【讲座时间】2023年11月23日 14:00
【讲座地点】会计学院108室
【讲座主题】Flight to ESG Transparency: Evidence from Foreign Government Procurement Contracts
【嘉宾介绍】孙成竹，香港理工大学助理教授
Chengzhu Sun is an Assistant Professor of School of Accounting and Finance, The Hong Kong Polytechnic University. Ph.D. degree in accounting in 2021 and master degree in environment in 2016 from The Hong Kong University of Science and Technology. She also visited Columbia University for one semester during the PhD study. Her research interests center on information economics, regulations/laws, and ESG, and she teaches ESG investment and green finance at master level. Her publications have been published or accepted by Review of Financial Studies, Accounting Review, Management Science, and Contemporary Accounting Research.
【内容提要】
This study examines whether improved environmental, social, and governance (ESG) transparency enhances firms’ competitiveness for foreign government procurement contracts. Exploiting the staggered adoption of mandatory ESG disclosure requirements across countries, we find that, following the ESG disclosure mandate, firms in the treated countries are more likely to receive foreign governments’ procurement contracts and contracts with higher values than their counterparts in the control countries. This effect is more pronounced for green contracts, suppliers with enhanced ESG disclosure quality after the mandate, and purchasing governments exhibiting a higher degree of ESG consciousness. Moreover, the effect is stronger when suppliers face more intensive competition. Channel tests indicate that the ESG disclosure mandate affects global allocation of government procurements through two channels: increased ESG disclosure and improved ESG performance. Our findings shed light on the role of ESG transparency in contracting with foreign governments.
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