“百年庆”会计高层次“新财经”学术讲坛

主题：Do firms respond to calls for environmental improvements made by retail investors? 企业是否响应散户投资者提出的改善环境的呼吁？

主讲人： 张书博 （上海交通大学）

主持人： 澳门bet356体育在线官网 易阳 副院长

时间：2024-04-22 10:00-11:30

会议地点：澳门bet356体育在线官网柳林校区诚正楼544会议室

主办单位：新时代中国特色财务与会计理论创新与方法体系研究团队 数字经济重大基础理论与实践创新研究团队 澳门bet356体育在线官网 科研处

主讲人简介：

张书博，上海交通大学安泰经管学院会计系助理教授，博士毕业于香港中文大学。他的研究兴趣集体于：田野实验，中国资本市场，中小投资者，信息中介。他的论文主要发表在Journal of Accounting and Economics等国际知名学术期刊。

内容简介：Retail investors have become more vocal in pressuring firms to improve their environmental performance, yet little is known about whether and when firms respond to these pressures. We conduct a field experiment on investor online platforms where we inject investor pressure by posting requests for environmental improvement among firms found in violation of pollution standards in China. We find that retail investor pressure can reduce subsequent violations by 4.2%. Amplifying the publicity of the appeal through social media leads to the greatest reduction in subsequent violations, but calling for more disclosure has no incremental effect on violation rates. We find significant within-firm spillover effects to other establishments and to other pollutant sources. The findings suggest that retail investor pressure can lead to improvements in environmental performance by changing firms’ perception of investors’ demand for such performance.

散户投资者在向企业施压以改善其环境绩效方面变得更加直言不讳，但人们对企业是否以及何时应对这些压力知之甚少。我们在投资者在线平台上进行了一项实地实验，通过在中国被发现违反污染标准的公司中发布环境改善请求，向投资者施加压力。我们发现，散户投资者的压力可以使后续违规行为减少4.2%。通过社交媒体加大呼吁的宣传力度，可以最大限度地减少随后的违规行为，但呼吁更多的披露对违规率没有增量影响。我们发现，企业内部对其他企业和其他污染源的溢出效应显著。研究结果表明，散户投资者的压力可以通过改变企业对投资者对环境绩效需求的看法来改善环境绩效。