东财·会计与财务论坛：David Samuel -- 活动 -- 东北财经大学

【报告摘要】

Using an international sample of public firms, we exploit the staggered introduction of carbon pricing policies—mechanisms such as carbon taxes that impose a cost on emissions—and find that these policies increase the likelihood that firms adopt Environmental, Social, and Governance (ESG) performance measures in executive compensation contracts. The results support the following mechanism. Reducing emissions mitigates climate risk and enhances long-term shareholder value but imposes short-term earnings pressure on managers, creating misaligned incentives. Carbon pricing intensifies this agency conflict because carbon prices typically escalate over time, thereby increasing the long-term benefits of emissions reductions for shareholders. Tying compensation to ESG performance aligns managerial incentives with emissions reduction. We further document that the effect of carbon pricing on the adoption of ESG-based compensation is more pronounced in countries with more stringent carbon pricing regimes and in firms with higher institutional ownership, consistent with greater sensitivity to long-term value and stronger monitoring.

【报告人简介】

David Samuel，新加坡管理大学助理教授，芝加哥大学布斯商学院斯蒂格勒经济与国家研究中心研究员。他于2022年在威斯康星大学麦迪逊分校取得博士学位，同时还拥有维也纳经济与商业大学授予的博士学位，曾任乔治城大学麦克多诺商学院访问学者。研究集中在企业税和国际税领域，相关成果已发表于Journal of Accounting and Economics、The Accounting Review、Journal of Accounting and Public Policy 等国际顶级期刊。

【特别提醒】

未经论文作者和主办方允许，严禁将讲座内容录制并公开传播，违者将有可能被追究法律责任。

撰稿：曲琦审核：刘行单位：东北财经大学会计学院辽宁省资本市场财务与会计研究生创新与学术交流中心

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