企业内部视角的ESG实践（WP2022）

题目：An Inside View of Corporate ESG Practices（工作论文 Working Paper）

摘要：Firms often broadcast commitments to environmental, social, and governance (ESG) practices, but do these commitments reflect their internal practices? To find out, I introduce an inside measure of ESG practices from 10 million employee reviews via a word-embedding model. The measure predicts a firm’s future misconduct, governance issues, downside risk, growth, and valuation. However, the inside measure is weakly correlated with a firm’s ESG ratings and stated policies. I trace the weak correlation to a firm’s economic incentives to  walk the ESG talks in four different settings, including two exogenous shocks to the expected benefits of walking relative to talking about ESG practices.