ESG的本土偏好

Moqi Groen-Xu, Stefan Zeume
{"title":"ESG的本土偏好","authors":"Moqi Groen-Xu, Stefan Zeume","doi":"10.2139/ssrn.3938925","DOIUrl":null,"url":null,"abstract":"In a sample of 7,209 environmental, social, and governance (ESG) incidents involving 63 incident countries and more than 6,000 firms, we show that abnormal event returns are negative (-0.6%) on average but less so when incidents occur abroad rather than at home. This domestic-foreign return gap is less pronounced when incidents are caused by firms (i) with a large shareholder base from the incident country or (ii) headquartered in more environmentally friendly countries. The gap is accentuated when culprits are headquartered in more patriotic countries. Taken together, our results suggest that shareholder preferences for ESG externalities are not universal but characterized by home bias.","PeriodicalId":13701,"journal":{"name":"International Corporate Finance eJournal","volume":"7 1","pages":""},"PeriodicalIF":0.0000,"publicationDate":"2021-10-07","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":"0","resultStr":"{\"title\":\"The ESG Home Bias\",\"authors\":\"Moqi Groen-Xu, Stefan Zeume\",\"doi\":\"10.2139/ssrn.3938925\",\"DOIUrl\":null,\"url\":null,\"abstract\":\"In a sample of 7,209 environmental, social, and governance (ESG) incidents involving 63 incident countries and more than 6,000 firms, we show that abnormal event returns are negative (-0.6%) on average but less so when incidents occur abroad rather than at home. This domestic-foreign return gap is less pronounced when incidents are caused by firms (i) with a large shareholder base from the incident country or (ii) headquartered in more environmentally friendly countries. The gap is accentuated when culprits are headquartered in more patriotic countries. Taken together, our results suggest that shareholder preferences for ESG externalities are not universal but characterized by home bias.\",\"PeriodicalId\":13701,\"journal\":{\"name\":\"International Corporate Finance eJournal\",\"volume\":\"7 1\",\"pages\":\"\"},\"PeriodicalIF\":0.0000,\"publicationDate\":\"2021-10-07\",\"publicationTypes\":\"Journal Article\",\"fieldsOfStudy\":null,\"isOpenAccess\":false,\"openAccessPdf\":\"\",\"citationCount\":\"0\",\"resultStr\":null,\"platform\":\"Semanticscholar\",\"paperid\":null,\"PeriodicalName\":\"International Corporate Finance eJournal\",\"FirstCategoryId\":\"1085\",\"ListUrlMain\":\"https://doi.org/10.2139/ssrn.3938925\",\"RegionNum\":0,\"RegionCategory\":null,\"ArticlePicture\":[],\"TitleCN\":null,\"AbstractTextCN\":null,\"PMCID\":null,\"EPubDate\":\"\",\"PubModel\":\"\",\"JCR\":\"\",\"JCRName\":\"\",\"Score\":null,\"Total\":0}","platform":"Semanticscholar","paperid":null,"PeriodicalName":"International Corporate Finance eJournal","FirstCategoryId":"1085","ListUrlMain":"https://doi.org/10.2139/ssrn.3938925","RegionNum":0,"RegionCategory":null,"ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":null,"EPubDate":"","PubModel":"","JCR":"","JCRName":"","Score":null,"Total":0}
引用次数: 0

摘要

在涉及63个事件发生国家和6000多家公司的7209起环境、社会和治理(ESG)事件的样本中,我们发现异常事件收益率平均为负(-0.6%),但当事件发生在国外而不是国内时,异常事件收益率则较低。当事件由公司(i)在事件发生国拥有大量股东基础或(ii)总部设在更环保的国家时,这种国内外回报差距不那么明显。当犯罪分子的总部设在更爱国的国家时,这种差距就更大了。综上所述,我们的研究结果表明,股东对ESG外部性的偏好并非普遍存在,而是具有本土偏见的特征。
本文章由计算机程序翻译,如有差异,请以英文原文为准。
查看原文
分享 分享
微信好友 朋友圈 QQ好友 复制链接
本刊更多论文
The ESG Home Bias
In a sample of 7,209 environmental, social, and governance (ESG) incidents involving 63 incident countries and more than 6,000 firms, we show that abnormal event returns are negative (-0.6%) on average but less so when incidents occur abroad rather than at home. This domestic-foreign return gap is less pronounced when incidents are caused by firms (i) with a large shareholder base from the incident country or (ii) headquartered in more environmentally friendly countries. The gap is accentuated when culprits are headquartered in more patriotic countries. Taken together, our results suggest that shareholder preferences for ESG externalities are not universal but characterized by home bias.
求助全文
通过发布文献求助,成功后即可免费获取论文全文。 去求助
来源期刊
自引率
0.00%
发文量
0
期刊最新文献
The Supply Chain Channel of Government Credit Pass-through Two Investors, Two Trees, Two Goods The Role of Exchange Rate in Monetary Policy Rules: A Welfare-Based Re-Examination Home–Host Distance in Governance Quality, Foreign Banks’ Lending, and Emerging Host Markets’ Resilience The ESG Home Bias
×
引用
GB/T 7714-2015
复制
MLA
复制
APA
复制
导出至
BibTeX EndNote RefMan NoteFirst NoteExpress
×
×
提示
您的信息不完整,为了账户安全,请先补充。
现在去补充
×
提示
您因"违规操作"
具体请查看互助需知
我知道了
×
提示
现在去查看 取消
×
提示
确定
0
微信
客服QQ
Book学术公众号 扫码关注我们
反馈
×
意见反馈
请填写您的意见或建议
请填写您的手机或邮箱
已复制链接
已复制链接
快去分享给好友吧!
我知道了
×
扫码分享
扫码分享
Book学术官方微信
Book学术文献互助
Book学术文献互助群
群 号:481959085
Book学术
文献互助 智能选刊 最新文献 互助须知 联系我们:info@booksci.cn
Book学术提供免费学术资源搜索服务,方便国内外学者检索中英文文献。致力于提供最便捷和优质的服务体验。
Copyright © 2023 Book学术 All rights reserved.
ghs 京公网安备 11010802042870号 京ICP备2023020795号-1