SPEAKER: 王鹤丽 新加坡管理大学教授

TIME/DATE: 2026.5.22   10：00

CLASSROOM: A403

ABSTRACT

Firms are increasingly exposed to socio-political shocks that alter their nonmarket environment, yet research has focused mainly on aggregate firm-level responses rather than on how such shocks propagate within firms. We address this gap by examining how U.S. state-level anti-ESG legislation affects facility-level greenhouse gas (GHG) emissions. Because these laws target ESG-related financial and political pressures at the corporate level rather than facility-level environmental regulation, they provide a useful setting for studying headquarters-level shocks and their intra-firm transmission. Using a staggered difference-in-differences design across 19 states that adopted anti-ESG laws between 2021 and 2023, we find that when a firm’s headquarters state enacts such a law, GHG emissions increase at the firm’s facilities. The increase is concentrated in facilities outside anti-ESG states, stronger for firms with greater prior ESG-finance exposure and for facilities in more climate-stringent environments, and weaker where harder local constraints, such as carbon-market participation, are present. The effect appears in investor-visible GHG emissions but not in toxic releases or production-scale outcomes. These findings are most consistent with a headquarters-level ESG-finance shock that transmits selectively across facilities, producing cross-state policy spillovers through firms’ internal structures.

GUEST BIO

王鹤丽教授现为新加坡管理大学李光前商学院战略管理讲席教授（Janice Bellace Professor）、研究生院院长、长江学者讲座教授，曾担任Academy of Management Journal和Academy of Management Review的副主编，以及Management Organization Review的咨询编辑。王鹤丽教授的研究聚焦于企业资源基础理论、战略人力资本、利益相关者管理和企业社会责任，众多研究成果发表于战略与组织领域顶级期刊，包括Academy of Management Review、Academy of Management Journal、Strategic Management Journal、Organization Science和Journal of International Business Studies等。