企业网站访问能提高ESG评级吗?

IF 1.8 4区 经济学 Q2 BUSINESS, FINANCE
Songlian Tang, Lingfei He, Lei Meng, Chengchi Liu
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引用次数: 0

摘要

随着环境、社会和治理(ESG)成为越来越受欢迎的投资筛选标准,ESG绩效的驱动因素引起了广泛利益相关者的关注。在本研究中,我们使用中国上市公司网站访问的独特数据集来测试企业网站访问是否可以提高ESG评级。我们发现,企业实地考察可以提高上市公司的ESG绩效,即使在加入一系列控制变量、替代模型规范和考虑内生性问题后,这一绩效仍然稳健。这一效应归因于ESG信息披露与公司内部控制质量的中介作用。我们还发现,在实地考察中,与ESG相关的讨论越多,管理者就能更好地学习如何提高公司的ESG绩效。此外,有证据表明,在未接受四大会计师事务所审计、未交叉上市以及有合格境外机构投资者参与的公司中,实地考察对ESG的积极影响更为明显。总体而言,本文为文献提供了补充证据,证明实地考察是投资者和公司管理层之间沟通的重要平台,这对激励管理者提供更好的ESG绩效具有深远的影响。我们的研究结果也为监管机构在上市公司促进和实施ESG提供了实践和政策启示。
本文章由计算机程序翻译,如有差异,请以英文原文为准。
Can Corporate Site Visits Improve ESG Ratings?

As environmental, social, and governance (ESG) becomes an increasingly popular criterion for investment screening, drivers of ESG performance have attracted attention from a wide range of stakeholders. In this study, we test whether corporate site visits can improve ESG ratings using a unique dataset of site visits from Chinese listed firms. We find that corporate site visits can lead to improved ESG performance for listed firms, which is robust even after adding a series of control variables, alternative model specifications, and accounting for endogeneity issues. This effect is attributed to the mediating effects of ESG information disclosure and corporate internal control quality. We also find that the more ESG-related discussion during site visits the better managers learn to improve ESG performance of their firms. Furthermore, there is evidence that the positive effect of site visits on ESG are more pronounced among firms that are not audited by Big Four accounting firms, not cross-listed, and when Qualified Foreign Institutional Investors are involved. Overall, this paper contributes to the literature by providing complementary evidence that site visits are an important platform for communicating between investors and corporate management, which can have profound implications on incentivizing managers to deliver better ESG performance. Our findings also offer practical and policy implications to regulators on the promotion and implementation of ESG in listed firms.

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来源期刊
CiteScore
2.60
自引率
20.00%
发文量
36
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