一、主题：Corporate Social Responsibility in Supply Chain: Green or Greenwashing?

二、主讲人：张宇

张宇现任北京大学光华管理学院金融学系助理教授，博士生导师，主要研究领域为房地产、家庭金融、宏观金融、供应链与金融，2017年于美国普林斯顿大学经济系本德海姆金融中心获博士学位。其多篇学术论文正在Review of Financial Studies，Management Science，Review of Economics and Statistics等期刊复审。

三、时间：2021年5月12日（星期三）上午10:00-11:30

地点：沙河校区学院楼3号楼127会议室

四、主持人： 姜富伟教授，suncitygroup太阳新城金融工程系主任

五、内容简介

摘要：公司的企业社会责任（CSR）形象不仅取决于自身，也取决于其已知的供应商。本文提供了将企业社会责任与供应链信息披露相联系在一起的首个经验证据：企业通过自愿公开对环境负责的供应商而“掩盖”了不良的供应商。进一步发现，企业对环境友好的供应商选择性披露（“供应链漂绿”）的程度受异常温度的外源变化而影响，支持对这一发现的因果解释。面临更激烈竞争，更在乎其品牌知名度的公司，更受利润驱动，以及由机构投资者持有更多股份的公司，其“供应链漂绿”现象更为普遍。实施强制性的CSR披露政策后，“供应链漂绿”行为能够得以缓解。最后，选择性披露环境友好供应商的企业，其营收会在短期内得以增长。

Abstract: Perception regarding a focal firm’s corporate social responsibility (CSR) depends not only on itself but also on its known suppliers. This paper provides the first empirical evidence linking CSR and supply chain information disclosure together. Specifically, it uncovers robust evidence that firms greenwash their CSR image via voluntarily disclosing environmentally responsible suppliers while concealing “bad” ones. Exogenous variations in abnormal temperatures around the world drive variations in the selective disclosure of “good” suppliers, supporting a causal interpretation of our finding. Supply chain greenwashing is more prevalent for firms who face higher competition, care more about their brand awareness, and for firms that are more profit-driven and held more by institutional investors. The greenwashing behavior mitigates after implementing mandatory CSR disclosure policies. Finally, firms who greenwash supply chains observe increase in sales, but only for the short-term.