时间：2025年11月4日上午9:30 - 11:30

地点：东区财科馆317会议室

主持人：方一蔚 教授

题目Title：Non-Financial Disclosure and Firm Cyclicality

摘要Abstract：

Does disclosure of non-financial information affect firm cyclicality? Using the staggered introduction of country-level ESG disclosure regulations, we document that firm cyclicality declines by 63.7% after the adoption of ESG mandates. The negative effect stems from reductions in asset growth as well as risky investments (i.e., R&D and acquisition expenditure) during good economic times. The cyclicality-reducing effect of ESG mandates is more pronounced among firms that are more constrained, face higher product obsolescence rates, and have a shorter-term-oriented or less ESG-oriented institutional clientele. Overall, our evidence suggests that ESG disclosure impedes unhealthy growth and enhances firm efficiency and value during good economic times through alleviating financial constraints and attracting institutional clientele with long-term orientation and ESG preference.

主讲人Biography：

Professor Woon Sau Leung Holds a Chair in Finance at the University of Southampton Business School. He is a Fellow of the UK Higher Education Academy and a Chartered Financial Analyst (CFA) charterholder.He has presented his work in major accounting and finance conferences, including those organized by the American Economic Association (AEA), European Finance Association (EFA), Financial Management Association (FMA), American Accounting Association (AAA), among others. He has served as an ad-hoc reviewer for a number of international accounting, business, and finance journals, including Management Science, Journal of International Business Studies, Journal of Corporate Finance, Journal of Banking and Finance, etc., and research funding bodies, such as the research councils in Iceland and Belgium. He is currently guest-editing a special issue in the British Accounting Review, titled "The Role of Supply Chain in Accounting and Finance Research."