推动ESG投资增长的法律因素：来自跨境监管改革的证据

IF 7.4 2区经济学 Q1 BUSINESS, FINANCE

Finance Research Letters Pub Date : 2025-07-12 DOI:10.1016/j.frl.2025.107973

Conghao Huang , Ran Mo

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引用次数: 0

摘要

基于2001年至2023年欧盟国家的面板数据，本文评估了跨境监管改革对ESG投资增长的影响，重点关注2014年非财务报告指令（NFRD）的实施。通过构建ESG投资增长指标体系，采用差异中差异模型，研究发现监管改革显著提升了ESG投资水平。稳健性检查和工具变量的使用证实了结果的稳定性和因果关系。异质性分析表明，在人口老龄化程度不同的国家，跨境监管改革对ESG投资增长的影响存在显著差异。

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Legal factors driving ESG investment growth: Evidence from cross-border regulatory reforms

Based on panel data from EU countries from 2001 to 2023, this paper evaluates the impact of cross-border regulatory reform on ESG investment growth, focusing on the implementation of the 2014 Non-Financial Reporting Directive (NFRD). By constructing an ESG investment growth indicator system and employing a difference-in-differences model, the study finds that regulatory reform has significantly enhanced ESG investment levels. Robustness checks and the use of instrumental variables confirm the stability and causality of the results. Heterogeneity analysis indicates that the impact of cross-border regulatory reform on ESG investment growth varies significantly among countries with different levels of population aging.

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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