British Accounting Review最新文献

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Climate change uncertainty and supply chain financing 气候变化的不确定性与供应链融资

IF 9.4 3区管理学 Q1 BUSINESS, FINANCE

British Accounting Review

Pub Date : 2025-09-01 DOI: 10.1016/j.bar.2024.101423

Zhangfan Cao , Steven Xianglong Chen , Ting Dong , Edward Lee

We examine the impact of climate change uncertainty on supply chain financing. We find that firms significantly curtail trade credit provision during periods of high climate change uncertainty. The cross-sectional variations of this effect with firm-specific factors such as vulnerability to climate change, asset redeployability, and pollution severity suggest that it is primarily driven by managerial anticipation of physical damage cost rather than regulatory cost that the uncertainty could incur. The moderation of this effect by exogenous regulatory interventions such as state-level staggered adoption of the Climate Change Adaptation Plans and the Interstate Banking and Branching Efficiency Act suggests that managerial concerns of such cost can be alleviated through the improvement of climate change preparation and external financing respectively. Overall, our study reveals that climate change undermines the financial resilience of the supply chain and provides timely policy implications for tackling climate change against the backdrop of the global supply chain crisis.

我们研究了气候变化不确定性对供应链融资的影响。我们发现，在气候变化不确定性较高的时期，企业显著减少了贸易信贷供应。这种影响与公司特定因素（如对气候变化的脆弱性、资产可重新部署性和污染严重程度）的横截面变化表明，它主要是由管理层对物理损害成本的预期驱动的，而不是不确定性可能导致的监管成本。外生监管干预（如各州交错采用《气候变化适应计划》和《州际银行和分支机构效率法》）对这种影响的缓和表明，管理层对这种成本的担忧可以分别通过改善气候变化准备和外部融资来缓解。总体而言，我们的研究表明，气候变化破坏了供应链的金融弹性，并为在全球供应链危机的背景下应对气候变化提供了及时的政策启示。

引用次数: 0

What’s in a shade? The market relevance of green bonds’ external reviews 阴影里有什么？绿色债券外部评价的市场相关性

IF 9.4 3区管理学 Q1 BUSINESS, FINANCE

British Accounting Review

Pub Date : 2025-09-01 DOI: 10.1016/j.bar.2023.101271

Marco Ghitti , Gianfranco Gianfrate , Florencio Lopez-de-Silanes , Marco Spinelli

With the growth of green bonds as an asset class, the certification of the actual climate footprint of projects financed with these bonds is gaining momentum among investors and policymakers. We investigate the informative content of Second Party Opinions (SPOs) issued by external reviewers who assess the quality of green bonds by collecting a global sample of over 1200 corporate green bonds and analyzing matching results for 336 of them. We show that the market assigns a premium to the green bonds with the best SPOs' valuation - namely, the “dark-” and “medium-” green bonds. However, in presence of a formal credit rating, SPO external reviews do not appear to incorporate distinctive information priced by the market. Using a difference-in-difference approach, we find that stricter green investment regulations, like the adoption of the “EU Taxonomy,” produce a “fly-to-quality” effect that widens the spread between dark and lighter green bonds' returns. Responsible investors also appear to rely on the judgement of external reviewers when a formal credit rating is absent, and they have significantly higher stakes in the greener bonds. Overall, our results indicate that SPO external reviews can reduce information asymmetry between issuers and investors absent of a credit rating, but they are not informative for rated green bonds.

随着绿色债券作为一种资产类别的增长，对这些债券融资项目的实际气候足迹进行认证的势头在投资者和政策制定者中越来越大。我们通过收集全球1200多家公司绿色债券样本并分析其中336家公司的匹配结果，调查了评估绿色债券质量的外部评审者发布的第二方意见（spo）的信息内容。我们发现，市场将溢价分配给具有最佳spo估值的绿色债券-即“暗”和“中”绿色债券。然而，在存在正式信用评级的情况下，SPO外部审查似乎没有纳入由市场定价的独特信息。采用“差中差”方法，我们发现更严格的绿色投资法规，如采用“欧盟分类”，产生了“飞向优质”效应，扩大了深色和浅色绿色债券回报之间的差距。在没有正式信用评级的情况下，负责任的投资者似乎也会依赖外部评估者的判断，而且他们在绿色债券中的利害关系要高得多。总体而言，我们的研究结果表明，SPO外部审查可以减少缺乏信用评级的发行人与投资者之间的信息不对称，但对于已评级的绿色债券，它们没有提供信息。

