讲座介绍
题 目：Environmental Cost of Importing Activists
主讲人：颜诚
时 间：2025年5月13日（周二）15:00
地 点：广州校区立德楼321
摘要
We study the sustainable outcomes of importing activists from aboard. Using the introduction of shareholder-empowering governance regulation in 28 countries from 2007 to 2019, we document a reduction in corporate environmental sustainability in a sample of 5,769 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 better institutions. Overall, our findings cast caution on the unintended consequences of increased cross-border shareholder activism.
主讲人介绍
颜诚，曾在Durham University任助理教授，目前在University of Essex任长聘副教授，兼任卡斯商学院新兴市场集团研究员等职务。他的研究领域主要包括资产定价，公司金融，能源与环境经济学等，已经在Management Science, Journal of Corporate Finance，Journal of Travel Research，Journal of Empirical Finance，Journal of International Money and Finance等中英文期刊上发表70多篇学术论文。多次获得最佳论文奖，担任International Journal of Finance and Economics，Emerging markets Finance and Trade，Frontiers in Psychology， China Finance Review International等国际期刊副主编（或特刊主编，或编委会成员），国内外几十个学术期刊审稿人，主持美国纽约大学斯特恩商学院和印度国家股票交易所全球公开招标研究项目，国际管理咨询协会全球公开招标研究项目（两项），英国高等教育委员会研究基金等多项课题。