Kortlægning: USA’s kulindustri understøtter anti-ESG bevægelse: Medie SG Voice skriver, at analysefirma påviser, at den amerikanske olieindustri er med til at sætte skub i den aktuelle anti-ESG bevægelse: ”InfluenceMap has produced evidence of the US fossil fuel sector’s involvement in pushing an anti-ESG stance in mainstream discourse. Organisations part of the US fossil fuel industry have been lobbying to outlaw ESG in certain US states, and continue to support the anti-ESG debate. This movement has affected the strategy of financial services actors and the development of climate policy. ESG is a risk-adjusted investment lens and banning it is already causing significant financial harm to private citizens and the economy. InfluenceMap has published a briefing analysing the involvement of the fossil fuel industry in the anti-ESG political movement in the US, from the movement’s inception to the present. the movement is now being propagated by elected officials, pundits, and think tanks, the fossil fuel industry was “instrumental” in triggering this concept into the mainstream, according to InfluenceMap. The think tank collected some evidence of the sector’s early involvement in bill writing and distribution, as well as its continued support for state-level bills and model policy. These anti-ESG views are now firmly a part of the mainstream political landscape in the US. In March 2023, Florida Governor Ron DeSantis launched an 18-state coalition to “fight against Biden’s ESG financial fraud”. Texas, West Virginia, Kentucky, and Oklahoma have published lists of restricted financial institutions. Meanwhile, President Bi – den’s first veto was used on an anti-ESG measure . While other actors have stepped in against this Republican-led attack, the fossil fuel industry, which has been proven to have spread climate disinformation on multiple occasions, has continued to support these efforts.”
Forskere: ESG-komponenter i topledernes variable aflønning giver bedre ESG-performance og er ikke kun markedsføring. I forskningspapir hedder det blandt andet, at “While critics claim that ESG pay is simply a PR move, Reichelstein and his colleagues found that it does help firms reach ESG benchmarks.
“For instance, we find that when firms include emission-specific metrics in their executive compensation packages, they also achieve a subsequent decrease in their CO2 emissions,” the researchers write. They also found that the adoption of ESG pay is accompanied by relative improvements, as measured by third-party ESG ratings. On the other hand, the researchers found that ESG pay does not have a positive impact on companies’ financial performance or share price. However, there’s no indication that it’s the drag on profitability that detractors assume it is. “There’s this adage that doing good means doing well,” Reichelstein says. “We found no support for that paradigm. But you also can’t turn it around and say that companies that incentivize their top management to embrace ESG criteria are doing worse.”
Kan ChatGPT bedre forstå og analysere virksomheders forretningsstrategi? I et forskningspapir om emnet hedder det, at “to address this issue, our paper harnesses the power of ChatGPT, an advanced AI model developed by OpenAI, capable of processing long and complex questions and providing detailed, expert-level responses. Using ChatGPT, we extract firm-level corporate expectations of future investment policies and answer these questions: Can ChatGPT help understand corporate policies? Does the ChatGPT-extracted investment policy provide unique insights beyond existing measures like Tobin’s q or cash flows? How does this information impact asset prices and returns? (…) We document that the ChatGPT investment score provides incremental predictive power for future investment when we control for Tobin’s q and other firm-level predictors of investment (…) The significant predictive power of the investment score persists for up to nine quarters, emphasizing the long-term nature of managers’ expectations. Moreover, the ChatGPT investment score not only predicts future physical investment but also forecasts other forms of investment, including intangible investment, research and development, and total investment in both the short and long run.”
Morten W. Langer
