The Eco-Friendly Side of Analyst Coverage: The Case of Green Innovation
The Eco-Friendly Side of Analyst Coverage: The Case of Green Innovation
复制标题
分析师报道的环保方面：绿色创新案例
DOI：
10.1109/tem.2022.3148136
复制
发表时间：
2022-02-11
影响因子：
5.8
通讯作者：
Yuan, Jingfeng
中科院分区：
文献类型：
--
作者：
Han, Meini;Lin, Han;Yuan, Jingfeng
绿色创新是资源消耗和自然环境恶化的关键解决方案。它正在推进将业务与全球可持续发展结合的游行。在核心创新活动中体现绿色元素自然成为组织外部评估的关键信息。为了确定此信息渠道效应，当前的研究旨在阐明财务分析师（一个著名且专业的利益相关者群体对公司绿色创新的影响）的影响。从2003年到2017年期间，将全面的Incopat数据库与中国上市制造公司的数据相结合，经验结果表明，分析师的覆盖范围可以显着改善公司的绿色创新绩效。还可以观察到机构所有权和股票流动性都显着增强了分析师覆盖范围与企业绿色创新之间的积极关系。当选择审计公司或披露质量等级时，基于财务信息质量的拆分样本分析进一步确定了基于信息的机制。这些发现为您的想法提供了有益的支持，即可以鼓励经理人以其长期的视野来促进绿色投资，并纠正过度关注短期绩效的近视。
Green innovation is a key solution to resource depletion and natural environment deterioration. It is advancing the march toward marrying business with sustainability worldwide. Embodying green elements in core innovative activities naturally becomes the critical information for the external assessments of organizations. To identify this information channel effect, the current study is intended for shedding light on the effects of financial analysts, a prominent and professional stakeholder group, on corporate green innovation. Combining the comprehensive incoPat database with the data of Chinese publicly listed manufacturing firms over the period from 2003 to 2017, the empirical results show that analyst coverage could significantly improve firms' green innovation performance. It is also observed both institutional ownership and stock liquidity significantly enhance the positive relationship between analyst coverage and corporate green innovation. The information-based mechanisms are further identified by the split sample analysis based on the quality of financial information, when either the choice of audit company or the disclosure quality rank is applied. These findings provide beneficial supports for the idea that leaning on the monitoring from the financial analysts, managers could be encouraged to promote green investment with its long-time horizon and correct the myopia that overly focuses on short-term performance.