喻园管理论坛2023年第75期(总第898期)

演讲主题: Competitive Pressure and ESG

主 讲 人: 孙汉文，英国巴斯大学管理学院会计金融系副教授

主 持 人: 邓   洋，财务金融系讲师

活动时间: 2023年9月16日（周六） 16:00-17:30

活动地点: 管理大楼409室

主讲人简介：

孙汉文，英国巴斯大学管理学院会计金融系副教授。先后获得武汉大学经济学学士学位，复旦大学金融学硕士学位，英国谢菲尔德大学金融学博士学位。研究方向集中于公司金融和资本市场，包括内幕交易，卖空，公司创新以及信息中介等。研究成果发表于 Research Policy, Journal of Corporate Finance, Journal of Empirical Finance, 以及Journal of Accounting and Public Policy等国际期刊。其内幕交易研究项目获得英国国家科学院资助。

活动简介：

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 and social norms moderate the effect of competitive pressure.