德勤－复旦会计论坛系列240期
时 间：2024年11月26日（周二）下午1:30
地 点：史带楼503教室
题 目：Do Firms Walk the Talk in Adopting Greenpay?
报告人：陈建文(Hong Kong University of Science and Technology)
主持人：原红旗 教授
摘 要：
We classify compensation plans linked to environmental metrics (greenpay) into those with specific weights on or targets of environmental factors (hard greenpay) and those without (soft greenpay); we find that they lead to very different outcomes. Firms adopting hard greenpay reduce carbon emissions and increase environmental or climate risk disclosure, consistent with the notion that hard greenpay is used as a credible signal of management’s commitment to environmental issues. Firms adopting soft greenpay also increase environmental or climate risk disclosure, but do not “walk the talk” in terms of improving environmental performance, consistent with “greenwashing” behavior. We further show that shareholders appear to be misled by greenwashing, as they cast more supporting votes for “Say-on-Pay” (SoP) proposals and director elections after the firm adopts both types of greenpay. However, shareholders reduce their submissions of environmental-related proposals after the adoption of hard, but not soft greenpay. This indicates limitations in the ability of greenwashing to influence shareholders’ perceptions.
会计学系
2024-11-20
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