Выгодно ли устойчивое развитие в долгосрочной перспективе? Значение раскрытия информации об ESG-факторах перед первичным публичным размещением акций

Проблема низкой эффективности деятельности компаний в долгосрочной перспективе вызывает все большую обеспокоенность на рынке капитала. Цель: в связи с растущим вниманием к устойчивым и ответственным инвестициям, которые интегрируют экологические, социальные и управленческие (ESG) аспекты, авторы исследуют, может ли раскрытие информации об ESG-факторах перед первичным публичным размещением акций (pre-IPO) предсказать долгосрочные результаты деятельности компаний. Данное исследование мотивировано ограниченными эмпирическими данными о практике раскрытия информации об ESG-факторах в рамках рынка IPO в Малайзии, где такое раскрытие информации остается в основном добровольным. Метод: используя выборку из 100 IPO, выпущенных в период 2012–2019 гг., проводится анализ событий во времени и наблюдение за компаниями до 2024 г. В качестве зависимых переменных использовались кумулятивная и аномальная доходности от покупки и удержания акций, отражающие долгосрочные результаты деятельности в течение трех лет после IPO. Результаты: полученные данные показывают, что добровольное раскрытие информации об ESG-факторах до IPO оказывает значительное влияние на долгосрочные показатели деятельности компаний. Однако отрицательная взаимосвязь указывает на потенциальные эффекты «зеленого камуфляжа», что согласуется с предыдущими исследованиями. Кроме того, при рассмотрении отдельных аспектов ESG исследование показывает, что практика раскрытия социальной информации оказывает негативное влияние на долгосрочные показатели деятельности компаний. Вклад: исследование вносит вклад в литературу по IPO, предоставляя данные из контекста развивающегося рынка о том, как добровольное раскрытие информации об ESG-факторах перед первичным публичным размещением акций влияет на устойчивость компаний. Усиление требований к раскрытию информации об ESG-факторах до IPO, приведение раскрытия информации компаниями в соответствие с фактическими операционными возможностями и расширение будущих исследований на рынки стран Ассоциации Юго-Восточной Азии имеют важное значение для повышения достоверности и значимости информации об ESG для оценки стоимости компаний.

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