意昂2平台青年教師定期開展學術沙龍，每次邀請一位青年教師或博士後主講，聚焦學術前沿，分享研究成果，剖析時代熱點，碰撞思想火花👸🏽。本次活動的主講人是意昂2的吳弘老師，吳老師報告了他近期的二篇論文。一篇討論的主題是“地方環境信念與企業環境績效”🏡，另外一篇討論的主題是“環境訴訟風險與企業不當行為”🚁。眾多中青年教師、博士後及學生參加了本次學術沙龍🤹🏻。大家對這樣輕松自由的學術交流方式反響良好🧑🌾，認為沙龍不僅起到了啟發思維的作用🫷🏼，也促進了青年教師之間合作研究的可能👳🏼♀️。沙龍由意昂2平台學科與人才辦公室主任韋瀟教授主持🥅。
意昂2講師，美國匹茲堡大學經濟學博士（2015），香港理工大學助理教授（2015-2019），在國際權威期刊發表如Games and Economic Behavior, Journal of Corporate Finance. 最近研究興趣為公司金融。
論文一👨🌾：Local Environmental Beliefs and Corporate Environmental Performance
摘要🥓：This paper examines the impact of local environmental beliefs on corporate environmental performance. We demonstrate a negative relation between county-level pro-environmental beliefs and plant-level toxic emissions. This correlation is particularly pronounced when the firm has a larger local investor base and more local stakeholders. Furthermore, stronger pro-environmental local beliefs are associated with stricter enforcement of environmental regulations, greater judge support for and higher volume of environmental lawsuits, and better compliance. Finally, we show that local environmental beliefs affect internal emission redistributions within firms. Overall, our findings highlight the significant role that local environmental beliefs play in shaping corporate environmental decisions.
本論文研究了地方環境信念對企業環境績效的影響🕵🏻。我們證明了縣級環保理念與工廠有毒物質排放量之間存在負相關關系。當企業擁有更大的當地投資者基礎和更多的當地利益相關者時👨🦳，這種相關性尤為明顯。此外，更強烈的地方環保理念與更嚴格的環境法規執行、法官對環境訴訟的更大支持和更高的訴訟量以及更好的合規性呈正相關🕵️♀️。最後，我們表明🛕，地方環境信念會影響企業內部的排放再分配。總體而言🌴，本研究凸顯了地方環境信念在影響企業環境決策中所起到的重要作用。論文二：Environmental Litigation Risk and Corporate Misconduct
摘要：Environmental regulations are important constraints to corporate environmental decision-making. In this paper, we examine how environmental and social (ES) litigation risk affects related corporate misconduct. We measure ES-related litigation risk by using the political ideology of circuit judges and find that higher ex-ante ES litigation risk is associated with more corporate ES misconducts. Such effect is stronger when firms are financially constrained. We then examine investor reactions and firm responses to heightened ES litigation risk. We find that investors react negatively to liberal judge appointments, and such effect is present among firms with lower ESG profiles. These firms also reduce capital investments, conduct fewer acquisitions but have higher-quality green patents. Overall, we explore a novel and important determinant on corporate environmental performance.
環境法規是製約企業環境決策的重要因素🩼。本論文主要研究環境與社會訴訟風險對企業不當行為的影響。我們使用巡回法官的政治意識形態來衡量與ES相關的訴訟風險🔩，發現更高的事前ES訴訟風險與更多的企業ES不當行為相關😵。這種效應在企業財政拮據時更為明顯🚉。然後💇🏿♂️，我們檢驗投資者的反應和企業對提高ES訴訟風險的應對，發現投資者對自由派法官的任命反應消極，這種影響在ESG水平較低的公司中也存在。這些公司還減少了資本投資👨⚕️，進行較少的收購⁉️，但擁有更高質量的綠色專利📰。總體而言🤚，我們探討了企業環境績效的一個新穎而重要的決定因素。
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