ESG新闻，未来现金流和公司价值

IF 9.5 1区经济学 Q1 BUSINESS, FINANCE

Journal of Finance Pub Date : 2025-09-30 DOI:10.1111/jofi.13498

FRANÇOIS DERRIEN, PHILIPP KRÜGER, AUGUSTIN LANDIER, TIANHAO YAO

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引用次数: 0

摘要

我们调查了负面的环境、社会和治理（ESG）新闻对公司未来利润的预期后果。在得知负面的ESG消息后，分析师大幅下调了他们的短期和长期预测。与其他类型的企业负面消息相比，ESG负面消息对长期预测的影响更大。在负面ESG消息发布后，对收益预测的负面修正主要反映了对未来销售额下降的预期，而不是对未来成本上升的预期。从数量上讲，预测修正可以解释ESG新闻对公司价值的大部分负面影响。在ESG方面出现负面消息后，分析师下调预期是正确的。

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ESG News, Future Cash Flows, and Firm Value

We investigate the expected consequences of negative environmental, social, and governance (ESG) news on firms' future profits. After learning about negative ESG news, analysts significantly downgrade their forecasts at short and longer horizons. Negative ESG news affects forecasts more strongly at longer horizons than other types of negative corporate news. The negative revisions of earnings forecasts following negative ESG news largely reflect expectations of lower future sales, rather than higher future costs. Quantitatively, forecast revisions can explain most of the negative impacts of ESG news on firm value. Analysts are correct to revise forecasts downward following negative ESG news.

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来源期刊

Journal of Finance Multiple-

CiteScore

12.90

自引率

2.50%

发文量

期刊介绍： The Journal of Finance is a renowned publication that disseminates cutting-edge research across all major fields of financial inquiry. Widely regarded as the most cited academic journal in finance, each issue reaches over 8,000 academics, finance professionals, libraries, government entities, and financial institutions worldwide. Published bi-monthly, the journal serves as the official publication of The American Finance Association, the premier academic organization dedicated to advancing knowledge and understanding in financial economics. Join us in exploring the forefront of financial research and scholarship.