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引用次数: 0

A real effect of climate-related shareholder proposals: Diversification 气候相关股东提案的实际效果：多样化

IF 9.4 3区管理学 Q1 BUSINESS, FINANCE

British Accounting Review

Pub Date : 2025-09-01 DOI: 10.1016/j.bar.2024.101450

Greg Tindall

To date, the literature has not discovered diversification to be a firm policy that shareholders can influence through their proposals at annual meetings but has explained contexts in which diversification can defend. I contemplate and test diversifying responses to shareholder proposals made in the context of climate change. By following 440 shareholder-initiated proposals in the United States that contain “climate change” – from the first instance in the 1994 proxy season until 2020 – I find that firms in receipt of such proposals diversify more, mostly into related industries. Further, diversification prompted by climate proposals generally leads to wealth enhancements. Beyond correlations and the main results of ordinary least squares regressions, I address the endogenous nature of corporate policies in a variety of ways: a matching estimator, fixed effects, and an instrumental variable, along with a placebo and a GMM estimator. Robustness tests confirm prior results and expose a subtle difference between sales and asset diversification. Climate-related proposals appear to influence sales diversification slightly more than asset diversification, suggesting that agents may be less responsive to owner concerns than customers. Overall, shareholder proposals related to climate change can have the real effect of prompting firms to diversify.

迄今为止，相关文献尚未发现多元化是股东可以通过年会上的提案施加影响的一项坚定政策，但却解释了在哪些情况下多元化可以起到保护作用。我考虑并测试了在气候变化背景下对股东提案的多样化回应。通过跟踪美国 440 项包含 "气候变化 "内容的股东提案--从 1994 年委托代理季的首次提案到 2020 年--我发现，收到此类提案的公司会进行更多的多元化，主要是进入相关行业。此外，由气候提案引发的多元化通常会带来财富增值。除了相关性和普通最小二乘法回归的主要结果外，我还通过多种方法解决了企业政策的内生性问题：匹配估计法、固定效应、工具变量以及安慰剂和 GMM 估计法。稳健性检验证实了之前的结果，并揭示了销售和资产多样化之间的微妙差异。气候相关提案对销售多样化的影响似乎略大于资产多样化，这表明代理人对所有者关注问题的反应可能不如客户。总体而言，与气候变化相关的股东提案可以产生促使企业多元化的实际效果。

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引用次数: 0

Firm internationalization and emissions Reduction: International evidence 企业国际化与减排：国际证据

IF 9.4 3区管理学 Q1 BUSINESS, FINANCE

British Accounting Review

Pub Date : 2025-09-01 DOI: 10.1016/j.bar.2025.101697

Lingxia Sun , Yanlin Bao , Jongmoo Jay Choi , Hoje Jo

Since climate change and environmental challenges are global in nature, one would expect MNCs to exhibit greater alignment with global environmental sustainability than domestic firms, given their exposure to international norms and stakeholder concerns. A counterargument is that MNCs might instead behave opportunistically, engaging in regulatory arbitrage related to emissions reduction by leveraging their global networks. Using a sample of 11,477 unique firms from 63 countries over the period of 2002–2022, we find that both the magnitude of carbon emissions and the quality of emissions disclosure are positively associated with firm internationalization. Additionally, U.S.-based MNCs that generate sales in civil law countries and regions tend to disclose more emissions information. Furthermore, the relationship between firm internationalization and emissions reduction is moderated by international environmental institutions, such as the Kyoto Protocol. Finally, we find that MNCs are rewarded by a broader stakeholder community for their efforts in reducing emissions. Overall, the results support the new institutionalism theory, suggesting that MNCs’ emissions reduction is perceived as alignment with global environmental norms.

由于气候变化和环境挑战本质上是全球性的，考虑到跨国公司对国际规范和利益相关者的关注，人们会期望跨国公司比国内公司更符合全球环境可持续性。一种相反的观点是，跨国公司可能会表现得机会主义，通过利用其全球网络，参与与减排相关的监管套利。利用2002-2022年间来自63个国家的11477家独特企业的样本，我们发现碳排放量的大小和排放披露的质量都与企业国际化呈正相关。此外，在大陆法系国家和地区进行销售的美国跨国公司往往会披露更多的排放信息。此外，企业国际化与减排之间的关系受到国际环境制度（如京都议定书）的调节。最后，我们发现跨国公司在减排方面的努力得到了更广泛的利益相关者群体的回报。总体而言，研究结果支持新制度主义理论，表明跨国公司的减排被视为与全球环境规范保持一致。

