【讲座时间】2023年8月24日 10:00
【讲座地点】会计学院108室
【讲座主题】Shareholder value implications of supply chain ESG performance: Evidence from negative incidents
【嘉宾介绍】Aaron Yoon，西北大学会计与信息管理助理教授
Professor Aaron Yoon is interested in how to account for a firm's Environment Social Governance (ESG) efforts and integrate the information into portfolio decision making process. According to the Financial Times, his research on ESG was a turning point on how investors viewed and integrated ESG information and the methodologies suggested in his works have been widely implemented by asset managers. His work has been regularly cited in other outlets such as Bloomberg, Forbes, The New York Times, and The Wall Street Journal.
He also won multiple awards for his research and teaching, including the Responsible Business Education Award from the Financial Times, Best 40 Under 40 Professors Recognition from Poets & Quants, Crowell Prize for Best Paper in Quantitative Investing from PanAgora Asset Management, Chair's Core Teaching Award from Northwestern Kellogg, Best Dissertation Award from the American Accounting Association, and Graham and Dodd Scroll Award from the CFA Institute.
Professor Yoon earned his Doctorate from Harvard University and his master’s and bachelor’s from Northwestern University. Prior to academia, he worked as an equities salestrader and a research analyst at Credit Suisse.
【内容提要】
This paper examines the long-term value implications of supply chain ESG performance. We find that firms with fewer supply chain ESG incidents exhibit higher future stock returns and accounting performance. We also find that robust supply chain ESG creates value by (i) enhancing supply chain stability, (ii) attracting pro-social stakeholders, and (iii) hedging regulatory risk. Further, we find evidence that the signal about supply chain ESG is initially mispriced due to the lack of supply chain disclosure and high information acquisition costs. Overall, we highlight the net benefits of robust supply chain ESG performance and inform regulators and investors about the implications of relevant disclosure.
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