Responsible Investing and Investment Efficiency Based on Time‐Inconsistent Preferences
将时间不一致偏好与ESG投资纳入动态q理论框架，发现时间不一致偏好导致系统性投资不足，且效率损失程度取决于企业声誉；生产率波动会减少投资但增加ESG支出，低声誉企业投资被ESG挤出，而高声誉企业利用ESG缓冲波动影响。
ABSTRACT This paper integrates time‐inconsistent preferences and ESG investment into a dynamic q ‐theory framework. We demonstrate that time‐inconsistent preferences induce systematic under‐investment, with the magnitude of inefficiency critically dependent on a firm's reputation. Productivity volatility () systematically reshapes corporate strategies: rising reduces investment but increases ESG expenditure. Reputation mediates a strategic trade‐off: low‐reputation firms suffer investment crowding‐out from ESG spending, while high‐reputation firms leverage ESG as a buffer against volatility‐induced distortions. These findings unify the reputation repair hypothesis and buffer effect under a dual‐regime strategy driven by reputation heterogeneity.