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引用次数: 0

The rise of common state ownership and corporate environmental performance 共同国有制的兴起与企业环境绩效

IF 9.4 3区管理学 Q1 BUSINESS, FINANCE

British Accounting Review

Pub Date : 2025-09-01 DOI: 10.1016/j.bar.2024.101368

Xutang Liu , Sabri Boubaker , Jing Liao , Shouyu Yao

This study assesses the effect of common state ownership on corporate environmental performance. Using a large sample of Chinese listed firms, we find that state-owned common ownership leads to significantly enhanced corporate environmental performance. Our mechanism analysis indicates that state-owned common owners promote environmental-friendly practices through resource allocation mechanisms that alleviate corporate financial constraints. In addition, these owners play a leadership role in fostering corporate green innovation and enhancing the overall performance of the industry. Specifically, common state ownership leads to higher industry's green total factor productivity and profitability. Moreover, we observe that the positive relationship between common state ownership and corporate environmental performance is more pronounced in firms without politically connected CEOs/chairpersons and in privately owned firms.

本研究评估公有制对企业环境绩效的影响。通过对中国上市公司的大样本分析，我们发现国有股份制显著提高了公司的环境绩效。我们的机制分析表明，国有普通股所有者通过资源配置机制促进环境友好型实践，从而缓解企业的财务约束。此外，这些业主在促进企业绿色创新和提高行业整体绩效方面发挥着领导作用。具体而言，公有制导致产业绿色全要素生产率和盈利能力提高。此外，我们观察到，在没有政治关联的首席执行官/董事长的企业和私营企业中，共同国有与企业环境绩效之间的正相关关系更为明显。

引用次数: 0

Can green finance policy reduce corporate carbon emissions? Evidence from a quasi-natural experiment in China 绿色金融政策能减少企业碳排放吗？来自中国一项准自然实验的证据

IF 9.4 3区管理学 Q1 BUSINESS, FINANCE

British Accounting Review

Pub Date : 2025-09-01 DOI: 10.1016/j.bar.2024.101540

Xiaoqian Liu , Javier Cifuentes-Faura , Chang'an Wang , Long Wang

The construction of pilot zones for green finance reform and innovation (PZGFRI) is China's regional exploration aimed at increasing financial support for green transformation and development. However, its impact on corporate carbon emission governance is uncertain. This paper examines the impact of the PZGFRI policy on corporate carbon emissions (CCEs) and its mechanisms based on the difference-in-differences model. The results indicate that this PZGFRI policy notably reduces the carbon emissions of enterprises in the pilot regions. Mechanism analysis reveals that this green finance policy reduces CCEs via alleviating corporate financing constraints, promoting corporate green innovation and corporate ESG performance. Heterogeneity results show that this negative impact is more pronounced for non-SOEs than SOEs. Furthermore, the PZGFRI policy dramatically reduces the carbon emissions of enterprises with short-sighted managers, while having insignificant performance on those with long-sighted management. Moreover, carbon reduction effect is notable for high-carbon industry enterprises, and this impact is insignificant for non-high carbon emission industry enterprises. Additionally, this policy has a prominent carbon reduction influence on enterprises in eastern and central regions, but its effect is minimal for those in western regions. This paper provides empirical evidence for other countries to implement green finance policies to promote low-carbon transformation development.

建设绿色金融改革创新试验区是中国加大绿色转型发展金融支持力度的区域探索。然而，其对企业碳排放治理的影响是不确定的。本文基于差异中的差异模型，研究了PZGFRI政策对企业碳排放的影响及其机制。结果表明，该政策显著降低了试点地区企业的碳排放。机制分析表明，该绿色金融政策通过缓解企业融资约束、促进企业绿色创新和企业ESG绩效来降低企业成本。异质性结果表明，这种负面影响在非国有企业中比国有企业更为明显。此外，PZGFRI政策显著减少了管理者短视的企业的碳排放，而对管理者目光长远的企业的碳排放效果不显著。高碳行业企业的碳减排效果显著，而非高碳行业企业的碳减排效果不显著。此外，该政策对东部和中部地区企业的碳减排效果显著，但对西部地区企业的效果最小。本文为其他国家实施绿色金融政策促进低碳转型发展提供了经验依据。

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引用次数: 0

Environmental externalities of corporate culture: Evidence from firm pollution 企业文化的环境外部性：来自企业污染的证据

