Climate Risk Disclosure and Institutional Investors

Author:

Ilhan Emirhan1,Krueger Philipp2,Sautner Zacharias3,Starks Laura T4

Affiliation:

1. National University of Singapore (NUS) Business School , Singapore

2. University of Geneva and the Swiss Finance Institute , Switzerland

3. Frankfurt School of Finance & Management , Germany

4. McCombs School of Business, University of Texas at Austin , USA

Abstract

Abstract Through a survey and analyses of observational data, we provide systematic evidence that institutional investors value and demand climate risk disclosures. The survey reveals the investors have a strong demand for climate risk disclosures, and many actively engage their portfolio firms for improvements. Empirical analyses of holdings data corroborate this evidence by showing a significantly positive association between climate-conscious institutional ownership and better firm-level climate risk disclosure. We establish further evidence of institutional investors’ influence on firms’ climate risk disclosures by examining a shock to the climate risk disclosure demand of French institutional investors (French Article 173). Authors have furnished an Internet Appendix, which is available on the Oxford University Press Web site next to the link to the final published paper online.

Publisher

Oxford University Press (OUP)

Subject

Economics and Econometrics,Finance,Accounting

Reference61 articles.

1. Engagement report. Report,2020

2. The Big Three and corporate carbon emissions around the world;Azar,;Journal of Financial Economics,2021

3. Firm-specific climate risk and market valuation;Berkman,,2021

4. How much should we trust differences-in-differences estimates?;Bertrand,;Quarterly Journal of Economics,2004

5. Larry Fink’s 2021 letter to CEOs. Letter,2021

Cited by 116 articles. 订阅此论文施引文献 订阅此论文施引文献,注册后可以免费订阅5篇论文的施引文献,订阅后可以查看论文全部施引文献

同舟云学术

1.学者识别学者识别

2.学术分析学术分析

3.人才评估人才评估

"同舟云学术"是以全球学者为主线,采集、加工和组织学术论文而形成的新型学术文献查询和分析系统,可以对全球学者进行文献检索和人才价值评估。用户可以通过关注某些学科领域的顶尖人物而持续追踪该领域的学科进展和研究前沿。经过近期的数据扩容,当前同舟云学术共收录了国内外主流学术期刊6万余种,收集的期刊论文及会议论文总量共计约1.5亿篇,并以每天添加12000余篇中外论文的速度递增。我们也可以为用户提供个性化、定制化的学者数据。欢迎来电咨询!咨询电话:010-8811{复制后删除}0370

www.globalauthorid.com

TOP

Copyright © 2019-2024 北京同舟云网络信息技术有限公司
京公网安备11010802033243号  京ICP备18003416号-3