双重绩效反馈不一致与企业ESG信息披露质量的关系研究

Impact of Dual Performance Feedback Inconsistency on the Quality of Corporate ESG Information Disclosure

随着ESG理念深入人心,利益相关者愈发重视企业ESG表现,管理者为迎合利益相关者的ESG诉求可能选择降低ESG信息披露质量,造成企业外部ESG披露与内部ESG实践解耦。基于企业行为理论,以2017—2021年A股上市企业数据为样本,探索企业ESG解耦的影响因素。研究发现,“历史绩效反馈顺差—行业绩效反馈落差”促进了企业ESG解耦,“历史绩效反馈落差—行业绩效反馈顺差”抑制了企业ESG解耦。机构投资者作为重要利益相关者,对企业的“分心”程度会强化“历史绩效反馈顺差—行业绩效反馈落差”对ESG解耦的正向影响,削弱“历史绩效反馈落差—行业绩效反馈顺差”对ESG解耦的负向影响。研究发现从双重绩效反馈不一致角度揭示企业ESG解耦的动因,补充拓展了ESG相关研究,为利益相关者识别并约束企业ESG解耦行为提供了启示。

As the concept of ESG becomes more popular,stakeholders pay more attention to the corporate ESG performance.In order to meet the ESG demands of stakeholders,managers may choose to reduce the quality of ESG information disclosure,resulting in the decoupling of external ESG disclosure and internal ESG practice.Based on the theory of corporate behavior,it used the data of A-share listed corporates from 2017 to 2021 as samples to explore the influencing factors of corporate ESG decoupling.It finds that “positive history-negative industry” performance feedback promotes corporate ESG decoupling,while “negative history-positive industry” performance feedback inhibits corporate ESG decoupling.As an important stakeholder,the degree of “distraction” of institutional investors to enterprises strengthens the positive impact of “positive history-negative industry” performance feedback on ESG decoupling,and weakens the negative impact of “negative history-positive industry” performance feedback on ESG decoupling.It reveals the motivation of corporate ESG decoupling from the perspective of inconsistency of dual performance feedback,supplements and expands ESG related research,and provides enlightenment for stakeholders to identify and constrain enterprise ESG decoupling behavior.