IF 9.4 3区管理学 Q1 BUSINESS, FINANCE

British Accounting Review

Pub Date : 2025-09-01 DOI: 10.1016/j.bar.2025.101699

Wenquan Li , Suman Neupane , Kelvin Jui Keng Tan

This paper examines the relationship between corporate culture and firms’ environmental policies. We find that a strong corporate culture is associated with lower toxic emission levels and reduced pollution intensity. These reductions are genuine and not the result of “greenwashing,” as these firms mitigate harmful toxic releases without selectively targeting specific environmental regulations. The primary cultural values associated with the reduction in toxic emissions include teamwork, innovation, respect, and integrity. To alleviate potential endogeneity concerns, we exploit a quasi-natural experiment based on the forced departures of CEOs due to the sudden public exposure of legal violations or concerns. We also employ a propensity score matching approach and use alternative measures of firms’ environmental externalities. Furthermore, we find that diversity and research and development (R&D) expenses are among the potential channels through which this effect occurs. Importantly, the reduction in firms’ toxic releases does not come at the expense of production. Finally, the negative relationship between corporate culture and firm pollution is concentrated in plants located outside the headquarters’ state and in counties with nonattainment status.

本文考察了企业文化与企业环境政策之间的关系。我们发现，强大的企业文化与较低的有毒物质排放水平和污染强度有关。这些减少是真实的，而不是“洗绿”的结果，因为这些公司减轻了有害的有毒物质排放，而没有选择性地针对特定的环境法规。与减少有毒物质排放相关的主要文化价值观包括团队合作、创新、尊重和诚信。为了减轻潜在的内生性问题，我们利用了一个准自然实验，该实验基于首席执行官因突然公开曝光的违法行为或问题而被迫离职。我们还采用倾向得分匹配方法，并使用企业环境外部性的替代措施。此外，我们发现多样性和研发（R&；D）费用是这种效应发生的潜在渠道。重要的是，企业有毒物质排放的减少并不是以牺牲生产为代价的。最后，企业文化与企业污染之间的负相关关系主要集中在总部所在州以外的工厂和不达标县。

{"title":"Environmental externalities of corporate culture: Evidence from firm pollution","authors":"Wenquan Li , Suman Neupane , Kelvin Jui Keng Tan","doi":"10.1016/j.bar.2025.101699","DOIUrl":"10.1016/j.bar.2025.101699","url":null,"abstract":"<div><div>This paper examines the relationship between corporate culture and firms’ environmental policies. We find that a strong corporate culture is associated with lower toxic emission levels and reduced pollution intensity. These reductions are genuine and not the result of “greenwashing,” as these firms mitigate harmful toxic releases without selectively targeting specific environmental regulations. The primary cultural values associated with the reduction in toxic emissions include teamwork, innovation, respect, and integrity. To alleviate potential endogeneity concerns, we exploit a quasi-natural experiment based on the forced departures of CEOs due to the sudden public exposure of legal violations or concerns. We also employ a propensity score matching approach and use alternative measures of firms’ environmental externalities. Furthermore, we find that diversity and research and development (R&D) expenses are among the potential channels through which this effect occurs. Importantly, the reduction in firms’ toxic releases does not come at the expense of production. Finally, the negative relationship between corporate culture and firm pollution is concentrated in plants located outside the headquarters’ state and in counties with nonattainment status.</div></div>","PeriodicalId":47996,"journal":{"name":"British Accounting Review","volume":"57 5","pages":"Article 101699"},"PeriodicalIF":9.4,"publicationDate":"2025-09-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"144621786","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":3,"RegionCategory":"管理学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

引用次数: 0

The economic and cultural motives of green price premium 绿色价格溢价的经济和文化动机

IF 9.4 3区管理学 Q1 BUSINESS, FINANCE

British Accounting Review

Pub Date : 2025-09-01 DOI: 10.1016/j.bar.2025.101698

Zinat Alam , Miran Hossain , Lingling Wang

We use the house transaction data to analyze why houses with energy-saving (green) features are sold for higher prices. We estimate house-specific economic values of green features and show that these values account for about 20–53 % of the green price premium, depending on how economic values are measured. Individual homebuyers' cultural origins and environmental attitudes also play a significant role in explaining the green price premium, with a weaker premium observed among less individualistic and indulgent buyers, and a stronger premium among those who are more uncertainty-avoidant and pro-environment. These results are robust to various strategies to address selection bias and cannot be explained by buyers' income levels or political orientations. Our findings point to both the economic and social value of green homes and highlight the role of investors’ behavioral preferences in evaluating green investments.

