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UID:e263918e2d545a1fc8af7ea3e35c0cd8
CATEGORIES:Seminars
CREATED:20201016T114839
SUMMARY:Lunch Seminar: Emanuele Colonnelli - University of Chicago, Booth School of Business
DESCRIPTION;ENCODING=QUOTED-PRINTABLE:Selfish Corporations” with Niels Gormsen\nAbstract:\nWe conduct representat
 ive large-scale surveys of U.S. citizens aimed at measuring perceptions of 
 Environmental, Social, and Governance (ESG) performance of large corporatio
 ns and investigate how ESG perceptions affect the public support for corpor
 ate bailouts. The public demands more ESG-friendly policies than what they 
 think corporations adopt. We call this discrepancy ESG- discontent. We then
  experimentally vary individual perceptions of ESG by showing animated vide
 os aimed at highlighting the “bad” and the “good” of corporate ESG in recen
 t years. We show that a higher ESG-discontent lowers support for bailouts. 
 The effects are present across the whole political spectrum, but they are s
 tronger for liberals than for conservatives, and they persist even a week a
 fter respondents were exposed to the videos. Informing respondents of the l
 ikely economic benefits of bailouts has opposite effects, but such effects 
 are significantly weaker than the ESG treatment. A second randomized experi
 ment shows that simply making individuals think about ESG also lowers suppo
 rt for bailouts. In an additional experiment we find individuals’ lower rep
 orted support for bailouts is also reflected in behavioral changes, as a hi
 gher ESG-discontent makes respondents less likely to sign an online petitio
 n or contact U.S. Senators to support corporate bailouts. Treated responden
 ts are also less likely to donate to non-profit organizations supporting th
 e general interests of executives of large U.S. corporations, indicating a 
 farther-reaching impact of ESG perceptions on economic outcomes. Our findin
 gs suggest that the strength of the social contract between corporations an
 d their stakeholders may impact the design and implementation of important 
 economic policies.\n
DTSTAMP:20260407T071116Z
DTSTART:20201029T130000Z
DTEND:20201029T140000Z
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