演讲题目：From Brand to Green: The Moderating Role of ESG Strategic Focus

演讲嘉宾： David C. Broadstock       香港理工大学

演讲时间：2019年11月14日（星期四）下午14:30-17:30

演讲地点：嘉庚一401

主持人：林伯强教授

讲座摘要：

This paper explores the interactive impact of brand reputation (BR) and corporate social responsibility (CSR) on the firms’ success in raising capital via green bonds. Specifically, we argue that BR alone may not be enough to help firms issue green bonds and that firms would need higher CSR scores to leverage the full potential of their BR in this regard. We use brand reputation data to measure brand reputation and ESG (Environmental, Social, and Governance) framework to operationalize CSR scores. Using a sample of 338 international green bond issues across 108 unique firms to test all our hypotheses, we find that BR has no significant direct impact but ESG and its interaction with BR (BR*ESG) have significant positive effects on the issuance of green bonds, while controlling for a wide range of variables, including fixed effects of industry, region and time. Moreover, only the S (Social) component of ESG and the interactions of its E (Environmental) and G (Governance) components with BR have significant impact on green bond issuance. Besides extending the current research on green bonds, CSR and BR, these findings also have important managerial implications for firms planning to raise green capital, fund managers and analysts.

个人简介：

David C. Broadstock，经济学博士，香港理工大学会计与金融学院助理教授、经济可持续发展与创业金融中心副主任，同时担任国际能源经济协会（2020-2021）副主席，国际期刊《The Energy Journal》主编，以及《British Journal of Management》的编委会成员。David的研究领域为能源和环境经济学，目前主要致力于消费者行为和能源金融方面的研究，已围绕能源和环境经济学、金融经济学在《The Energy Journal》、《Energy Economics》等国际期刊发表诸多高水平学术论文。