讲座题目：The Externalities of Mandatory ESG Disclosure

主讲人：梁昊 新加坡管理大学

时间：2022年11月24日周四下午2:00

地点：腾讯会议468 720 985

主办单位：999策略白菜手机论坛会计系

讲座内容摘要：

We study the potential negative externalities of mandatory environmental, social, and governance (ESG) disclosures. Our analysis exploits a unique regulatory change in China requiring a subset of firms to report their contributions to poverty alleviation—on top of reporting general ESG issues—using a difference-in-differences design. We find treated firms significantly increased their anti-poverty spending, but also increased pollutions while reduced other donations, after the mandate. We further show this effect is driven by a firm’s incentive to strategically cater to politicians’agenda to obtain preferential treatment, which leads to greater financial performance. These findings suggest that mandating ESG disclosures in selected areas may alter firm behavior to benefit shareholders and some stakeholders, at the expense of other stakeholders and societal welfare. Our study has significant policy implications on worldwide regulatory reforms mandating ESG disclosures.

主讲人简介：

梁昊博士现供职于新加坡管理大学李光前商学院（Singapore Management University, Lee Kong Chian School of Business），担任金融学副教授和李光前杰出学者、星展银行可持续发展杰出学者、巴黎银行杰出学者，以及新加坡绿色金融中心主任。他同时是欧洲公司治理学会成员、日内瓦慈善中心学术委员会成员、全球影响力与可持续投资教师联盟指导委员会成员、新加坡可持续金融标准技术委员会成员。他在荷兰蒂尔堡大学（Tilburg University）取得博士学位，并获得当年全校最佳博士论文奖。他曾是哈佛大学法学院访问学者和公司治理项目成员。梁博士的研究兴趣包括公司金融、公司治理、可持续金融、国际商务等，并在Journal of Finance, Journal of Financial Economics, Review of Finance, Management Science, Organization Science, Journal of International Business Studies, Journal of Business Venturing等金融、管理、经济等学科的国际顶级学术期刊发表论文，学术成果获得多个国际知名奖项。梁博士目前担任商科领域国际顶尖期刊《商业伦理期刊》(Journal of Business Ethics)的金融部门主编，并担任《英国会计评论》(British Accounting Review)，《亚太金融金融研究期刊》(Asia-Pacific Journal of Financial Studies)，《战略管理期刊》(Strategic Management Journal)等多家学术期刊担任副主编及编委。