The Fourth Conference on CSR, the Economy and Financial Markets

November 11-12, 2021

Program Chair
Ali Fatemi, DePaul University & Greenleaf Advisors

Special Issue Guest Editor
Lukas Roth, University of Alberta

Program Committee
Giorgio Bertinetti, Ca’Foscari University
Audra Boone, Texas Christian University
Pierre Chollet, Montpellier University
Otgontsetseg Erhemjamts, Bentley University
Iraj Fooladi, Dalhousie University
Sadok El Ghoul, Univerity of Albetra
Stuart Gillan, University of Georgia
Martin Glaum, WHU, Otto Beisheim School of Management
Omrane Guedhami, University of South Carolina
Souad Lajili-Jarjir, Universite Paris Est Creteil
Vikas Mehrotra, University of Alberta
Lukas Roth, University of Alberta
Antonio Salvi, University of Turin
Henri Servaes, London Business School
Yoko Shirasu, Aoyama Gakuin University
Takafumi Sasaki, Chuo University
Burcin Yurtoglu, WHU, Otto Beisheim School of Management

Sponsored by Global Finance Journal
Co-Sponsored by the Development Bank of Japan & Japan Economic Research Institute

PROGRAM

Program
Important Notes: All times listed are Japan Standard Time (UTC+9). The Zoom information of this conference is provided via e-mail. Please use the links titled like 【Room1/Day1】 accordingly.
Please show your full name in the Zoom as shown on the program or registration. All presenters, discussants and sesssion chairs are required to access 15 minutes before the scheduled start for preparation.
The allocation of session time is 25 minutes for each presentation, 10-12 minutes for each discussion, with the remaining time to be used by the author for rebuttal and for Q&A from the audience.

Thursday November 11
9:00-10:30
am【Room1】【Room2】【Room1/Day1】
A1: Valuation Effects I
Session Chair: Weina Zhang, National University of Singapore

Media, Partisan Ideology, and Corporate Social Responsibility
Mahsa Kaviani, University of Delaware
Lily Li, Temple University
Hosein Maleki, Florida State University
Discussant: Jittima Tongurai, Kobe University

Doing Well by Doing Good? Risk, Return, and Environmental and Social Ratings
Sudheer Chava, Georgia Tech
Jeong Ho (John) Kim, Emory University
Jaemin Lee, Emory University
Discussant: Weina Zhang, National University of Singapore

10:45-12:15
pm【Room1/Day1】
B1: Valuation Effects IISession Chair: Omrane Guedhami, University of South Carolina

The Demand and Supply of Climate Risk Disclosure

Sanjay Barenjee, University of Alberta
Ailin Chen, University of Alberta
Vikas Mehrotra, University of Alberta
Rajesh Vijayaraghavan, University of British Columbia
Discussant: Konari Uchida, Kyushu University

Climate Risk Exposure, ESG Performance, and ESG Sentimentfor U.S. Commercial Banks

Otgontsetseg Erhemjamts, Bentley University
Kershen Huang, Nova Southeastern University
Discussant: Yoko Shirasu, Aoyama Gakuin University
B2: Managerial Factors
Session Chair: Jing Yu, The University of Sydney【Room2/Day1】

Do Managers Walk the Talk on Environmental and Social Issues?

Environmental, Social, and Governance (ESG) and Stock Price Crash Risk:Evidence from China

Do High Ability Managers Choose ESG Projects that Create Shareholder Value?
Evidence from Employee Opinions

Hui Zhou, Tohoku University
Jun Nagayasu, Tohoku University
Discussant: Rakesh Pandey, University of Tasmania

1:15-1:20
pm

1:20-2:30
pmpm【Room2/Day1】

Paying Attention to ESG Matters: Evidence from Big Data Analytics

Wendi Huang, Hong Kong University
G. Andrew Karolyi, Cornell University
Alan Kwan, Hong Kong University
Discussant: Omrane Guedhami, University of South Carolina

2:45-4:15

A2: Climate Risk
Session Chair: Konari Uchida, Kyushu University

Sudheer Chava, Georgia Tech
Wendi Du, Georgia TechBaridhi Malakar, Georgia Tech
Discussant: Hooy Chee Wooi, Universiti Sains Malaysia

Kyle Welch, George Washington University
Aaron Yoon, Northwestern University
Discussant: Jing Yu, The University of Sydney

Welcoming Remarks by DBJ-RICF: Keisuke Takegahara【Keynote/Day1】

Keynote Speech : Professor Lukas Roth, University of Alberta【Keynote/Day1】

C1: Valuation【Room1/Day1】
Session Chair: Souad Lajili-Jarjir, University Paris-Est Creteil

C2: GovernanceSession Chair: Robert Durand, Curtin University【Room2/Day1】

Green or Brown: Which One to Short Sell?

Women Directors and E&S Performance: Evidence from Board Gender Quotas

Does Media Coverage of Firms’ Environment, Social,and Governance (ESG) Incidents Affect Analyst Coverage and Forecasts?

