Climate Risk Disclosure and Institutional Investors

Emirhan Ilhan, Philipp Krueger, Z. Sautner, L. Starks
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引用次数: 88

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).
气候风险披露与机构投资者
通过对观测数据的调查和分析,我们提供了系统的证据,证明机构投资者重视并要求披露气候风险。调查显示,投资者强烈要求披露气候风险信息,许多投资者积极与投资组合公司合作,以改善气候风险。对持股数据的实证分析证实了这一证据,表明具有气候意识的机构持股与更好的公司层面气候风险披露之间存在显著的正相关关系。我们通过研究法国机构投资者对气候风险披露需求的冲击,进一步证明了机构投资者对公司气候风险披露的影响(法国第173条)。
本文章由计算机程序翻译,如有差异,请以英文原文为准。
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