Articles by Scarlett Zhang
Purpose-This study introduces Social Contribution Value per Share (SCVPS), an indicator devised b... more Purpose-This study introduces Social Contribution Value per Share (SCVPS), an indicator devised by the Shanghai Stock Exchange (SSE), as an easy-to-interpret Measurement of Corporate Social Performance (MCSP) to the international research arena. The authors first explore the informativeness role of voluntary disclosure of SCVPS in the stock market. The authors then go one step further to demonstrate the relationship between corporate value creation quantified by SCVPS and firm value. Design/methodology/approach-The study takes a new perspectivea quasi-natural experiment of SCVPS disclosure in 2008 and uses a Propensity Score Matched Difference in Difference model (PSM-DiD) to investigate the impact of SCVPS disclosure policy on stock price synchronization and firm value. Through manually recalculating all the values of SCVPS and its components, this study enables us to further investigate the relationship between corporate value creation for various stakeholders and firm value. Findings-This study reveals that voluntary disclosure of SCVPS can signal firm-specific information to the market and reduce noise in returns, thus affecting stock price synchronization. The findings further demonstrate that such firm-specific information has value relevance to firm performance. Moreover, the authors demonstrate that corporate value creation for different stakeholders measured by SCVPS can significantly affect firm value. The moderating effects of ownership structures and industry types are also investigated, and an endogeneity test confirms the robustness of the findings. Practical implications-This study argues that SCVPS offers an economically viable way for firms, including small-and-medium-sized enterprises, in emerging economies to disclose corporate value creation and provide the public with a direct understanding and appreciation of the values created by corporations for stakeholders. Originality/value-The result makes contributions to the MCSP literature and explores the informativeness of SCVPS disclosure. Besides, this paper demonstrates that SCVPS offers a good setting to explore the effect of corporate value creation on firm performance in an emerging market.
Journal of Environmental Management, 2024
Traditional Environmental, Social, and Governance (ESG) metrics have primarily focused on promoti... more Traditional Environmental, Social, and Governance (ESG) metrics have primarily focused on promoting sustainable finance, positive screening, and sustainability reporting. However, recent research highlights the urgency for greater accountability and action to counter species extinction. This article explores the potential of ESG frameworks in guiding corporate and managerial decision-making to address biodiversity loss. As the current ESG indicators exhibit an anthropocentric bias, limiting their effectiveness for protecting biodiversity, this article aims to strategically integrate pragmatic extinction accounting with an ecocentric (deep ecology) perspective. This perspective addresses the root causes of biodiversity loss and offers support to species that are perceived as economically, socially, or culturally unimportant. We present our findings as a call to all stakeholders—business and policy decision-makers, conservationists, and environmental organisations—to formulate robust, inclusive, and ecologically sensitive strategies incorporating deep ecological perspectives. The findings of this study include recommendations for the Global Reporting Initiative (GRI).
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Articles by Scarlett Zhang