ESG 報告中的異常語調： 探討策略性揭露行為及其對投資者影響

Abstract

本研究探討了環境、社會與治理（ESG）報告中的語調管理，並評估其對市場反應的影響。我們的分析區分了ESG報告的正常語調和異常語調，其中異常語調受到管理層的自由裁量。利用 2017 至 2021 年間 S&P500 公司的 ESG 報告，我們發現 ESG 報告中的異常語調與未來的 ESG 表現沒有顯著關聯。然而，異常正向的語調與較差的未來財務表現相關。此外，異常語調與管理層影響投資者的動機呈正相關，並對ESG報告公告的短期市場反應有正面影響。結果顯示，ESG報告中的語調管理可能會誤導投資者。

This study explores tone management in Environmental, Social, and Governance(ESG) reporting and assesses its impact on the market reaction. Our analysis differentiates between normal and abnormal tones of ESG reports, with the abnormal tone subject to managerial discretion. Utilizing a dataset of ESG reports of S&P 500 companies from 2017 to 2021, we find no significant association between abnormal tone in ESG reports and future ESG performance. However, an abnormally positive tone signals poorer future financial performance. Additionally, abnormal tone is positively correlated with managerial incentives to influence investor and has a positive short-term market reaction to the ESG report announcement. These findings indicate that tone management in ESG reports may misleads investors. Our study contributes to both the academic literature and practical application by highlighting how strategic tone management is deployed within ESG reports.