{"title":"ESG和管理者诚信:来自中国的证据","authors":"Wendai Lv, Qiuchi Meng, Zhixia Gan, Shilu Sun","doi":"10.1016/j.iref.2025.104133","DOIUrl":null,"url":null,"abstract":"<div><div>This paper investigates the role of management integrity in determining the quality of Environmental, Social, and Governance (ESG) disclosures. We first derive a measure of management integrity from the Management Discussion and Analysis (MD&A) section of annual financial statements using textual analysis and machine learning techniques. We then conduct baseline regressions and a series of robustness tests. Our empirical findings reveal a positive relationship between management integrity and ESG scores, particularly in the environmental and social dimensions. This research emphasizes the importance of non-financial information in investor assessments and highlights the critical role of management integrity in the effective implementation of ESG strategies.</div></div>","PeriodicalId":14444,"journal":{"name":"International Review of Economics & Finance","volume":"101 ","pages":"Article 104133"},"PeriodicalIF":4.8000,"publicationDate":"2025-05-12","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":"0","resultStr":"{\"title\":\"ESG and Manager integrity: Evidence from China\",\"authors\":\"Wendai Lv, Qiuchi Meng, Zhixia Gan, Shilu Sun\",\"doi\":\"10.1016/j.iref.2025.104133\",\"DOIUrl\":null,\"url\":null,\"abstract\":\"<div><div>This paper investigates the role of management integrity in determining the quality of Environmental, Social, and Governance (ESG) disclosures. We first derive a measure of management integrity from the Management Discussion and Analysis (MD&A) section of annual financial statements using textual analysis and machine learning techniques. We then conduct baseline regressions and a series of robustness tests. Our empirical findings reveal a positive relationship between management integrity and ESG scores, particularly in the environmental and social dimensions. This research emphasizes the importance of non-financial information in investor assessments and highlights the critical role of management integrity in the effective implementation of ESG strategies.</div></div>\",\"PeriodicalId\":14444,\"journal\":{\"name\":\"International Review of Economics & Finance\",\"volume\":\"101 \",\"pages\":\"Article 104133\"},\"PeriodicalIF\":4.8000,\"publicationDate\":\"2025-05-12\",\"publicationTypes\":\"Journal Article\",\"fieldsOfStudy\":null,\"isOpenAccess\":false,\"openAccessPdf\":\"\",\"citationCount\":\"0\",\"resultStr\":null,\"platform\":\"Semanticscholar\",\"paperid\":null,\"PeriodicalName\":\"International Review of Economics & Finance\",\"FirstCategoryId\":\"96\",\"ListUrlMain\":\"https://www.sciencedirect.com/science/article/pii/S1059056025002965\",\"RegionNum\":2,\"RegionCategory\":\"经济学\",\"ArticlePicture\":[],\"TitleCN\":null,\"AbstractTextCN\":null,\"PMCID\":null,\"EPubDate\":\"\",\"PubModel\":\"\",\"JCR\":\"Q1\",\"JCRName\":\"BUSINESS, FINANCE\",\"Score\":null,\"Total\":0}","platform":"Semanticscholar","paperid":null,"PeriodicalName":"International Review of Economics & Finance","FirstCategoryId":"96","ListUrlMain":"https://www.sciencedirect.com/science/article/pii/S1059056025002965","RegionNum":2,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":null,"EPubDate":"","PubModel":"","JCR":"Q1","JCRName":"BUSINESS, FINANCE","Score":null,"Total":0}
This paper investigates the role of management integrity in determining the quality of Environmental, Social, and Governance (ESG) disclosures. We first derive a measure of management integrity from the Management Discussion and Analysis (MD&A) section of annual financial statements using textual analysis and machine learning techniques. We then conduct baseline regressions and a series of robustness tests. Our empirical findings reveal a positive relationship between management integrity and ESG scores, particularly in the environmental and social dimensions. This research emphasizes the importance of non-financial information in investor assessments and highlights the critical role of management integrity in the effective implementation of ESG strategies.
期刊介绍:
The International Review of Economics & Finance (IREF) is a scholarly journal devoted to the publication of high quality theoretical and empirical articles in all areas of international economics, macroeconomics and financial economics. Contributions that facilitate the communications between the real and the financial sectors of the economy are of particular interest.