时间：2026年6月8日（周一）10:00
地点：浙大管院A423会议室
主题：Quantifying the Ecological Costs of Corporate Toxic Emissions: Evidence from Meeting Earnings Benchmarks
主讲人：姚文韬副教授，厦门大学管理学院
主持人：王文明研究员，WB官网
主持人简介：
姚文韬，厦门大学管理学院财务学系副教授，厦门大学绿色管理研究院ESG中心负责人，2021年获得香港大学金融学博士，伊利诺伊大学香槟分校访问学者。主要研究方向为企业财务决策下的真实环境社会治理（ESG）影响、企业供应链、企业创新、风险管理等议题，已发表十余篇研究论文于Review of Accounting Studies、Production and Operations Management 、《经济研究》《会计研究》《金融研究》等国内外权威期刊。主持国家自然科学青年基金项目，参与多项国家自然科学基金面上与国家社科基金重大项目，为TAR、POMS、JBF、JAPP、JAAF、BAR、《会计研究》《管理科学学报》等国内外期刊审稿。现讲授公司财务理论前沿、金融市场与机构（英）和公司治理（英）等课程，曾获全国百篇优秀管理案例奖。
摘要：
We estimate the ecological costs of corporate toxic emissions using managerial pressure to meet earnings benchmarks as an instrument for toxic releases. Linking plant-level emissions to millions of U.S. birdwatching records from 2002–2018, we examine changes in local bird populations around manufacturing facilities owned by U.S. public firms. Bird abundance declines significantly near plants during quarters in which parent firms just meet earnings benchmarks, with effects persisting for up to two years and varying with emission toxicity and species traits. Species richness also declines, though the effects are smaller and less persistent. Combining benchmark-induced changes in toxic releases and bird abundance implies that a 10 percent increase in emissions is associated with a 1.5 percent decline in local bird abundance. Back-of-the-envelope calculations suggest that regulatory and private efforts to curb toxic emissions preserved approximately 8.1 percent of local bird populations between 1998 and 2023.
全文请于SSRN下载https://papers.ssrn.com/sol3/papers.cfm?abstract_id=4996478
