德勤－复旦会计论坛系列238期讲座信息

时间：2024年 11月4日（周一）下午1:30

地点：史带楼303教室

题目：Does regulatory oversight discipline ESG funds to walk the talk?

报告人：Chengzhu Sun (Hong Kong Polytechnic University)

主持人：金超青年副研究员

摘要：

There is a wide-spread concern that investment funds use the claim of ESG investing to attract investment flows without making real ESG-oriented investments. Exploiting the establishment of the SEC’s Climate and ESG Task Force (Task Force hereafter) as a plausible exogenous shock to regulatory oversight, we investigate whether securities regulators’ oversight disciplines the funds to “walk the talk”. We show that relative to non-ESG funds, ESG-labelled funds tilt their investment more towards firms with better ESG performance after the launch of the Task Force. Such changes are more pronounced among ESG-labelled funds with poorer pre-launch fund-level ESG performance and those located closer to the SEC, suggesting that the effect of regulatory oversight varies with proximity to the SEC and prior investment records. We further analyse the effect of the SEC’s enforcement actions and find that ESG-labelled funds not subject to the enforcement actions invest more in high-ESG firms in the post-sanction period, implying that the enforcement actions have a deterrent effect. Collectively, our results suggest the effectiveness of regulatory oversight in disciplining ESG-labelled funds’ investment decisions.

会计学系

2024-10-29