公司金融教研室学术讲座

报告题目：Selective Disclosure in ESG Reports  
报  告 人：申   睿（香港中文大学（深圳） 教授）
主  持 人：朱效禹（中山大学岭南学院 副教授） 
时      间：2026年10月26日（周一）14: 30
地      址：岭南堂汪道涵会议室（101）
语      言：中英文

摘要:
      We examine how firms selectively disclose public environmental events in their ESG reports. Combining ESG reports issued by U.S. public firms during 2010–2024 with environmental events recorded by FactSet Truvalue Labs, we use large language models to identify event-specific disclosure. We find that negative events are 23.7 percentage points less likely than positive events to receive direct disclosure in ESG reports, controlling for event and firm characteristics. The disclosure gap narrows with firm visibility and widens with external negative environmental news. These results cannot be explained by proprietary cost or litigation cost, and are consistent with an awareness-cost explanation of selective reporting. Among directly disclosed events, negative events receive less quantitative and less forward-looking discussion. We also find that negative events without direct disclosure predict subsequent environmental risk and violations. These findings show that firms select among public environmental events when preparing ESG reports and that undisclosed events retain information relevant to future environmental outcomes.
报告人介绍：

       申睿，香港中文大学（深圳）经管学院教授，助理院长（科研），博士项目主任。任职于香港中文大学（深圳）前，申睿博士曾是新加坡南洋理工大学的助理教授，还曾是伊拉斯姆斯大学鹿特丹管理学院的助理教授。主要研究方向包括公司金融，会计信息披露，机器学习、大语言模型等新兴工具在工商管理学科研究中的应用。在国际顶尖期刊如RFS、JAR、TAR、SMJ、OS、JET、RAST、JFQA；国内顶尖期刊《经济研究》等发表论文十余篇。
活动由岭南学院公司金融教研室举办。   

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