我们使用房屋交易数据来分析为什么具有节能（绿色）特征的房屋卖得更高。我们估计了绿色特征的房屋特定经济价值，并表明这些价值约占绿色价格溢价的20-53%，具体取决于经济价值的测量方式。个人购房者的文化渊源和环境态度也在解释绿色价格溢价方面发挥了重要作用，在个人主义和放纵程度较低的购房者中观察到较弱的溢价，而在不确定性回避和支持环境的购房者中观察到较强的溢价。这些结果对解决选择偏差的各种策略是稳健的，不能用买家的收入水平或政治取向来解释。我们的研究结果指出了绿色住宅的经济和社会价值，并强调了投资者的行为偏好在评估绿色投资中的作用。

引用次数: 0

Learning to be green: Accounting comparability and environmental violations 学习绿色：会计可比性与环境违规

IF 9.4 3区管理学 Q1 BUSINESS, FINANCE

British Accounting Review

Pub Date : 2025-09-01 DOI: 10.1016/j.bar.2023.101240

Justin Chircop , Monika Tarsalewska , Agnieszka Trzeciakiewicz

Over recent years there has been an increasing awareness of the costs to the environment of corporate actions. We posit that accounting comparability between a firm and its peers, facilitates firm learning of the impact peer firm activities have on the environment. This learning allows the firm to reduce its own environmental violations. In line with this conjecture, our findings show that accounting comparability is negatively associated with environmental violations. Further, the reduction in firm environmental violations is larger in the presence of comparable peer firms disclosing low toxic releases, suggesting that firms are better able to learn from peer firms with low environmental impact. Our results provide novel evidence that accounting comparability facilitates green learning and therefore benefits society at large by reducing environmental harm.

近年来，人们越来越意识到企业行为对环境造成的代价。我们假设企业与其同行之间的会计可比性有助于企业了解同行企业活动对环境的影响。这种学习使公司能够减少自己的环境违规行为。根据这一猜想，我们的研究结果表明，会计可比性与环境违法负相关。此外，在同类公司披露低毒性排放的情况下，公司环境违法行为的减少幅度更大，这表明公司能够更好地向环境影响较小的同类公司学习。我们的研究结果提供了新的证据，证明会计可比性促进了绿色学习，从而通过减少环境危害而使整个社会受益。

引用次数: 0

Does analyst ESG experience matter? 分析师的 ESG 经验重要吗？

IF 9.4 3区管理学 Q1 BUSINESS, FINANCE

British Accounting Review

Pub Date : 2025-09-01 DOI: 10.1016/j.bar.2024.101438

Anastasia Kopita , Zacharias Petrou

We examine the relationship between analysts' task-specific experience in the context of ESG information and the informativeness of their stock recommendation revisions. While sell-side analysts incorporate ESG information in their valuation process and research reports, previous studies have indicated that the increased availability of ESG information in the market poses challenges for analysts to issue incrementally informative reports. Building upon existing literature that highlights systematic differences in analysts' performance that is attributed to their experience, we introduce a measure of financial analysts' ESG experience. We document a positive association between our proxy of analyst ESG experience and market reactions to their recommendation revisions. Our findings also show that analysts' ESG experience contributes to the interpretation of information included in firm ESG reports. We further find support for a stronger association between the market reaction and our ESG-experience proxy when firms exhibit lower levels of ESG disclosure and when they face higher external scrutiny due to their exposure to ESG-related risks. Our results are robust when considering analysts' innate and forecasting ability and when additional specifications are applied.

我们研究了分析师在环境、社会和公司治理信息背景下的特定任务经验与其股票推荐修正的信息量之间的关系。虽然卖方分析师在其估值过程和研究报告中纳入了环境、社会和公司治理信息，但以往的研究表明，市场上环境、社会和公司治理信息的增加给分析师发布信息量不断增加的报告带来了挑战。现有文献强调分析师业绩的系统性差异归因于他们的经验，在此基础上，我们引入了一种衡量金融分析师 ESG 经验的方法。我们记录了分析师的 ESG 经验与市场对其建议修订的反应之间的正相关关系。我们的研究结果还表明，分析师的环境、社会和公司治理经验有助于解释公司环境、社会和公司治理报告中包含的信息。我们还进一步发现，当公司的 ESG 披露水平较低，以及因暴露于 ESG 相关风险而面临较高的外部审查时，市场反应与我们的 ESG 经验代理之间的关联性更强。如果考虑到分析师的先天能力和预测能力，并采用其他规范，我们的结果是稳健的。

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