道琼斯30指数全球核心指标披露及环境、社会和治理相关评级分析

IF 9.4 3区 管理学 Q1 BUSINESS, FINANCE Journal of International Financial Management & Accounting Pub Date : 2020-09-09 DOI:10.1111/jifm.12123
Christopher G. Calvin, Donna L. Street
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引用次数: 9

摘要

我们研究了美国道琼斯30指数成分股公司披露全球核心指标的程度,这些指标是评估公司对联合国2030年可持续发展议程贡献的指标。我们发现,道琼斯30指数通常符合披露的GCI,这些GCI与美国资本市场报告预期、备受瞩目的时事和财务相关问题相一致。我们还发现,道琼斯30指数更有可能披露机构和经济问题,而不是环境和社会问题,并注意到道琼斯30指数所处行业的披露差异。补充分析表明,当GCI与财务相关的ESG问题相关时,GCI的披露水平通常更高,这表明公司在符合其对股东的授权的情况下更愿意解决可持续性问题。相关性分析显示,GCI指数与摩根士丹利资本国际三个可持续发展评级中的两个适度或强烈相关,突出了公司对财务相关领域的关注,与公司的CDP气候变化评级弱相关,突出表明GCI在捕捉详细的以环境为重点的可持续发展努力方面的范围有限。我们还显示,随着时间的推移,摩根士丹利资本国际对道琼斯30指数的可持续性评级总体呈上升趋势,制造业、金融业和零售业的公司推动了评级的上升。我们的研究结果有助于填补美国公司报告全球基础设施的可持续性文献中的空白,并可能为联合国贸易和发展会议审查支持2030年议程的全球基础设施提供信息。
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An analysis of Dow 30 global core indicator disclosures and environmental, social, and governance-related ratings

We examine the extent to which US Dow 30 companies disclose the Global Core Indicators (GCIs), which are measures to assess companies’ contribution toward the United Nation’s 2030 Agenda for Sustainable Development. We find that the Dow 30 are generally compliant with disclosing GCIs that align with US capital market reporting expectations, high-profile current events, and issues that are financially relevant. We also find the Dow 30 are more likely to disclose institutional and economic issues, rather than environmental and social issues, and note disclosure variation across industries in which the Dow 30 operate. Supplemental analyses indicate that GCI disclosure levels are generally higher when those GCIs are associated with financially relevant ESG issues, suggesting companies are more amenable to addressing sustainability when doing so aligns with their mandate to shareholders. Correlation analyses reveal that the GCI indices moderately or strongly correlate with two of three MSCI sustainability ratings, highlighting companies’ focus on financially relevant areas, and weakly correlate with companies’ CDP climate change ratings, highlighting the limited scope of the GCIs in capturing detailed environmentally focused sustainability efforts. We also show that the MSCI sustainability ratings of the Dow 30 have generally trended higher over time, with increases driven by companies in the manufacturing, financial, and retail industries. Our findings help fill a void in sustainability literature on US company reporting of the GCIs and may be informative to the United Nations Conference on Trade and Development as it reviews the GCIs in support of the 2030 Agenda.

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来源期刊
CiteScore
9.10
自引率
2.00%
发文量
23
期刊介绍: The Journal of International Financial Management & Accounting publishes original research dealing with international aspects of financial management and reporting, banking and financial services, auditing and taxation. Providing a forum for the interaction of ideas from both academics and practitioners, the JIFMA keeps you up-to-date with new developments and emerging trends.
期刊最新文献
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