The Fourth Conference on CSR, the Economy and Financial Markets
設備投資研究所は、国際的な学術専門誌 “Global Finance Journal” と連携し、2021年11月11日（木）～12日（金）に、国際カンファレンス／CSR, the Economy and Financial Marketsを開催しました。本カンファレンスは、2017年に当研究所が企画提案し、その後シカゴ（2018年）、デュッセルドルフ（2019年）を経て、このたび第4回目を迎えるに至ったものです。コロナ禍によりオンラインでの開催となりましたが、世界各地の研究者が参加し、CSRと経済・金融を巡る学術研究の報告・討論が活発に行われました。
プログラム
1日目：11月11日（木）
| 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 | |
| 1:20-2:30 |
Keynote Speech Gender Equality in the Workplace
Improving Gender Diversity in the Workforce: A Japanese Example Professor Lukas Roth, University of Alberta
|
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| 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) |
|
2日目：11月12日（金）
| 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 |
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