报告题目：Social Networks and Corporate Environmental Policy

报告所属学科：应用经济学

报告人：石玉坤（格拉斯哥大学）

报告时间：2023年12月11日 09:00-12:00

报告地点：经管学院702室

报告摘要：

This paper documents the spillover effects of corporate environmental policy through directors’ social networks. We find that the degree of similarity in environmental policy between the two firms is positively associated with the number of directors’ connections they share. We use directors’ deaths to address endogeneity concerns, we find that firms’ environmental policies are less similar when a director connecting them dies. Importantly, we also underscore the significance of punishment in this spillover effect, showing that when socially connected firms engage in poor environmental behaviors without facing significant punishment, firms tend to imitate their environmental policy. Conversely, firms tend to reflect on their own environmental policy when their socially connected firms are significantly punished for their poor environmental behaviors. The social network effect is particularly prominent among successful firms and those with a CSR committee. Furthermore, the social network effect is attributed to both bright- side of environmental activities, such as differentiation strategy, and dark-side, such as agency problems.

报告人简介：

石玉坤, 英国格拉斯哥大学亚当斯密商学院金融学副教授、博导，金融研究中心副主任。穆迪分析学术顾问，国家创新与发展战略研究会高级研究员。他的研究方向为绿色金融、量化金融、金融科技和公司金融等。担任留英留欧华人经济学家协会常务理事及苏格兰分会主席，国际金融与银行协会亚洲理事。他同时也是亚洲开发银行研究院、注册金融分析师（CFA）机构、英国国家统计局，欧洲复兴开发银行等机构的培训师及学术顾问。发表学术论文四十余篇，经常在国际学术会议上担任主旨演讲人并担任国际期刊编辑。