报告题目：Doing Good and Speaking Well: The Effect of ESG Performance and Disclosure Quality on Stock Price Informativeness
报 告 人：姜春霞 副教授（英国阿伯丁大学）
主 持 人：刘承芳 教授
报告时间：2025年7月16日 星期三 10:00-11:30
报告地点：北京大学王克桢楼508会议室
报告人简介：
Dr. Chunxia Jiang is the Head of the Accounting, Finance, and Real Estate Department, a Senior Lecturer (Associate Professor) in Finance at the Business School, University of Aberdeen, UK. Prior to joining Aberdeen in 2019, she was a Lecturer/Senior Lecturer at Newcastle University and Middlesex University Business School in UK. She holds PhD in Economics and MSc in Money, Banking and Finance. Her main research interest includes banking performance and competition, financial stability, monetary policy, and recently extends to green finance and Fintech. Her research works have appeared not only in leading peer-reviewed international academic journals (e.g., Journal of Banking & Finance, Journal of Financial Stability, and Energy Economics), but also in top economics journals in China. She has published a research monograph titled Chinese Banking Reform - From the Pre-WTO to Financial Crisis and Beyond by Palgrave Macmillan.
报告内容：
This study investigates how stock price informativeness (SPI) is jointly affected by the performance (“doing good”) and disclosure quality (“speaking well”) of financial and non-financial Environmental, Social, and Governance (ESG) information. We find that both “doing good” and “speaking well” improve SPI, and the latter strengthens the effect of the former, regardless of financial or non-financial information. Non-financial information complements financial information in shaping SPI, which is particularly influential when financial information is poor. This effect propagates through three channels: analyst attention, information asymmetry, and institutional ownership. Our findings highlight the nuanced interplay between financial and non-financial information, revealing that disclosure quality contributes to incremental informational value beyond performance metrics. The results are further validated through the out-of-sample performance of strategically constructed portfolios, which enable us to propose a double-dual signaling framework for sustainable investment strategy, and provide practical guidance for investors' asset allocation decisions.