企业可持续发展:重要性的模型不确定性分析

IF 2.3 Q2 BUSINESS, FINANCE
L. Berchicci, Andrew King
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引用次数: 4

摘要

三十多年来,学者们一直在研究企业可持续性与财务绩效之间的关系。2016年,Khan、Serafeim和Yoon发表了一项似乎是这一探索的重大突破:可持续会计准则委员会(SASB)的指导方针使可持续性衡量尺度的形成能够有力地预测股票回报。他们的论文被广泛解读为证明了企业可持续性与财务绩效之间存在真正的联系,但用作者的话来说,这只是“初步证据”。在本文中,我们通过“模型不确定性分析”进一步探讨了材料可持续性与股票收益之间的关系。我们重现了2016年的估计,但表明它既容易受到假设变化的影响,也不具有大多数合理模型结果的代表性。从我们的整体分析中,我们推断,对于一个流行的企业可持续发展数据来源,对重要性的准确指导可能很难实现。
本文章由计算机程序翻译,如有差异,请以英文原文为准。
Corporate Sustainability: A Model Uncertainty Analysis of Materiality
For more than thirty years, scholars have investigated the connection between corporate sustainability and financial performance.  In 2016, Khan, Serafeim, and Yoon published what appeared to be a major breakthrough in this quest: guidance from the Sustainability Accounting Standards Board (SASB) enabled the formation of scales of sustainability measures that robustly predicted stock returns.  Their publication is widely interpreted as evidencing a real connection between corporate sustainability and financial performance, but remains, in its authors’ words, just “first evidence”.  In this article, we further explore the relationship between material-sustainability and stock return by performing a “model uncertainty analysis”.  We reproduce the 2016 estimate, but show it is both fragile to changes in assumptions and unrepresentative of results from most reasonable models.  We infer from the totality of our analysis, that for one popular source of data on corporate sustainability, accurate guidance on materiality may be difficult to achieve.
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来源期刊
Journal of Financial Reporting
Journal of Financial Reporting BUSINESS, FINANCE-
自引率
6.70%
发文量
19
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