对ESG情绪的行为反应：来自不同亚太市场的证据

IF 6.9 2区经济学 Q1 BUSINESS, FINANCE

Finance Research Letters Pub Date : 2025-08-15 DOI:10.1016/j.frl.2025.108204

Jia Liu , Hao-Wen Chang , Chih-Yung Lin , Pi-Hsia Yen

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引用次数: 0

摘要

本研究考察了亚太市场对环境、社会和治理（ESG）信息的反应及其对企业杠杆的影响。除了一般的前瞻性评级外，我们还采用了一个新颖的数据库，即Refinitiv的MarketPsych，来及时反映投资者对公司ESG的看法。使用2005-2021年的面板数据，我们发现公司的ESG使杠杆率增加了约1.3%。这种影响主要由日本、香港和新加坡等发达经济体主导。为缓解内生担忧，我们实施了一项涵盖2015年《巴黎协定》的准实验。我们将ESG得分超过中位数的公司定义为处理公司，结果表明处理公司在达成协议后显著增加了杠杆率，表明投资者对可持续性的敏感性增加。在ESG的支柱中，环境和治理因素的影响强于社会因素。我们的研究结果强调了行为机制和制度背景在塑造ESG绩效与资本结构决策之间关系中的作用。

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Behavioral reactions to ESG sentiment: Evidence from heterogeneous Asia-pacific markets

This study examines how Asia-Pacific markets respond to environmental, social, and governance (ESG) information and its effect on corporate leverage. Apart from a general backward-looking rating, we adopt a novel database, Refinitiv's MarketPsych, to proxy timely investors' sentiment toward firms' ESG. Using panel data spanning 2005–2021, we find that firms’ ESG increases leverage by about 1.3 percent. This effect is mainly dominated by developed economies such as Japan, Hong Kong, and Singapore. To alleviate endogenous concerns, we implement a quasi-experiment encompassing the 2015 Paris Agreement. Defining a firm with an ESG score over the median as treatment, we show that treated firms significantly increase leverage after the agreement, indicating increased investor sensitivity to sustainability. Among ESG pillars, environmental and governance factors have a stronger influence than social factors. Our findings emphasize the role of behavioral mechanisms and institutional context in shaping the relationship between ESG performance and capital structure decisions.

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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

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