UMass Boston

Research on the relationship between environmental and financial performance is led by Dr. Lucia Silva Gao, Associate Professor of Finance. She has studied the effect of the annual release of Toxic Release Inventory (TRI) data on market prices and the effects of changes in GHG emission disclosure on market price and risk as measured by the cost of capital. Her current research interests also include socially responsible investing, environmental and social accounting and disclosure, and financial models and incentive structures in clean energy investments. Some of her recent publications include:

Gao L, Sheikh, S., Zhou, H. 2022. Corporate Social Responsibility Linked Compensation and Firm Risk. International Journal of Managerial Finance. 

Chakraborty, A., Gao, L.S. and Musa, P., 2022. Corporate Social Responsibility and Litigation Risk: Evidence from Securities Class Action Lawsuits, Accounting & Finance. 

Bardos, K.S., Ertugrul, M. and Gao, L.S., 2020. Corporate social responsibility, product market perception, and firm value. Journal of Corporate Finance, 62, p.101588.

Feng, S. and Gao, L.S., 2020. The Verbal Tone in Mandatory Environmental Disclosures: Evidence from Changes in Disclosures Following SEC Guidance. Social and Environmental Accountability Journal, pp.1-24. 

Chakraborty, A., Gao, L.S. and Sheikh, S., 2019. Managerial risk taking incentives, corporate social responsibility and firm risk. Journal of Economics and Business, 101, pp.58-72.