环境责任、机构投资者与股票收益率——来自环境敏感型行业上市公司的经验证据
摘要
文章在对环境责任、机构投资者与股票收益率文献评述的基础上,对市场在企业履行环境责任时的反应提出三种假设,以2011—2016年环境敏感型行业上市公司为研究对象,从环境意识、环境规则、环境支出和环境绩效四个维度构建环境责任评价指数,通过固定效应模型实证检验了市场对于企业履行环境责任的反应,并以机构投资者为中介变量,检验机构投资者持股对企业环境责任和股票收益率相关关系的影响。研究表明:环境责任的履行有助于提高企业股票收益率,机构投资者持股比例的增加促使企业履行环境责任,从而提高企业股票收益率。最后提出了建立披露问责机制、鼓励机构投资者投资时注重上市公司环境责任的政策建议。
引文
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[2]BRAMMER S,PAVELIN S.Building a Good Reputation[J].European Management Journal,2004,22(6):704-713.
[3]LONG J B D,SHLEIFER A,Summers L H.Positive Feedback Investment Strategies and Destabilizing Rational Speculation[J].Journal of Finance,1990,45(2):379-395.
[4]BELKAOUI A.The Impact of the Disclosure of the Environmental Effects of Organizational Behavior on the Market[J].Financial Management,1976,5(4):26-31.
[5]SHANE P B,SPICER B H.Market Response to Environmental Information Produced outside the Firm[J].Accounting Review,1983,58(3):521-538.
[6]GEORGE.GAMBLE,KATHY HSU,CYNTHIA.En vironmental disclosure in annual report:international perspective[J].The international Journal of Accounting,1996,(2):293-331.
[7]史晓媛.环境信息披露市场反应的实证研究[D].大连理工大学,2006.
[8]向志平,孔祥峰,张先美.我国股市对重污染行业环境信息披露的市场反应研究[J].金融与经济,2011(7):72-75.
[9]李珩,黄珺.环境事故、市场反应与环境信息披露[J].财会通讯,2016(18).
[10]王喻芊.企业社会责任信息披露与机构投资者持股偏好研究[D].西南交通大学,2015.
[11]肖敏.企业社会责任与机构投资者持股关系研究[D].湖南大学,2011.
[12]王玲玲,王宗军,毛磊.企业社会责任与机构投资者持股偏好研究[J].企业经济,2013(7):163-167.
[13]闫雪.机构投资者持股比例对企业社会责任绩效影响的实证研究[D].东北大学,2014.
[14]BADRINATH,S.G.GAY,GERALD D.KALE,JAYANT R.PatternsofInstitutionalInvestment,Prudence,andtheManagerial"Safety-Net"Hypothesis[J].JournalofRisk&Insurance,1989,56(4):605.
[15]BRENNAN M J.The Individual Investor[J].Journal of Financial Research,1995,18(1):59-74.
[16]FAUGERE C,SHAWKY H A.Volatility and Institutional Investor Holdings in a Declining Market:A Study of NASDAQ during the Year 2000[J].Journal of Applied Finance,2003(2):32-42.
[17]SZEWCZYK S H,TSETSEKOS G P,VARMA R.Institutional Ownership and the Liquidity of Common Stock Offerings[J].Financial Review,1992,27(2):211-225.
[18]PALEPU K G.Stock performance and inter mediation changes surrounding sustained increase in disclosure[J].French Cultural Studies,2007,18(1):31-57.
[19]KIM SOSIN,JANET RIVES,JANET WEST.Unions and Gender Pay Equity in Academe:A Study of U.S.Institutions[J].Feminist Economics,1998,4(2):25-45.
[20]FROOT K A,SCHARFSTEIN D S,STEIN J C.Herd on the Street:Informational Inefficiencies in a Market with Short-Term Speculation[J].Journal of Finance,1992,47(4):1461-1484.
[21]JONATHAN M.KARPOFF.The Relation Between Price Changes and Trading Volume:A Survey[J].Journal of Financial and Quantitative Analysis,1987,22(1):109-126.
[22]DENNIS P J,STRICKLAND D.Who Blinks in Volatile Markets,Individuals or Institutions?[J].Journal of Finance,2002,57(5):1923-1949.
[23]高宏霞,梁皓然.中国制药业上市公司环境信息披露水平评价--基于2009~2013年企业社会责任报告的证据[J].时代金融,2017(11):164-165.
[24]CORE J E,HOLTHAUSEN R WLARCKER D F.Corporate governance,chief executive officer compensation,and firm performance 1[J].Journal of Financial Economics,1999,51(3):371-406.
[25]沈洪涛,冯杰.舆论监督、政府监管与企业环境信息披露[J].会计研究,2012(2):72-78.
[26]叶陈刚,王孜,武剑锋等.外部治理、环境信息披露与股权融资成本[J].南开管理评论,2015,18(5):85-96.