ESG investment

  • 文章类型: Journal Article
    这项研究考察了董事会组成与环境之间的联系,社会与治理(ESG)投资,以及融资决策如何缓和这种联系。该研究利用从利益相关者和代理理论中得出的见解构建了假设。我们使用2010年至2022年的二次数据,使用系统广义矩量法(GMM)和固定效应(FE)估计器进行了实证分析。这项研究发现,董事会独立性之间存在显著的正相关关系,可持续发展委员会,性别多样性,管理所有权,董事会会议和ESG投资。我们还发现了CEO双重性之间的负面联系,电路板尺寸,董事会上的外国人,年度报酬,和ESG投资。此外,融资决策显著缓和了董事会组成与ESG投资之间的关系。结果证实了董事会组成和融资决策在中国制造企业ESG投资中的重要性。结果表明,CEO和董事长角色的拆分以及频繁的董事会会议可以改善公司的ESG投资。政策制定者应通过提供ESG投资法规来促进公司运营。
    This study examined the link between board composition and environment, social and governance (ESG) investment, and how financing decisions moderate this nexus. The study constructed hypotheses using insights derived from stakeholder and agency theories. We used secondary data from 2010 to 2022 to conduct an empirical analysis using the system Generalized Method of Moments (GMM) and Fixed Effect (FE) estimators. This study found a positive and significant relationship between board independence, sustainability committee, gender diversity, managerial ownership, board meetings and ESG investment. We also found a negative connection between CEO duality, board size, foreign nationals on the board, annual remuneration, and ESG investment. Furthermore, financing decisions significantly moderated the relationship between board composition and ESG investment. The results confirm the importance of board composition and financing decisions in ESG investment in Chinese manufacturing firms. The results show that splitting the CEO and chairperson roles and frequent board meetings can improve a company\'s ESG investment. Policymakers should facilitate company operations by providing regulations for ESG investment.
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  • 文章类型: Journal Article
    近年来,随着全球对可持续发展概念的认可,国际市场非常重视环境,社会,和企业治理(ESG)投资绩效。“碳峰值和碳中和”目标对中国企业开展ESG投资提出了要求。作为中国的大型国有企业,电网公司需要率先进行ESG投资。基于系统动力学(SD)理论,本文建立了电网公司ESG责任投资的仿真模型,包括环境投资子模块,社会投资子模块,和治理投资子模块。以某省级电网公司为例,对电网企业ESG投资进行了数值模拟。电网公司ESG投资的实际投入产出效率通过关键指标与投资额的映射关系来体现,并对未来几年电力公司的ESG投资规模和投资权重进行了预测。与传统的静态分析方法相比,该模型可为电网企业进行ESG投资决策提供理论依据。
    In recent years, with the global recognition of the concept of sustainable development, the international market attaches great importance to the Environment, Society, and Governance (ESG) investment performance of enterprises. The \"carbon peaking and carbon neutrality\" goal puts forward requirements for Chinese enterprises to carry out ESG investment. As a large state-owned enterprise in China, power grid companies need to take the lead in ESG investment. Based on the System Dynamics (SD) theory, this paper establishes the simulation model of ESG-responsible investment of power grid companies, including the environmental investment sub-module, social investment sub-module, and governance investment sub-module. Taking a provincial Power Grid Company as an example, the numerical simulation of ESG investment of power grid companies is carried out. The actual input-output efficiency of ESG investment of power grid companies is reflected through the mapping relationship between key indicators and investment amount, and the ESG investment scale and investment weight of the Power Company in the coming years are predicted. Compared with the traditional static analysis method, this model can provide a theoretical basis for power grid companies to carry out ESG investment decisions.
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  • 文章类型: Journal Article
    本文通过对负责任的投资专业人士的访谈,来考察机构股权投资者在多大程度上,特别是拥有高度多元化股权的“普遍所有者”,参与与畜牧业相关的公共问题。随着股份所有权越来越集中,和环境市场,社会和治理投资产品增长,这些投资者越来越多地参与管理上市公司(包括领先的农业综合企业)的活动。本文汇集了政治经济学和市场化研究,以探讨普遍所有者如何关注特定的环境和道德问题,为什么他们忽略了其他公众关注的问题,以及他们对伦理政治问题的选择性参与可能会以何种方式改变食品政治的内容。将普遍所有者的参与与农场动物福利问题以及动物饲料供应链中的热带森林砍伐进行比较,我们认为,这些机构从事热带森林砍伐,因为它提出了一个财务材料的风险,公司在多个行业。相比之下,农场动物福利问题对农业综合企业的特殊性意味着它们不会对普遍所有者高度多样化的资产组合的整体表现构成重大风险。努力关注普遍所有者对畜牧业的社会,因此,环境和健康影响产生了一种食品政治,它主要关注全球经济系统的风险,并使动物本身明显变得无关紧要。
    This article uses interviews with responsible investment professionals to examine the extent to which institutional equity investors, and specifically \'universal owners\' with highly diversified shareholdings, engage with public issues associated with livestock agriculture. As share ownership becomes increasingly concentrated, and the market for Environmental, Social and Governance investment products grows, these investors are increasingly involved in governing the activities of publicly traded corporations (including leading agribusinesses). This paper brings together political economy and marketization studies research to explore how universal owners become concerned about particular environmental and ethical problems, why they overlook other public concerns, and in what ways their selective engagement with ethico-political issues might be altering the content of food politics. Comparing universal owners\' engagements with farm animal welfare issues and with tropical deforestation within animal feed supply chains, we argue that these institutions engage with tropical deforestation because it presents a financially material risk to firms across multiple industries. By contrast, the specificity of farm animal welfare issues to agribusinesses means that they do not pose a material risk to the overall performance of universal owners\' highly diversified asset portfolios. Efforts to concern universal owners about livestock agriculture\'s social, environmental and health impacts thus generate a food politics which focuses primarily on risks to global economic systems and renders animals themselves distinctly immaterial.
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