【讲座时间】2022年12月20日  14:30

【参加方式】线上

【讲座主题】Real effects of mandatory non-financial reporting regimes: evidence from green innovations

【嘉宾介绍】黄 媛，香港理工大学会计学副教授

Dr. Yuan HUANG is an Associate Professor of Accounting at the Hong Kong Polytechnic University. She obtained her Ph.D. in Accounting from Hong Kong University of Science and Technology. Her research interests include accounting- based equity valuation and the effect of financial reporting practices on corporate financial management decisions. Her research has appeared in the Journal of Financial and Quantitative Analysis, Journal of Accounting and Public Policy, and Journal of Accounting, Auditing and Finance.

【内容提要】

Exploiting the staggered implementation of mandatory non-financial reporting requirements worldwide with a difference-in-differences design, we find that green innovations, measured by green patents and green patent citations, increase significantly post-mandate introduction. This effect is stronger for firms with poor pre-mandate ESG performance. Plausible channels facilitating post-mandate increases in green innovations include i) knowledge spillovers associated with greater U.S. institutional ownership, and ii) strengthened internal sustainability infrastructure. We also find industry leaders, who face greater proprietary costs, shift their efforts from patented to unpatented (trade secrets) green innovations post-mandate to protect their proprietary information while generating favorable environmental performance outcomes. Lastly, we find that the post-mandate green innovations are more value-enhancing.