关于ESG披露,公众看法和企业财务绩效:基于文本分析的经验研究
Yuangao Chen1, Ziye Xie1, Lu Wang1
1School of Management, Zhejiang University of Finance & Economics, Hangzhou, China.
Journal of environmental management
|April 25, 2025
概括
公司的环境,社会和治理 (ESG) 披露和公众的看法显示了对公司财务业绩 (CFP) 的反转U形影响. 消极的社交媒体情绪和较低的研发投资加剧了这种影响.
科学领域:
- 商业与金融 商业与金融
- 环境研究 环境研究
- 社会科学 社会科学 社会科学
背景情况:
- 环境,社会和治理 (ESG) 披露对于衡量企业财务绩效 (CFP) 变得越来越重要,特别是在双碳目标下.
- 中国A股市场为研究ESG对CFP的影响提供了一个独特的背景.
研究的目的:
- 调查企业ESG披露和公众对中国CFP的看法对CFP的影响.
- 分析公众观念的调解作用和社交媒体对ESG-CFP关系的调节作用.
- 通过制定概率模型 (ELM) 的透视来探索ESG披露对CFP的影响.
主要方法:
- 从上海和深证券交易所 (2014-2023) 分析ESG披露数据.
- 阐述概率模型 (ELM) 的应用,以评估中心和外围的影响路径.
- 检查社交媒体的文字特征,特别是消极情绪,作为主持人.
主要成果:
- 在ESG披露和CFP之间发现了一个反转的U形非线性关系.
- 公众对ESG的看法也表明了与CFP的反向U形关系.
- 社交媒体文本中的负面情绪显著缓解了ESG披露与CFP的联系,特别是在R&D投资较低的公司.
结论:
- 企业ESG披露的程度和公众的看法都对企业财务业绩产生了细微的,反转的U形影响.
- 社交媒体的情绪,尤其是负面情绪,起到了关键的调节作用.
- 这些发现为优化ESG策略提供了见解,特别是在电子设备制造业.
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