光华讲坛

主题：ESG Reporting Divergence ESG（信息披露差异）

主讲人：新加坡管理大学 Yun Lou副教授

主持人：威尼斯wns888app下载 陈磊 教授

时间：2023年5月9日上午10:30-12:00

地点：威尼斯wns888app下载柳林校区诚正楼841

主办单位：威尼斯wns888app下载 国际交流与合作处 科研处

主讲人简介：

Yun Lou获LBS会计博士学位，目前是新加坡管理大学副教授。Lou教授的研究曾在TAR、MS、JAR、RAST等国际顶级期刊上发表。Lou教授的研究兴趣覆盖资本市场、信息披露等领域。

内容简介：

在本文中，我们首次对美国公司ESG报告差异的后果进行了大样本实证分析。我们根据公司之间ESG报告的差异构建并验证了ESG报告差异度量。我们发现，与其他公司对相比，使用相同ESG报告框架、规模相似、ESG绩效相似的公司对的成本更低。我们发现，ESG报告分歧与ESG评级分歧呈正相关，并削弱了ESG评级与ESG基金配置之间的正相关。这些结果表明，ESG报告差异降低了ESG报告对ESG评级提供商和ESG基金经理的有用性。此外，我们发现ESG报告的差异降低了投资者对负面ESG新闻动态的反应。最后，我们使用可能受到欧盟ESG报告监管影响的美国公司样本来证实我们的发现。

In this paper, we provide the first large-sample empirical analysis of the consequences of ESG reporting divergence among U.S. firms. We construct and validate an ESG reporting divergence measure based on the dissimilarities in ESG reporting across firms. We find it to be lower for firm-pairs using the same ESG reporting framework, with similar size, and with similar ESG performance than for other firm-pairs. We find that ESG reporting divergence is positively associated with ESG rating disagreement and weakens the positive association between ESG ratings and ESG fund allocation. These results indicate that ESG reporting divergence reduces the usefulness of ESG reporting for ESG rating providers and ESG fund managers. Furthermore, we find that ESG reporting divergence reduces investors’ reaction to negative ESG news. Finally, we corroborate our findings using a sample of U.S. firms that are likely affected by the EU ESG reporting regulation.