所属栏目:新金融/绿色金融

The impact of ESG performances on analyst report readability: Evidence from China
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发布日期:2025年11月16日 上次修订日期:2025年11月16日

摘要

It has been widely recognized that firms’ environmental, social, and governance (ESG) performances are crucial for shaping their information environments. Nonetheless, the impact of ESG performances on important analyst report attributes still remains clear. Our study reveals that superior firm. ESG performances significantly enhance the analyst report readability. The mechanism analysis demonstrates that this effect is primarily driven by increased information accessibility (the information acquisition channel) and greater analysts’ research efforts (the analyst effort channel). As expected, this effect is more pronounced in firms operating in highly polluted industries, firms with opaque financial infomration and state-owned enterprises (SOEs). Finally, our findings reveal that the release of analyst reports triggers higher market reactions for firms with superior ESG performances. In overall, our study highlights the criticial role of firm ESG performances in boosting financial analysts’ information production process.
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Jing Xu; Wei Wu; Xuan Feng The impact of ESG performances on analyst report readability: Evidence from China (2025年11月16日) https://www.cfrn.com.cn/lw/16460.html

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