Management Science · 2026 · Kai Li、Feng Mai、Gabriel Wong、Chelsea Yang、Tengfei Zhang
中文摘要
本文考察女性分析师关注对企业环境与社会 (E&S) 绩效的影响。我们利用券商关闭作为分析师关注的准外生冲击, 发现经历女性分析师关注外生下降的企业, 其后 E&S 得分的降幅显著大于经历同等幅度男性分析师关注下降的企业。为探究其背后的机制, 我们构建了新的机器学习模型, 分析了超过 240 万份分析师报告和 12 万份业绩电话会议文字记录。分析表明, 与男性同行相比, 女性分析师更可能在研究报告和业绩电话会议中论及 E&S 议题, 尤其是涉及监管合规、利益相关者和环境的议题。在讨论 E&S 议题时, 她们还表现出独特的认知与语言模式。此外, 与男性分析师相比, 女性分析师更可能在报告中出现负面 E&S 讨论 (发生 E&S 事件) 之后发布更低的股票评级和目标价 (更低的股票评级)。最后, 投资者对女性分析师讨论 E&S 议题时的负面语气反应更为强烈。总体而言, 我们的发现表明, 分析师群体的性别多样性在塑造企业 E&S 实践方面发挥着重要作用, 并为证券分析师职业内部技能性别差异的来源提供了新的洞见。本文由 Will Cong (金融) 接收。资助: 我们感谢加拿大社会科学与人文研究理事会 [资助号 435-2022-0285] 和 Sauder 探索性研究资助计划的资金支持。K. Li 感谢加拿大公司治理研究讲席 (Canada Research Chair in Corporate Governance) 提供的资金支持。T. Zhang 感谢罗格斯大学 Whitcomb 金融服务业研究中心提供的数据支持。补充材料: 在线附录和数据文件可在 https://doi.org/10.1287/mnsc.2024.06429 获取。
Abstract
This paper examines the impact of female analyst coverage on firms’ environmental and social (E&S) performance. Exploiting broker closures as a quasi-exogenous shock to analyst coverage, we find that firms experiencing an exogenous decline in female analyst coverage subsequently show a significantly larger drop in E&S scores than those experiencing an equivalent decline in male analyst coverage. To explore the underlying mechanisms, we develop novel machine-learning models to analyze more than 2.4 million analyst reports and 120,000 earnings call transcripts. Our analysis shows that, compared with their male counterparts, female analysts are more likely to address E&S issues, particularly those involving regulatory compliance, stakeholders, and the environment, in both research reports and earnings conference calls. They also display distinct cognitive and linguistic patterns when discussing E&S issues. Furthermore, female analysts are more likely to issue lower stock recommendations and target prices (lower stock recommendations) following negative E&S discussions in their reports (E&S incidents) than male analysts. Finally, investors respond more strongly to female analysts’ negative tones when discussing E&S issues. Overall, our findings suggest that gender diversity among analysts plays a significant role in shaping corporate E&S practices and provide new insights into the origins of gender differences in skills within the equity analyst profession. This paper was accepted by Will Cong, finance. Funding: We acknowledge financial support from the Social Sciences and Humanities Research Council of Canada [Grant 435-2022-0285] and the Sauder Exploratory Research Grants Program. K. Li acknowledges financial support from the Canada Research Chair in Corporate Governance. T. Zhang acknowledges data support from the Whitcomb Center for Research in Financial Services at Rutgers University. Supplemental Material: The online appendix and data files are available at https://doi.org/10.1287/mnsc.2024.06429 .