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BEGIN:VEVENT
UID:e263918e2d545a1fc8af7ea3e35c0cd8
CATEGORIES:Seminars
CREATED:20201016T114839
SUMMARY:Lunch Seminar: Emanuele Colonnelli - University of Chicago, Booth School of Business
DESCRIPTION;ENCODING=QUOTED-PRINTABLE:<p style="text-align: justify;"><span style="font-size: 11pt; font-family: 
 Calibri, sans-serif;">Selfish Corporations” with Niels Gormsen</span></p><p
  style="text-align: justify;"><span style="font-size: 11pt; font-family: Ca
 libri, sans-serif;">Abstract:</span></p><p style="text-align: justify;"><sp
 an style="font-size: 11pt; font-family: Calibri, sans-serif;">We conduct re
 presentative large-scale surveys of U.S. citizens aimed at measuring percep
 tions of Environmental, Social, and Governance (ESG) performance of large c
 orporations and investigate how ESG perceptions affect the public support f
 or corporate bailouts. The public demands more ESG-friendly policies than w
 hat they think corporations adopt. We call this discrepancy ESG- discontent
 . We then experimentally vary individual perceptions of ESG by showing anim
 ated videos aimed at highlighting the “bad” and the “good” of corporate ESG
  in recent years. We show that a higher ESG-discontent lowers support for b
 ailouts. The effects are present across the whole political spectrum, but t
 hey are stronger for liberals than for conservatives, and they persist even
  a week after respondents were exposed to the videos. Informing respondents
  of the likely economic benefits of bailouts has opposite effects, but such
  effects are significantly weaker than the ESG treatment. A second randomiz
 ed experiment shows that simply making individuals think about ESG also low
 ers support for bailouts. In an additional experiment we find individuals’ 
 lower reported support for bailouts is also reflected in behavioral changes
 , as a higher ESG-discontent makes respondents less likely to sign an onlin
 e petition or contact U.S. Senators to support corporate bailouts. Treated 
 respondents are also less likely to donate to non-profit organizations supp
 orting the general interests of executives of large U.S. corporations, indi
 cating a farther-reaching impact of ESG perceptions on economic outcomes. O
 ur findings suggest that the strength of the social contract between corpor
 ations and their stakeholders may impact the design and implementation of i
 mportant economic policies.</span></p>
DTSTAMP:20260403T173629Z
DTSTART:20201029T130000Z
DTEND:20201029T140000Z
SEQUENCE:0
TRANSP:OPAQUE
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