Disclosing green, acting gray: The impact of sudden attention on firms’ strategic environmental efforts

言绿行灰：企业外部关注与策略性环境披露

主    讲：胡一川（同济大学经济与管理学院）

主    持：秦  聪（中国人民大学国家发展与战略研究院）

时    间：2025年6月6日14:00-15:30

地    点：立德教学楼11层1133会议室

报告摘要：

We examine the motivations and outcomes of firms’ strategic actions in response to external attention. Using stock index reconstitutions as sudden and exogenous shocks, we find that firms receiving more attention from analysts and institutional investors are more likely to disclose environmental policies. These disclosures are associated with short-term stock price gains, positive media coverage, and higher environmental ratings. However, they do not result in increased environmental investments or improved environmental performance. Our findings reveal that the primary motivation is short-term enhancement of the corporate environmental image, with limited effects on driving meaningful environmental improvements.

本文研究企业在面对外部关注时采取策略性披露行为的动机和效果。通过利用股票指数成分调整这一外生冲击，我们发现受到分析师和机构投资者更多关注的企业更倾向于披露环保政策。这些披露行为与短期股价上涨、积极的媒体报道以及更高的环境评级相关。然而，它们并未带来环境投资增加或环境绩效改善。本文的研究结果表明，企业的主要动机是短期内提升环保形象，而非推动实质性的环境改善。

报告人简介：

胡一川，同济大学经济与管理学院副教授，主要研究领域为公司金融与国际贸易。学术论文发表在Journal of Corporate Finance、Journal of Economic Behavior & Organization、Journal of International Business Studies、《经济学（季刊）》等期刊，主持国家自然科学基金青年项目。