時(shí)間：9月20日13.00-14.30

地點(diǎn)：博學(xué)925

講座題目：Competitive Pressure and ESG

主講人：孫漢文

主講人簡(jiǎn)介：

孫漢文，英國巴斯大學(xué)管理學(xué)院會(huì)計(jì)金融系副教授。先后獲得武漢大學(xué)經(jīng)濟(jì)學(xué)學(xué)士學(xué)位，復(fù)旦大學(xué)金融學(xué)碩士學(xué)位，英國謝菲爾德大學(xué)金融學(xué)博士學(xué)位。研究方向集中于公司金融和資本市場(chǎng)，包括內(nèi)幕交易，賣空，公司創(chuàng)新以及信息中介等。研究成果發(fā)表于 Research Policy, Journal of Corporate Finance, Journal of Empirical Finance, 以及Journal of Accounting and Public Policy等國際期刊。主持英國國家科學(xué)院牛頓基金會(huì)資助研究項(xiàng)目。

講座內(nèi)容簡(jiǎn)介：

A firm’s exposure to competition is negatively associated with its ESG performance. We measure exposure to domestic product market competition by product market fluidity, based on product text descriptions, and find that higher fluidity – indicating higher product market threats – is associated with lower ESG scores. Fluidity matters more for financially constrained firms, in capital-intensive industries, and for costly activities. Increasing exposure to Chinese import competition is associated with reduction in ESG scores. This effect of import competition is stronger for firms less exposed to domestic competition. Local climate attitudes moderate the effect of competitive pressure.