企业可持续发展目标的采用、股价同步性以及激励相容合约在印度的作用

IF 7.4 2区经济学 Q1 BUSINESS, FINANCE Finance Research Letters Pub Date : 2025-01-03 DOI:10.1016/j.frl.2025.106739

Rajat Sharma, Sonia Chawla, Vishal Dagar, Leila Dagher

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引用次数: 0

摘要

本研究探讨了企业采用可持续发展目标对印度新兴市场股价同步性的影响，重点关注企业特定信息的传播。利用来自印度公司的数据，分析表明，可持续发展目标的采用通过增强股市流动性和吸引更多分析师的报道，降低了股价的同步性。这种效应在非国有企业和机构持股比例较高的企业中更为明显。进一步分析发现，PEOPLE可持续发展目标子类别对股价同步性的影响最为显著。研究结果对政策制定者、企业和投资者具有重要意义，表明有必要激励企业采用可持续发展目标，以提高市场透明度和明智的投资决策。更具体地说，企业可以利用激励相容合同来增加可持续发展目标的采用，使企业利益与可持续发展目标保持一致，从而进一步减少信息不对称和股价同步性。

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Corporate SDG adoption, share price synchronicity, and the role of incentive-compatible contracts in India

This study explores the impact of corporate SDG adoption on share price synchronicity in India's emerging market, focusing on the dissemination of firm-specific information. Using data from Indian firms, the analysis demonstrates that SDG adoption reduces share price synchronicity by enhancing stock market liquidity and attracting greater analyst coverage. The effect is stronger in non-state-owned firms and those with high institutional ownership. Further analysis reveals that subcategory PEOPLE SDGs has the most pronounced impact on share price synchronicity. The findings offer significant implications for policymakers, firms, and investors, suggesting the need to incentivize corporate SDG adoption to promote market transparency and informed investment decisions. More specifically, firms can leverage incentive-compatible contracts to increase SDG adoption, aligning corporate interests with sustainability goals, which further reduces information asymmetry and share price synchronicity.

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来源期刊

Finance Research Letters BUSINESS, FINANCE-

CiteScore

11.10

自引率

14.40%

发文量

863

期刊介绍： Finance Research Letters welcomes submissions across all areas of finance, aiming for rapid publication of significant new findings. The journal particularly encourages papers that provide insight into the replicability of established results, examine the cross-national applicability of previous findings, challenge existing methodologies, or demonstrate methodological contingencies. Papers are invited in the following areas: Actuarial studies Alternative investments Asset Pricing Bankruptcy and liquidation Banks and other Depository Institutions Behavioral and experimental finance Bibliometric and Scientometric studies of finance Capital budgeting and corporate investment Capital markets and accounting Capital structure and payout policy Commodities Contagion, crises and interdependence Corporate governance Credit and fixed income markets and instruments Derivatives Emerging markets Energy Finance and Energy Markets Financial Econometrics Financial History Financial intermediation and money markets Financial markets and marketplaces Financial Mathematics and Econophysics Financial Regulation and Law Forecasting Frontier market studies International Finance Market efficiency, event studies Mergers, acquisitions and the market for corporate control Micro Finance Institutions Microstructure Non-bank Financial Institutions Personal Finance Portfolio choice and investing Real estate finance and investing Risk SME, Family and Entrepreneurial Finance