Investor Perception of ESG in Earnings Calls
通过虚拟资产市场实验，研究了盈利电话中ESG陈述的沟通者角色和框架对投资者资本配置的影响，发现CEO以风险缓解框架沟通时效果最强，资本配置提升最高达8%。
ABSTRACT This study examines how the communicator's role and the framing of ESG statements affect investor capital allocation in the context of earnings calls. Based on a virtual asset market experiment, the analysis identifies that the assurance and reinforcement of ESG messages have a positive effect of up to 8% on capital allocation, with especially strong effects when the CEO (rather than the CFO) communicates messages in a risk mitigation‐focus (compared to an upside focus) framing. The findings underscore the need to leverage the communication of ESG disclosures and communication in unstructured formats to address investor needs and preferences.