机构投资者ESG关注对企业ESG披露的影响：来自实地考察的证据

IF 6.9 2区经济学 Q1 BUSINESS, FINANCE

Finance Research Letters Pub Date : 2025-02-13 DOI:10.1016/j.frl.2025.106957

Jun Huang , Feifei Han , Yun Li

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引用次数: 0

摘要

本文采用文本分析的方法，通过在实地考察中识别与ESG相关的问题，探讨机构投资者的ESG关注是否以及如何影响公司的ESG披露。研究结果表明，机构投资者在实地考察中提出的ESG关注激励了企业改善ESG披露。我们进一步发现，长期机构投资者的持股比例、董事会秘书的能力和分析师的关注程度都增强了这种正相关关系。这些发现表明，机构投资者直接与管理层沟通，以传达其ESG信息需求，并激励公司加强其ESG披露。

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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The impact of institutional investors’ ESG concerns on corporate ESG disclosure: Evidence from site visits

This paper uses textual analysis to investigate whether and how institutional investors’ ESG concerns influence firms’ ESG disclosure by identifying ESG-related questions during site visits. The findings show that institutional investors’ ESG concerns raised during site visits inspire firms to improve ESG disclosure. We further find that this positive relationship is enhanced by the shareholding of long-term institutional investors, the board secretary's ability, and analyst attention. These findings suggest that institutional investors communicate directly with management to convey their ESG information demands and motivate firms to enhance their ESG disclosures.

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来源期刊

Finance Research Letters BUSINESS, FINANCE-

CiteScore

11.10

自引率

14.40%

发文量

863

期刊介绍： Finance Research Letters welcomes submissions across all areas of finance, aiming for rapid publication of significant new findings. The journal particularly encourages papers that provide insight into the replicability of established results, examine the cross-national applicability of previous findings, challenge existing methodologies, or demonstrate methodological contingencies. Papers are invited in the following areas: Actuarial studies Alternative investments Asset Pricing Bankruptcy and liquidation Banks and other Depository Institutions Behavioral and experimental finance Bibliometric and Scientometric studies of finance Capital budgeting and corporate investment Capital markets and accounting Capital structure and payout policy Commodities Contagion, crises and interdependence Corporate governance Credit and fixed income markets and instruments Derivatives Emerging markets Energy Finance and Energy Markets Financial Econometrics Financial History Financial intermediation and money markets Financial markets and marketplaces Financial Mathematics and Econophysics Financial Regulation and Law Forecasting Frontier market studies International Finance Market efficiency, event studies Mergers, acquisitions and the market for corporate control Micro Finance Institutions Microstructure Non-bank Financial Institutions Personal Finance Portfolio choice and investing Real estate finance and investing Risk SME, Family and Entrepreneurial Finance