光华讲坛——社会名流与企业家论坛第6616期
主题：ESG投资是否有回报？对新冠大流行前后欧元区的分析
主讲人：牛津布鲁克斯大学 Dimitrios Asteriou
主持人：经济与管理研究院 吴季教授
时间：10月26日 14:00—16:00
举办地点：771771威尼斯.Cm柳林校区格致楼1211
主办单位：经济与管理研究院 国际交流与合作处 科研处
主讲人简介：
Dimitrios Asteriou研究员在2000年获得了伦敦大学城市学院的经济学博士学位，目前在牛津布鲁克斯大学商学院担任研究员领导。他的研究工作聚焦于应用计量经济学领域，重点关注经济增长和金融经济学的应用。他的研究贡献集中在经济增长的决定因素（如人力资本、政治不稳定等）、趋同假设以及行为金融和经济学领域，并在会计金融领域的面板数据应用方面取得了新研究成果。
Dimitrios Asteriou obtained his Ph.D. in Economics from City University, London, in 2000. He is currently the research lead in Economics, Accounting and Finance at Oxford Brookes University. His research work has been mainly in the area of applied econometrics with an emphasis on applications concerning economic growth and financial economics. He contributed to the literature considering the determinants of economic growth (human capital, political instability, etc.) and the convergence hypothesis as well as in behavioral finance and economics. Also, his research has obtained new results with the use of panel data econometric applications in various accounting and finance issues.
内容简介：
本次讲座聚焦于620家欧元区公司的股票回报表现，基于其新冠流行前后的ESG评级，在名义和风险调整的基础上进行研究。文章同时考察了国家层面的治理指标如何与ESG高评级和低评级公司相互作用，并影响名义和风险调整后的投资回报，采用了面板数据、横截面回归以及DID方法来完成实证。文章的结果显示高评级的ESG公司在整体表现以及疫情期间的表现上略逊于低评级的ESG公司，然后考虑到国家层面的治理因素时，治理得分较高国家的ESG高评级公司表现优于低评级公司。最后在比较欧盟与受新冠影响较小的经济体时，如韩国和澳大利亚，研究发现新冠期间韩国和澳大利亚公司的表现远胜于欧洲的公司。该研究为ESG评级对公司股票回报的影响以及国家治理因素如何调节这一影响提供了重要见解，有助于投资者和决策者更好理解复杂环境中的投资决策。
We examine whether the stock return performance of 620 Eurozone companies based on their ESG ratings both before and during the Covid-19 pandemic on both a nominal and risk-adjusted basis. We also look at how country-level governance indicators interact with our samples of ESGHigh and ESGLow companies to affect both nominal and risk-adjusted investment returns. We use both panel data and cross-sectional regressions as well as the difference-in-differences approach to derive the empirical results. We generally find some evidence that highly-rated ESG firms performed slightly worse than lower-rated ESG both overall and during the pandemic. However, once we control for governance at the country level, we find that in high governance scoring countries ESGHigh companies perform better than ESGLow companies. Finally, when we examine the relative performance of EU companies compared to companies in economies less impacted by the COVID-19 pandemic, namely South Korea and Australia, we find that during the pandemic, the South Korean and Australian companies performed much better than their counterparts in Europe.
