社会科学高等研究院 マネジメント・イノベーション研究センターと経営管理研究科マネジメント先端研究教育開発センター共催の2023年度第5回国際リサーチセミナーおよび第20回一橋会計研究会を下記の通り開催いたします。

【Title】The capital market effects of environmental metrics: Evidence from Hong Kong’s mandate of environmental, social, and governance (ESG) reporting

【Speaker】Jerry W. Chen, Lecturer, Business School, Accounting and Finance, University of Auckland, New Zealand

【Date / Time】November 29 (Wed), 2023 / 13:00~ 14:30

【Venue】Room # 3403 (Conference Room 1), 4th Floor, Mercury Tower, Kunitachi East Campus, Hitotsubashi University

【Abstract】
This study investigates the capital market effects of environmental metrics that companies listed on the Stock Exchange of Hong Kong have been required to disclose since 2017.The regulatory mandate requires companies to report quantifiable environmental data either in their annual reports or in separate environmental, social, and governance (ESG) reports. This data includes information on air and greenhouse gas (GHG) emissions, hazardous and non-hazardous waste generation, energy consumption, water consumption, and packaging material usage. The results of the value relevance test reveal that investors price these environmental metrics differently upon their release. From an economic perspective, a one-unit reduction in non-hazardous waste generation, water consumption, and packaging material usage is associated with a share price increase ranging from $0.002 to $0.163. However, there is insufficient evidence to suggest that market pricing reflects air and GHG emissions, hazardous waste generation, and energy consumption. This research offers valuable insights for regulators and standard setters seeking to understand how capital market participants perceive the mandatory disclosure of environmental metrics.

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