ESG评级机构能否塑造企业可持续信息披露？来自路孚特(Refinitiv)评级方法校准的证据
发布时间：2025-09-25
9月
26
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时间和日期
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2025-09-26 (星期五) 10:30 上午
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12:00 下午
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地点
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会议楼II，103会议室
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| 标题 | ESG评级机构能否塑造企业可持续信息披露？来自路孚特(Refinitiv)评级方法校准的证据 |
| 日期和时间 |
2025年9月26日（周五） 10：30-12：00 |
| 地点 | 会议楼II，103会议室 |
| 主讲人 |
汪京教授 香港科技大学 |
| 摘要 | We study the impact of ESG ratings on firms’ voluntary disclosures of sustainability data. Our analysis exploits Refinitiv’s 2020 methodology recalibration, which penalizes non-disclosure of ESG data points and generates widespread revisions in firms’ ESG scores, absent changes in their fundamentals. Using the comprehensive sustainability data points underlying Refinitiv’s ESG scoring, we find that firms with a more negative recalibration-driven score revision exhibit a greater subsequent increase in the disclosure intensity of these data points. The effect is stronger among firms with larger ownership by sustainability-sensitive institutional investors and covered by alternative leading ESG raters. Additional analyses find that firms with more negative score revisions improve their subsequent ESG scores and are more likely to receive E&S certifications, particularly those with increased disclosures. Overall, these findings are consistent with ESG ratings incentivizing firms to provide transparent and relevant sustainability data disclosures to meet investor demand. |
| 主讲人简介 | 汪京是香港科技大学的会计学助理教授。她的研究探讨了公司信息披露在资本市场中的作用，近期侧重于ESG法规和可持续性发展报告。她获得了英属哥伦比亚大学的会计学博士学位和南洋理工大学的经济学博士学位。 |
