Analyst Coverage and Corporate Environmental Policies
利用两个准自然实验，研究发现分析师覆盖减少后企业有毒污染排放增加，且在公司治理差、监管弱时更显著，揭示了分析师在监督企业环境行为中的作用。
Abstract Exploiting two quasi-natural experiments, we find that firms increase emissions of toxic pollution following decreases in analyst coverage. The effects are stronger for firms with low initial analyst coverage, poor corporate governance, and firms subject to less stringent monitoring by environmental regulators. Decreases in environmental-related questions raised in conference calls, an increased cost of monitoring to institutional shareholders, reductions in pollution abatement investment, and the weakening of internal governance related to environmental performance are channels through which reduced analyst coverage contributes to increases in firm pollution. Our study highlights the monitoring role analysts play in shaping corporate environmental policies.