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The Fourth Conference on CSR, the Economy and Financial Markets


On November 11-12, 2021, RICF held an international conference “CSR, the Economy and Financial Markets” in collaboration with Global Finance Journal. This conference was originally planned and hosted by RICF in 2017, held also in Chicago (2018) and Düsseldorf (2019), and then back in Tokyo this year. A keynote speech was given by Professor Lucas Roth. While all the sessions were held in fully online format due to the COVID-19 pandemic, a number of high quality academic studies were presented and discussed with enthusiasm by researchers from all over the world.


Day1: November 11 (Thu.)

Session Chair A1: Valuation Effects I
Weina Zhang, National University of Singapore
A2: Climate Risk
Konari Uchida, Kyushu University
9:00-10:30 Media, Partisan Ideology, and Corporate Social Responsibility
Lily Li (Temple University)
Discussant: Jittima Tongurai (Kobe University)
The Demand and Supply of Climate Risk Disclosure
Vikas Mehrotra (University of Alberta)
Discussant: Konari Uchida (Kyushu University)
Doing Well by Doing Good? Risk, Return, and Environmental and Social Ratings
Jeong Ho Kim (Emory University)
Discussant: Weina Zhang (National University of Singapore)
Climate Risk Exposure, ESG Performance, and ESG Sentiment for U.S. Commercial Banks
Otgontsetseg Erhemjamts (Bentley University)
Discussant: Yoko Shirasu (Aoyama Gakuin University)
Session Chair B1: Valuation Effects II
Omrane Guedhami, University of South Carolina
B2: Managerial Factors
Jing Yu, The University of Sydney
10:45-12:15 Paying Attention to ESG Matters: Evidence from Big Data Analytics
Wendi Huang (Hong Kong University)
Discussant: Omrane Guedhami (University of South Carolina)
Do Managers Walk the Talk on Environmental and Social Issues?
Wendi Du (Georgia Tech),
Discussant: Hooy Chee Wooi (Universiti Sains Malaysia)
Environmental, Social, and Governance (ESG) and Stock Price Crash Risk: Evidence from China
Hui Zhou (Tohoku University)
Discussant: Rakesh Pandey (University of Tasmania)
Do High Ability Managers Choose ESG Projects that Create Shareholder Value? Evidence from Employee Opinions
Aaron Yoon (Northwestern University)
Discussant: Jing Yu (The University of Sydney)
1:15-1:20 Welcoming Remarks by DBJ-RICF   Keisuke Takegahara
Keynote Speech Gender Equality in the Workplace
Improving Gender Diversity in the Workforce: A Japanese Example
Professor Lukas Roth, University of Alberta
Session Chair C1: Valuation
Souad Lajili-Jarjir, University Paris-Est Creteil
C2: Governance
Robert Durand, Curtin University
2:45-4:15 Green or Brown: Which One to Short Sell?
Weiming Zhang (Chinese University of Hong Kong)
Discussant: Jungwon Suh (Sungkyunkwan University)
Women Directors and E&S Performance: Evidence from Board Gender Quotas
Caroline Raskopf (Université Paris–Dauphine, PSL)
Discussant: Mussa Hussaini (University of Gothenburg)
Does Media Coverage of Firms’ Environment, Social, and Governance (ESG) Incidents Affect Analyst Coverage and Forecasts?
April Zhichao Li (Durham University)
Discussant: Hyonok Kim (Tokyo Keizai University)
Corporate Governance of Japan and Corporate Social Responsibility
Shigeki Wakabayashi (Development Bank of Japan)
Discussant: Robert Durand (Curtin University)

Day2: November 12 (Fri.)

Session Chair D1: The CEO Effect
Otgontsetseg Erhemjamts, Bentley University
D2: The UN Effect
Millicent Chang, University of Wollongong
9:00-10:30 Local Boy does Good: CEO BirthplaceBbias and Corporate Social Responsibility
Dimitris Petmezas (Durham University)
Discussant: Xiaolan Zheng (University of Nottingham - Ningbo China)
Global Finance and the United Nations Sustainable Development Goals: Recent Evidence
Omid Sabbaghi (University of Detroit Mercy)
Discussant: Masaharu Hanazaki (Saitama Gakuen University)
Will Nature-Loving CEOs Make the World Greener?
Weijia Zhi (Frankfurt School of Finance and Management)
Discussant: Farhad Taghizadeh-Hesary (Tokai University)
Analyzing Active Managers’ Commitment to ESG: Evidence from United Nations Principles for Responsible Investment
Aaron S. Yoon (Northwestern University)
Discussant: Millicent Chang (University of Wollongong)
Session Chair E1: Other Influences
Ivan Diaz-Rainey, University of Otago
E2: Other Issues
Yupana Wiwattanakantang, National University of Singapore
10:45-12:15 The Response of Local Corporate Sustainability to Environmental Disasters: Evidence from Wildfires
Ioannis Branikas (University of Oregon)
Discussant: Ivan Diaz-Rainey (University of Otago)
Corporate Philanthropy and Employee Retention: Evidence from A Million Inventors
Anthony Rice (Chinese University of Hong Kong)
Discussant: Yupana Wiwattanakantang (National university of Singapore)
CSR Activities and Supply Chain Network: A Propensity Score Matching Analysis
Kenichi Yoshida (Kyushu University and Waseda University)
Discussant: Shengze (Sean) Xu, Auckland University of Technology
Managing Climate Change Risks: Sea Level Rise and Mergers and Acquisitions
Chen Shen (University of North Carolina, Charlotte)
Discussant: Narmin Nahidi (C’Focari University and Aarhus University)
Session Chair F1: Bonds
Takafumi Sasaki, Chuo University
F2: Bonds II
Hisashi Nakamura,
Hitotsubashi University
1:15-2:45 Corporate ESG Profiles, Matching, and the Cost of Bank Loans
David Shin (Indiana University)
Discussant: Chaiporn Vithessonthi (Sunway University)
Nature as a Defense from Disasters: Natural Capital and Municipal Bond Yields
Claudio Rizzi (University of Miami)
Discussant: Hisashi Nakamura (Hitotsubashi University)
Carbon Emissions, Institutional Trading, and the Liquidity of Corporate Bonds
Linyu Zhou (Chinese University of Hong Kong)
Discussant: Takafumi Sasaki (Chuo University)
Bond Ownership Structure and Corporate Social Responsibility
Jesus M. Salas (Lehigh University)
Discussant: Mari Sakudo (University of Tsukuba)
Session Chair G1: Macro Issues
Martin Glaum, WHU, Otto Beisheim School of Management
G2: Internal & External Influences
Pierre Chollet, Montpellier University
3:00-4:30 The Economic Consequences of Firms’ Credible Commitment to ESG Policies
Chao Jin (Hong Kong University of Science and Technology)
Discussant: Clinton Watkins (Akita International University)
Corporate Social Responsibility and Insider Horizon
Ziran Zuo (Lancaster University)
Discussant: Yukihiro Yasuda (Hitotsubashi University)
The Environmental Consequences of Pay Inequality
Joseph Kalmenovitz (Drexel University)
Discussant: Sabri Boubaker (Normandie Business School)
How Climate Risk Beliefs Shape Corporate Social Responsibility?
Qiping Huang (Boise State University)
Discussant: Souad Lajili-Jarjir, University Paris-Est Creteil