ESG News, Future Cash Flows, and Firm Value
成果类型：
Article; Early Access
署名作者：
Derrien, Francois; Kruger, Philipp; Landier, Augustin; Yao, Tianhao
署名单位：
Hautes Etudes Commerciales (HEC) Paris; University of Geneva; European Corporate Governance Institute; Singapore Management University
刊物名称：
JOURNAL OF FINANCE
ISSN/ISSBN：
0022-1082
DOI：
10.1111/jofi.13498
发表日期：
2025
关键词：
摘要：
We investigate the expected consequences of negative environmental, social, and governance (ESG) news on firms' future profits. After learning about negative ESG news, analysts significantly downgrade their forecasts at short and longer horizons. Negative ESG news affects forecasts more strongly at longer horizons than other types of negative corporate news. The negative revisions of earnings forecasts following negative ESG news largely reflect expectations of lower future sales, rather than higher future costs. Quantitatively, forecast revisions can explain most of the negative impacts of ESG news on firm value. Analysts are correct to revise forecasts downward following negative ESG news.