光華講壇——社會(huì)名流與企業(yè)家論壇第6616期
主題：ESG投資是否有回報(bào)？對(duì)新冠大流行前后歐元區(qū)的分析
主講人：牛津布魯克斯大學(xué) Dimitrios Asteriou
主持人：經(jīng)濟(jì)與管理研究院 吳季教授
時(shí)間：10月26日 14:00—16:00
舉辦地點(diǎn)：西南財(cái)經(jīng)大學(xué)柳林校區(qū)格致樓1211
主辦單位：經(jīng)濟(jì)與管理研究院 國(guó)際交流與合作處 科研處
主講人簡(jiǎn)介：
Dimitrios Asteriou研究員在2000年獲得了倫敦大學(xué)城市學(xué)院的經(jīng)濟(jì)學(xué)博士學(xué)位，目前在牛津布魯克斯大學(xué)商學(xué)院擔(dān)任研究員領(lǐng)導(dǎo)。他的研究工作聚焦于應(yīng)用計(jì)量經(jīng)濟(jì)學(xué)領(lǐng)域，重點(diǎn)關(guān)注經(jīng)濟(jì)增長(zhǎng)和金融經(jīng)濟(jì)學(xué)的應(yīng)用。他的研究貢獻(xiàn)集中在經(jīng)濟(jì)增長(zhǎng)的決定因素（如人力資本、政治不穩(wěn)定等）、趨同假設(shè)以及行為金融和經(jīng)濟(jì)學(xué)領(lǐng)域，并在會(huì)計(jì)金融領(lǐng)域的面板數(shù)據(jù)應(yīng)用方面取得了新研究成果。
Dimitrios Asteriou obtained his Ph.D. in Economics from City University, London, in 2000. He is currently the research lead in Economics, Accounting and Finance at Oxford Brookes University. His research work has been mainly in the area of applied econometrics with an emphasis on applications concerning economic growth and financial economics. He contributed to the literature considering the determinants of economic growth (human capital, political instability, etc.) and the convergence hypothesis as well as in behavioral finance and economics. Also, his research has obtained new results with the use of panel data econometric applications in various accounting and finance issues.
內(nèi)容簡(jiǎn)介：
本次講座聚焦于620家歐元區(qū)公司的股票回報(bào)表現(xiàn)，基于其新冠流行前后的ESG評(píng)級(jí)，在名義和風(fēng)險(xiǎn)調(diào)整的基礎(chǔ)上進(jìn)行研究。文章同時(shí)考察了國(guó)家層面的治理指標(biāo)如何與ESG高評(píng)級(jí)和低評(píng)級(jí)公司相互作用，并影響名義和風(fēng)險(xiǎn)調(diào)整后的投資回報(bào)，采用了面板數(shù)據(jù)、橫截面回歸以及DID方法來(lái)完成實(shí)證。文章的結(jié)果顯示高評(píng)級(jí)的ESG公司在整體表現(xiàn)以及疫情期間的表現(xiàn)上略遜于低評(píng)級(jí)的ESG公司，然后考慮到國(guó)家層面的治理因素時(shí)，治理得分較高國(guó)家的ESG高評(píng)級(jí)公司表現(xiàn)優(yōu)于低評(píng)級(jí)公司。最后在比較歐盟與受新冠影響較小的經(jīng)濟(jì)體時(shí)，如韓國(guó)和澳大利亞，研究發(fā)現(xiàn)新冠期間韓國(guó)和澳大利亞公司的表現(xiàn)遠(yuǎn)勝于歐洲的公司。該研究為ESG評(píng)級(jí)對(duì)公司股票回報(bào)的影響以及國(guó)家治理因素如何調(diào)節(jié)這一影響提供了重要見(jiàn)解，有助于投資者和決策者更好理解復(fù)雜環(huán)境中的投資決策。
We examine whether the stock return performance of 620 Eurozone companies based on their ESG ratings both before and during the Covid-19 pandemic on both a nominal and risk-adjusted basis. We also look at how country-level governance indicators interact with our samples of ESGHigh and ESGLow companies to affect both nominal and risk-adjusted investment returns. We use both panel data and cross-sectional regressions as well as the difference-in-differences approach to derive the empirical results. We generally find some evidence that highly-rated ESG firms performed slightly worse than lower-rated ESG both overall and during the pandemic. However, once we control for governance at the country level, we find that in high governance scoring countries ESGHigh companies perform better than ESGLow companies. Finally, when we examine the relative performance of EU companies compared to companies in economies less impacted by the COVID-19 pandemic, namely South Korea and Australia, we find that during the pandemic, the South Korean and Australian companies performed much better than their counterparts in Europe.
