题目：Corporate ESG Profiles and Consumption

演讲人：贺佳（南开大学 长任副教授）

时间：2023年6月13日（周二）12:00-13:00

地点：同济大厦A楼505室

同步#腾讯会议：257586391

会议密码：672383

参会链接：https://meeting.tencent.com/dm/FHlLUBDSNYKV

摘要：Using transaction-level credit card spending data from a leading Chinese commercial bank, we show that consumers prefer firms with higher environmental, social, and governance (ESG) profiles. Specifically, we show that consumers increase their consumption by 4.9 % when the ESG rating increases by one unit. The consumption increase is more pronounced among female, unmarried, younger, and more educated consumers than for their counterparts, and for non-essential items. In addition, we demonstrate that consumers’ attention plays a significant role in the relationship between firms’ ESG profiles and consumer behavior. We further exploit the positive ESG–firm value relationship by utilizing consumption as a means of transmission. To address endogeneity concerns, we perform two difference-in-differences analyses, using the public interest litigation pilot program and the first release of a CSR report as sources of quasi-exogenous variation in the ESG profiles of firms. Overall, our study provides insight into the impact of ESG performance on credit card spending.

简介：贺佳，南开大学金融学院长任副教授，金融经济系主任，博士生导师，教育部“国家青年人才项目”计划入选者，亚洲金融与经济研究局（ABFER）Fellow，南开大学“百名青年学科带头人”。研究领域为房地产金融、家庭金融、消费金融。在Journal of Financial Economics, Review of Financial Studies, Management Science, Review of Finance等杂志公开发表论文多篇。多次获得国内外金融领域学术奖励，如PWC3535最佳论文奖，Global Social Science Institute (GSSI) International Real Estate Review最佳论文奖，中国国际风险论坛最佳论文奖，中国金融学术年会最佳论文奖，亚洲房地产学会最佳论文奖，南开大学首届科学研究青年创新奖等。荣获天津市青年五四奖章和南开大学青年五四奖章。