经济学院青年教师定期开展学术沙龙，每次邀请一位青年教师或博士后主讲，聚焦学术前沿，分享研究成果，剖析时代热点，碰撞思想火花。本次活动的主讲人是复旦大学经济学院的吴弘老师，吴老师报告了他近期的二篇论文。一篇讨论的主题是“地方环境信念与企业环境绩效”，另外一篇讨论的主题是“环境诉讼风险与企业不当行为”。众多中青年教师、博士后及学生参加了本次学术沙龙。大家对这样轻松自由的学术交流方式反响良好，认为沙龙不仅起到了启发思维的作用，也促进了青年教师之间合作研究的可能。沙龙由经济学院学科与人才办公室主任韦潇教授主持。
复旦大学经济学院讲师，美国匹兹堡大学经济学博士（2015），香港理工大学助理教授（2015-2019），在国际权威期刊发表如Games and Economic Behavior, Journal of Corporate Finance. 最近研究兴趣为公司金融。
论文一：Local Environmental Beliefs and Corporate Environmental Performance
摘要：This paper examines the impact of local environmental beliefs on corporate environmental performance. We demonstrate a negative relation between county-level pro-environmental beliefs and plant-level toxic emissions. This correlation is particularly pronounced when the firm has a larger local investor base and more local stakeholders. Furthermore, stronger pro-environmental local beliefs are associated with stricter enforcement of environmental regulations, greater judge support for and higher volume of environmental lawsuits, and better compliance. Finally, we show that local environmental beliefs affect internal emission redistributions within firms. Overall, our findings highlight the significant role that local environmental beliefs play in shaping corporate environmental decisions.
本论文研究了地方环境信念对企业环境绩效的影响。我们证明了县级环保理念与工厂有毒物质排放量之间存在负相关关系。当企业拥有更大的当地投资者基础和更多的当地利益相关者时，这种相关性尤为明显。此外，更强烈的地方环保理念与更严格的环境法规执行、法官对环境诉讼的更大支持和更高的诉讼量以及更好的合规性呈正相关。最后，我们表明，地方环境信念会影响企业内部的排放再分配。总体而言，本研究凸显了地方环境信念在影响企业环境决策中所起到的重要作用。论文二：Environmental Litigation Risk and Corporate Misconduct
摘要：Environmental regulations are important constraints to corporate environmental decision-making. In this paper, we examine how environmental and social (ES) litigation risk affects related corporate misconduct. We measure ES-related litigation risk by using the political ideology of circuit judges and find that higher ex-ante ES litigation risk is associated with more corporate ES misconducts. Such effect is stronger when firms are financially constrained. We then examine investor reactions and firm responses to heightened ES litigation risk. We find that investors react negatively to liberal judge appointments, and such effect is present among firms with lower ESG profiles. These firms also reduce capital investments, conduct fewer acquisitions but have higher-quality green patents. Overall, we explore a novel and important determinant on corporate environmental performance.
环境法规是制约企业环境决策的重要因素。本论文主要研究环境与社会诉讼风险对企业不当行为的影响。我们使用巡回法官的政治意识形态来衡量与ES相关的诉讼风险，发现更高的事前ES诉讼风险与更多的企业ES不当行为相关。这种效应在企业财政拮据时更为明显。然后，我们检验投资者的反应和企业对提高ES诉讼风险的应对，发现投资者对自由派法官的任命反应消极，这种影响在ESG水平较低的公司中也存在。这些公司还减少了资本投资，进行较少的收购，但拥有更高质量的绿色专利。总体而言，我们探讨了企业环境绩效的一个新颖而重要的决定因素。
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