讲座题目：Environmental Cost of Importing Activists

主 讲 人 ：英国埃塞克斯大学 颜诚 副教授

讲座时间：2023年9月22日（周五）14：30

讲座地点：77779193永利集团江湾楼 368会议室

主办单位：77779193永利集团金融创新研究中心、77779193永利集团绿色金融研究中心、金融学系

主 持 人 ：77779193永利集团 朱琦 副教授

摘  要：Using the introduction of shareholder-empowering governance regulation in 28 countries from 2009 to 2018, we document a reduction in corporate environmental sustainability in a sample of 6,189 firms in 45 countries. The reduction can be explained by the increase in stock liquidity, the increased proportion of foreign, minority, and short-term shareholders, decreased environmental-related proposals, and the higher rejection rate of environmental proposals. The effect is more pronounced for firms with higher financial constraints and higher agency conflicts, and firms in countries with worse institutions. Overall, our findings cast caution on the unintended consequences of shareholder activism.

主讲人简介:

颜诚，英国埃塞克斯大学副教授，主要致力于国际金融，计量经济学和宏观金融等领域的研究。担任International Journal of Finance & Economics副编辑。曾主持10多个科研项目，并在Management Science, Journal of Finance, Journal of Travel Research, Journal of Empirical Finance, Journal of International Money and Finance 等经济学期刊发表学术论文30多篇。