讲座题目：

Controlled Firms, Preferences, and Environmental Sustainability

演讲嘉宾： Lukas Roth 教授，阿尔伯塔大学

时 间： 6月17日（周二） 下午15：00-17:00

地 点： 管理学院315室

讲座摘要：

Controlled firms constitute a significant percentage of the world’s publicly traded firms, are insulated from outside investors’ pressure, and can choose to be cleaner than widely held firms if they wish. We test whether control is related to carbon emissions in a sample of 3,769 firms from 35 countries. We use large language models with retrieval-augmented generation to construct a novel measure of owners’ environmental preferences for family-controlled firms, the most frequent type of controlled firm globally. We find that preferences for clean matter, but not always in ways that one might expect. Families with clean preferences perform no better than widely held firms while those without emit about 20% more carbon than widely held firms. Thus, non-pecuniary preferences for clean apparently do not overcome the pecuniary private benefit drift towards dirty that affects all controlled firms.

嘉宾介绍：

Lukas Roth博士，加拿大阿尔伯塔大学商学院金融系教授，主要研究方向涵盖公司财务、可持续金融、公司治理、法律和经济学。主要研究成果发表于Review of Corporate Finance,Journal of Accounting Research, Review of Finance, Journal of Financial Economics, Review of Financial Studies, European Financial Management, Journal of International Business Studies等顶级期刊。