ESG评级差异、投资者反应与管理短视行为

IF 6.9 2区经济学 Q1 BUSINESS, FINANCE

Finance Research Letters Pub Date : 2025-09-29 DOI:10.1016/j.frl.2025.108587

Yufeng Chen , Yi Liu , Chuwen Wang

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引用次数: 0

摘要

本文考察了2015 - 2023年中国a股上市公司ESG评级差异对管理层短视行为的影响。分析发现，ESG分化与管理者短视行为呈显著负相关，投资者负面情绪和机构持股减少是潜在的传导渠道。值得注意的是，绿色投资者的存在放大了ESG差异对管理短视行为的抑制作用，而信息不对称则减轻了这种抑制作用。进一步研究了市场竞争、管理层股权激励和环境信息披露质量的更详细作用。研究结果提供了ESG评级差异的公司治理动态。

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ESG rating divergence, investor responses, and managerial myopic behavior

This paper examines how ESG ratings divergence affects managerial myopic behaviors among Chinese A-share listed firms from 2015 to 2023. The analysis reveals a statistically inverse association between ESG divergence and managerial myopic behaviors, and the negative investor sentiment and reduced institutional ownership serve as potential transmission channels. Notably, the presence of green investors amplifies the dampening effect of ESG divergence on managerial myopic behaviors, whereas information asymmetry mitigates it. The more detailed roles of market competition, managerial equity incentives, and environmental disclosure quality are further examined. The results offer corporate governance dynamics of ESG rating divergence.

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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