【讲座时间】2023年12月19日 14:00
【讲座地点】会计学院108室
【讲座主题】Do firms respond to calls for environmental improvements made by retail investor? Evidence from pollution appeals on investor platforms in China
【嘉宾介绍】黄德尊，南加州大学教授
T.J. Wong is a professor at the University of Southern California Marshall School of Business. His research focuses on the institutions and corporate governance of listed firms in emerging markets. He has published extensively in top accounting journals, including TAR,JAR,JAE,CAR.He is serving as an associate editor of Management Science and editorial board member of a number of accounting journals. Prior to joining USC, he served as the Dean of the CUHK Business School at the Chinese University of Hong Kong.
【内容提要】
Retail investors have become more vocal in pressuring firms to improve their environmental performance, yet little is known about whether and when firms respond to these pressures. We conduct a field experiment on investor online platforms where we inject investor pressure by posting requests for environmental improvement among firms found in violation of pollution standards in China. We find that retail investor pressure can reduce subsequent violations by 4.2%. Amplifying the publicity of the appeal through social media leads to greatest reduction in subsequent violations, while calling for more disclosure has no incremental effect on violation reduction. We find significant within-firm spillover effects to other establishments and to other pollutant sources. The finding suggests that retail investor pressure can lead to improvements by changing firms’ perception of investor’s demand for environmental performance.
