【报告主题】ESG Shocks in Global Supply Chains
【主讲嘉宾】佘国满，香港大学，助理教授。
【报告时间】2023年4月25日 10:00
【报告地点】会计学院108室
【内容提要】We show that U.S. firms cut imports by 11.1% and are 4.2% more likely to terminate a trade relationship when their international suppliers experience environmental and social (E&S) incidents. These trade cuts are larger for publicly-listed U.S. importers facing high E&S investor pressure and lead to cross-country supplier reallocation, suggesting that E&S preferences in capital markets can have real effects in far-flung economies. Larger trade cuts around the scandal result in higher supplier E&S scores in subsequent years, and in the eventual resumption of trade. Our results highlight the role of customers' exit in ensuring suppliers' E&S compliance along global supply chains.