Corporate ESG performance and manager misconduct: Evidence from China |
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| Institution: | 1. School of Finance, Tianjin University of Finance and Economics, Tianjin 300222, China;2. Loboratory for Fintech and Risk Management, Tianjin 300222, China;1. School of Economics and Management, Southeast University;2. Institute of Economics and Finance, Nanjing Audit University;3. Chinese Academy of Finance and Development, Central University of Finance and Economics;1. Department of Banking and Financial Management, University of Piraeus, Greece;2. Department of Economics, Democritus University of Thrace, Greece;1. School of Management, Minzu University of China, Beijing, China;2. School of Accounting, Zhejiang University of Finance and Economics, Hangzhou, China;3. Accounting Society of China, Beijing, China;1. Finance department, Hanyang University Business School, 222 Wangsimni-Ro, Seongdong-Gu, Seoul, Korea 04763, Korea;2. Finance department, Hanyang University Business School, 222 Wangsimni-Ro, Seongdong-Gu, Seoul, Korea 04763, Korea;3. Finance department, Seoul National University Business School, 1 Gwanak-ro, Gwanak-gu, Seoul, Korea 08826, Korea |
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| Abstract: | Exploring the motivation of corporate ESG (Environment, Social Responsibility, and Corporate Governance) engagement is vital for shareholders protection and corporate sustainable growth. Using a sample of Chinese public listed firms from 2010 to 2020, we study this issue from the manager's misconduct behavior perspective. We find that the quality of ESG engagement significantly inhibits manager misconduct. This relationship is mediated through analyst coverage, and is more pronounced in firms with lower information transparency, firms with lower institutional shareholdings, and firms that voluntarily disclosed ESG information. Our results still hold after a series of robustness checks and addressing potential endogeneity issues, including using the intensity of Confucian culture as an instrumental variable. |
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