ESG Shocks in Global Supply Chains

• 成果类型: Article
• 署名作者: Bisetti, Emilio; She, Guoman; Zaldokas, Alminas
• 署名单位: Hong Kong University of Science & Technology; National University of Singapore
• 刊物名称: REVIEW OF FINANCIAL STUDIES
• ISSN/ISSBN: 0893-9454; 1465-7368
• DOI: 10.1093/rfs/hhag001
• 发表日期: 2026-09
• 页码: 2821-2857
• 关键词: F14; F18; G34; G38; governance; propagation; EXIT

摘要

We show that U.S. firms cut imports by 31.8% when their international suppliers experience environmental and social (E&S) incidents. These trade cuts are larger for publicly listed U.S. importers facing high E&S investor pressure and lead to cross-country supplier reallocation, suggesting that E&S preferences in capital markets can be privately costly but have real effects for foreign suppliers. Larger trade cuts around the incident result in better supplier E&S performance in subsequent years and in the eventual resumption of trade. Our results highlight the role of investors in ensuring suppliers' E&S compliance along global supply chains.