科学研究
报告题目：Do pro-ESG firms and their employees choose ESG funds in 401(k) plans?
报告人：董艳华
报告时间：2025年1月5日（周日）13:30-15:00
报告地点：#腾讯会议：295-104-036
主办单位：东北财经大学会计学院 辽宁省资本市场财务与会计研究生创新与学术交流中心
【报告摘要】
This paper examines whether firm Environmental, Social, and Governance (ESG) values influence the inclusion of ESG funds in 401(k) pension plans and employee investment choices. Using a hand-collected dataset, I find that pro-ESG firms are more likely to offer ESG funds in 401(k)s. However, employees at these firms are not more likely to invest in ESG funds in their 401(k)s. Additional analyses suggest that pro-ESG firms prefer positive screening strategies (i.e., selecting funds that invest in high ESG score securities) to negative screening strategies (i.e., excluding funds that invest in low ESG score securities). In contrast, employees do not adopt either screening strategy. Furthermore, collective bargaining by labor unions positively affects firm ESG choices but does not affect employees ESG choices. There is no evidence that activist shareholders or litigation risk impact the inclusion of ESG funds. Finally, I do not find that the inclusion of ESG funds negatively affects plan financial performance. These findings provide valuable insights for regulators and firms regarding the ESG fund inclusion in 401(k)s.
【报告人简介】
董艳华，墨尔本大学会计学博士研究生。本科毕业于东北财经大学会计学专业，硕士毕业于厦门大学会计学专业。研究兴趣主要为企业ESG，特别是其中关于社会领域的研究，如员工养老金、员工福利、政府债券风险定价等。研究成果在EAA Talent Workshop、Stockholm School of Economics和Hawaii Accounting Research Conference上报告，其中一项研究成果在《管理世界》发表。
【特别提醒】
未经论文作者和主办方允许，严禁将讲座内容录制并公开传播，违者将有可能被追究法律责任。
