正相关。我们的证据进一步表明,在信息环境较弱的公司中,ESG信息对erc的积极影响更为明显。此外,ESG评级机构在加强股市对正面收益消息的反应方面往往比在负面收益消息方面发挥更重要的作用。我们还证明,对于拥有更高质量ESG评级的公司,以及面临更激烈竞争的ESG评级机构所涵盖的公司,主要影响更强。总的来说,我们的研究结果支持这样的观点,即ESG评级机构提供的ESG信息通过帮助投资者评估公司未来的财务业绩和盈利可持续性,显著增强了股市对盈利消息的反应。
本文章由计算机程序翻译,如有差异,请以英文原文为准。
ESG rating agencies and investors’ reactions to earnings news
We examine the effect of environmental, social, and governance (ESG) information provided by rating agencies on investors’ reactions to earnings news. Based on ESG ratings provided by three major rating agencies, we present evidence that firms’ earnings response coefficients (ERCs) are positively correlated with the initiation of coverage, intensity of coverage, and rating dispersion of ESG rating agencies. Our evidence further suggests that the positive effect of ESG information on ERCs is more pronounced for firms that operate within a weaker information environment. In addition, ESG rating agencies tend to play a more important role in strengthening the stock market reaction to positive earnings news than that to negative earnings news. We also document that the main effects are stronger for firms that have higher-quality ESG ratings and are covered by ESG rating agencies facing more intense competition. Collectively, our results support the view that the ESG information made available by ESG rating agencies significantly enhances the stock market reaction to earnings news by aiding investors’ assessment of firms’ future financial performance and earnings sustainability.
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来源期刊
CiteScore
6.00
自引率
3.00%
发文量
24
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