Broker In-House ESG Research

• 成果类型: Article; Early Access
• 署名作者: Wei, Yixin; Cahan, Steven F.; Chen, Li
• 署名单位: Auckland University of Technology; University of Auckland; Australian National University
• 刊物名称: ACCOUNTING REVIEW
• ISSN/ISSBN: 0001-4826; 1558-7967
• DOI: 10.2308/TAR-2023-0401
• 发表日期: 2026-08-18
• 关键词: environmental; social; and governance (ESG); Corporate social responsibility; brokerage research; Sell-side analysts; analyst forecast accuracy; Financial analysts; coverage decisions; performance; INFORMATION; underreaction; disclosure; reputation; expertise; respond

摘要

This study examines the determinants and consequences of broker in-house ESG research. Using manually collected brokerage ESG research data, we find that the provision of in-house ESG research is positively related to both demand-side factors (client demand, internal demand, and local ESG awareness) and supply-side factors (broker size and coverage of sustainable industries). Regarding the consequences of such research, we find that in-house ESG research is associated with improved earnings forecast accuracy in industries where ESG is more salient. Further, the market reaction to earnings forecast revisions is stronger when equity analysts have access to in-house ESG research. Finally, we observe a consistent pattern suggesting that ESG analysts support equity analysts beyond forecast accuracy, as equity analysts with access to in-house ESG research issue more accurate target prices, more informative recommendation upgrades for ESG-heavy industries, and discuss ESG issues more extensively in their analyst reports.