光華講壇——社會名流與企業家論壇第6616期

主題：ESG投資是否有回報？對新冠大流行前后歐元區的分析

主講人：牛津布魯克斯大學 Dimitrios Asteriou

主持人：經濟與管理研究院 吳季教授

時間：10月26日 14:00—16:00

舉辦地點：西南財經大學柳林校區格致樓1211

主辦單位：經濟與管理研究院 國際交流與合作處 科研處

主講人簡介：

Dimitrios Asteriou研究員在2000年獲得了倫敦大學城市學院的經濟學博士學位，目前在牛津布魯克斯大學商學院擔任研究員領導。他的研究工作聚焦于應用計量經濟學領域，重點關注經濟增長和金融經濟學的應用。他的研究貢獻集中在經濟增長的決定因素（如人力資本、政治不穩定等）、趨同假設以及行為金融和經濟學領域，并在會計金融領域的面板數據應用方面取得了新研究成果。

Dimitrios Asteriou obtained his Ph.D. in Economics from City University, London, in 2000. He is currently the research lead in Economics, Accounting and Finance at Oxford Brookes University. His research work has been mainly in the area of applied econometrics with an emphasis on applications concerning economic growth and financial economics. He contributed to the literature considering the determinants of economic growth (human capital, political instability, etc.) and the convergence hypothesis as well as in behavioral finance and economics. Also, his research has obtained new results with the use of panel data econometric applications in various accounting and finance issues.

內容簡介：

本次講座聚焦于620家歐元區公司的股票回報表現，基于其新冠流行前后的ESG評級，在名義和風險調整的基礎上進行研究。文章同時考察了國家層面的治理指標如何與ESG高評級和低評級公司相互作用，并影響名義和風險調整后的投資回報，采用了面板數據、橫截面回歸以及DID方法來完成實證。文章的結果顯示高評級的ESG公司在整體表現以及疫情期間的表現上略遜于低評級的ESG公司，然后考慮到國家層面的治理因素時，治理得分較高國家的ESG高評級公司表現優于低評級公司。最后在比較歐盟與受新冠影響較小的經濟體時，如韓國和澳大利亞，研究發現新冠期間韓國和澳大利亞公司的表現遠勝于歐洲的公司。該研究為ESG評級對公司股票回報的影響以及國家治理因素如何調節這一影響提供了重要見解，有助于投資者和決策者更好理解復雜環境中的投資決策。

We examine whether the stock return performance of 620 Eurozone companies based on their ESG ratings both before and during the Covid-19 pandemic on both a nominal and risk-adjusted basis. We also look at how country-level governance indicators interact with our samples of ESGHigh and ESGLow companies to affect both nominal and risk-adjusted investment returns. We use both panel data and cross-sectional regressions as well as the difference-in-differences approach to derive the empirical results. We generally find some evidence that highly-rated ESG firms performed slightly worse than lower-rated ESG both overall and during the pandemic. However, once we control for governance at the country level, we find that in high governance scoring countries ESGHigh companies perform better than ESGLow companies. Finally, when we examine the relative performance of EU companies compared to companies in economies less impacted by the COVID-19 pandemic, namely South Korea and Australia, we find that during the pandemic, the South Korean and Australian companies performed much better than their counterparts in Europe.