金融分析师报道与企业环境信息披露

IF 4.5 2区 管理学 Q1 BUSINESS British Journal of Management Pub Date : 2023-11-06 DOI:10.1111/1467-8551.12776
Mohammed Benlemlih, Mohammad Bitar, Imane El Ouadghiri, Jonathan Peillex
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引用次数: 0

摘要

与金融分析师所发挥的监督功能相一致,我们发现分析师覆盖率的提高会导致公司披露的环境信息的数量和质量得到相同程度的改善。在利用券商关闭和兼并作为分析师覆盖率下降的外生因素进行差分分析以及使用工具变量方法后,这一结果非常稳健。分析师覆盖率对企业环境信息披露的积极影响对于环境破坏程度高的企业、信息不对称程度低的企业以及由经验丰富、准确性高、声誉好的分析师跟踪的企业尤为明显。综合来看,我们的实证研究结果为分析师报道对企业环境相关活动的光明面效应提供了新的见解。
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Financial Analyst Coverage and Corporate Environmental Disclosure

Consistent with the monitoring function played by financial analysts, we find that greater analyst coverage leads to the same extent of improvement in the quantity and quality of environmental information disclosed by the firm. This result is remarkably robust after conducting a difference-in-differences analysis that exploits brokerage closures and mergers as an exogenous decrease in analyst coverage, as well as using an instrumental variable approach. The positive influence of analyst coverage on corporate environmental disclosure is particularly evident for firms that cause high environmental damage, firms with low information asymmetry and those followed by analysts with superior experience, accuracy and reputation. Taken together, our empirical findings provide new insights into the bright side effect of analyst coverage on corporate environmental-related activities.

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来源期刊
CiteScore
10.00
自引率
12.50%
发文量
87
期刊介绍: The British Journal of Management provides a valuable outlet for research and scholarship on management-orientated themes and topics. It publishes articles of a multi-disciplinary and interdisciplinary nature as well as empirical research from within traditional disciplines and managerial functions. With contributions from around the globe, the journal includes articles across the full range of business and management disciplines. A subscription to British Journal of Management includes International Journal of Management Reviews, also published on behalf of the British Academy of Management.
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