Corporate Governance of Japan and Corporate Social Responsibility

Weiming (Elaine) Zhang, Chinese University of Hong Kong
Discussant: Jungwon Suh, Sungkyunkwan University

Guanming He, Durham University
April Zhichao Li, Durham University
Discussant: Hyonok Kim, Tokyo Keizai University

Edith Ginglinger, Université Paris–Dauphine, PSL
Caroline Raskopf, Université Paris–Dauphine, PSL
Discussant: Mussa Hussaini, University of Gothenburg
Shigeki Wakabayashi, Development Bank of Japan
Discussant: Robert Durand, Curtin University

Friday November 12
9:00-10:30
am【Room1】【Room2】【Room1/Day2】
D1: The CEO EffectSession Chair: Otgontsetseg Erhemjamts, Bentley University

Local Boy does Good: CEO BirthplaceBbias and Corporate Social Responsibility
Zicheng Lei, University of Surrey
Dimitris Petmezas, Durham University
P. Raghavendra Rau, Cambridge Universty
Chen Yang, University of Surrey
Discussant: Xiaolan Zheng, University of Nottingham - Ningbo China

Will Nature-Loving CEOs Make the World Greener?

Weijia Zhi, Frankfurt School of Finance and Management
Discussant: Farhad Taghizadeh-Hesary, Tokai University

10:45-12:15
pm

E1: Other Influences
Session Chair: Ivan Diaz-Rainey, University of Otago【Room1/Day2】

The Response of Local Corporate Sustainability to Environmental Disasters:
Evidence from Wildfires
Ioannis Branikas, University of Oregon

Gabriel Buchbinder, South Carolina Department of Health and Environmental Control

Yugang Ding, Guangdong University of Foreign Studies
Nan Li, University of Toronto
Discussant: Ivan Diaz-Rainey, University of Otago

CSR Activities and Supply Chain Network: A Propensity Score Matching Analysis
Kenichi Yoshida, Kyushu University and Waseda University
Yoshiaki Iino, Waseda Unversity
Shunsuke Managi, Kyushu University
Discussant: Shengze (Sean) Xu, Auckland University of Technology

1:15-2:45
pm

F1: Bonds
Session Chair: Takafumi Sasaki, Chuo University【Room1/Day2】

Analyzing Active Managers’ Commitment to ESG:Evidence from United Nations Principles for Responsible Investment
Soohun Kim, KAIST
Aaron S. Yoon, Northwestern University
Discussant: Millicent Chang, University of Wollongong

E2: Other Issues【Room2/Day2】
Session Chair: Yupana Wiwattanakantang, National university of Singapore

Corporate Philanthropy and Employee Retention: Evidence from A Million Inventors
Anthony Rice, Chinese University of Hong Kong
Christoph Schiller, Arizona State University
Discussant: Yupana Wiwattanakantang, National university of Singapore

Managing Climate Change Risks: Sea Level Rise and Mergers and Acquisitions

John (Jianqiu) Bai, Northeastern University, Boston
Yongqiang Chu, University of North Carolina, Charlotte
Chen Shen, University of North Carolina, Charlotte
Chi Wan, University of Massachusetts, Boston
Discussant: Narmin Nahidi, C’Focari University and Aarhus University【Room2/Day2】
F2: Bonds II
Session Chair: Hisashi Nakamura, Hitotsubashi University

Nature as a Defense from Disasters: Natural Capital and Municipal Bond Yields

Carbon Emissions, Institutional Trading, and the Liquidity of Corporate Bonds

Bond Ownership Structure and Corporate Social Responsibility

Jie Cao, Chinese University of Hong Kong
Yi Li, Board of Governors of the Federal Reserve System
Xintong Zhan, Chinese University of Hong Kong
Weiming Zhang, Chinese University of Hong Kong
Linyu Zhou, Chinese University of Hong Kong
Discussant: Takafumi Sasaki, Chuo Universitypm

Global Finance and the United Nations Sustainable Development Goals: Recent Evidence
Omid Sabbaghi, University of Detroit Mercy
Discussant: Masaharu Hanazaki, Saitama Gakuen University

Corporate ESG Profiles, Matching, and the Cost of Bank Loans
David Shin, Indiana University
Discussant: Chaiporn Vithessonthi, Sunway University

3:00-4:30【Room2/Day2】
D2: The UN EffectSession Chair: Millicent Chang, University of Wollongong【Room1/Day2】
G1: Macro Issues
Session Chair: Martin Glaum, WHU, Otto Beisheim School of Management

The Economic Consequences of Firms’ Credible Commitment to ESG Policies

Dan Amiram Coller, Tel Aviv University
Ilanit Gavious, Ben Gurion University of the Negev
Chao Jin, Hong Kong University of Science and Technology
Xinlei Li, Hong Kong University of Science and Technology
Discussant: Clinton Watkins, Akita International University

The Environmental Consequences of Pay Inequality

Joseph Kalmenovitz, Drexel University
Jason (Pang-Li) Chen, Drexel UniversityDiscussant: Sabri Boubaker, Normandie Business School

Claudio Rizzi, University of Miami
Discussant: Hisashi Nakamura, Hitotsubashi University

Hye Seung (Grace) Lee, Fordham University
Jesus M. Salas, Lehigh University
Ke Shen, Lehigh University
Ke Yang, Lehigh University
Discussant: Mari Sakudo, University of Tsukuba
G2: Internal & External Influences
Session Chair: Pierre Chollet, Montpellier University

Corporate Social Responsibility and Insider Horizon

Mark Shackleton, Lancaster University
Yaqiong Yao, Lancaster University
Ziran Zuo, Lancaster University
Discussant: Yukihiro Yasuda, Hitotsubashi University

How Climate Risk Beliefs Shape Corporate Social Responsibility?

Qiping Huang, Boise State University
Meimei Lin, Georgia Southern University
Discussant: Souad Lajili-Jarjir, University Paris-Est Creteil【Room2/Day2】