喻园管理论坛2024年第36期(总第968期)

演讲主题: Mandatory ESG disclosure, executive incentive and ESG performance

主 讲 人: 潘小飞 Xiaofei Pan，澳大利亚伍伦贡大学商学院金融学副教授

主 持 人: 钟宇翔，会计与财税系讲师

活动时间: 2024年4月16日（周二）9:30-11:30

活动地点: 管院大楼105室

主讲人简介：

潘小飞博士是澳大利亚伍伦贡大学商学院金融学副教授，他同时还担任该学院的研究生学习主管以及澳洲商业与经济现代中心（CCABES）的联合主任。他的研究兴趣广泛，涵盖了企业金融、政治经济学和金融机构等领域。他的学术论文发表在UTD24和FT50以及其他知名国际期刊上，如《Management Science》、《Review of Finance》、《Research Policy》、《Journal of Corporate Finance》、《Journal of Banking and Finance》、《European Accounting Review》、《Auditing: A Journal of Practice and Theory》等。目前，他还担任《Emerging Market Review》的副主编。潘小飞博士曾获教学和研究方面的OCTAL奖、最佳论文奖等多项荣誉。

活动简介：

In this study, we investigate the interplay among mandatory environmental, social, and governance (ESG) disclosure regulations, executive compensation, and corporate ESG performance. Using a sample of 8,177 firms across 42 countries during the period of 2002-2020, we find that firms subject to mandatory ESG disclosure are likely to adopt ESG contracting for CEOs by 25% after mandatory ESG disclosure, in comparison to other firms. Additionally, we observe that mandatory ESG disclosure alone has a limited impact on corporate ESG performance, while companies that tie CEO compensation to ESG metrics post mandatory ESG disclosure experience noteworthy enhancements in ESG performance, i.e., a 13.64% surge in their ESG environmental score, a 6.36% increase in total waste recycled, and a 1.7% reduction in greenhouse gas emissions. This study contributes to the understanding of the economic mechanisms underlying ESG transparency regulations, underscoring the importance of instilling appropriate managerial incentives to realize the regulatory effectiveness of disclosure regulations.