The impact of climate litigation and activism on stock prices: the case of oil and gas majors

IF 7.8 3区管理学 Q1 MANAGEMENT

Review of Managerial Science Pub Date : 2023-11-02 DOI:10.1007/s11846-023-00710-4

Sascha Kolaric

引用次数: 0

Abstract

Abstract The issue of oil and gas companies’ contribution to climate change gained particular prominence on May 26, 2021. A Dutch court ordered Royal Dutch Shell to significantly reduce its greenhouse gas emissions, while shareholder votes at Exxon Mobile and Chevron succeeded in pushing for further emissions reductions. Together, these events signify a sudden increase in climate litigation and climate activism risk for global oil and gas companies. This study assesses investors' perception of these events by investigating oil and gas companies’ stock price reaction. The results show a significant negative impact on the stock prices for European and North American oil and gas firms, while firms located in other jurisdictions record slight gains. Higher environmental, social, and governance scores appear to mitigate the negative impact on European and North American oil and gas companies, primarily driven through better emissions related measures. The results highlight the adverse effect of increased climate litigation and climate activism risk on firm valuations.

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气候诉讼和行动主义对股价的影响:以石油和天然气巨头为例

油气公司对气候变化的贡献问题在2021年5月26日尤为突出。荷兰一家法院命令荷兰皇家壳牌(Royal Dutch Shell)大幅减少温室气体排放，而埃克森美孚(Exxon Mobile)和雪佛龙(Chevron)的股东投票成功推动了进一步减排。总之，这些事件表明，全球油气公司面临的气候诉讼和气候激进主义风险突然增加。本研究通过调查石油和天然气公司的股价反应来评估投资者对这些事件的看法。结果显示，欧洲和北美的石油和天然气公司的股价受到了显著的负面影响，而位于其他司法管辖区的公司的股价则略有上涨。较高的环境、社会和治理得分似乎减轻了对欧洲和北美油气公司的负面影响，主要是通过更好的排放相关措施来推动的。研究结果强调了气候诉讼和气候激进主义风险增加对公司估值的不利影响。

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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来源期刊

Review of Managerial Science MANAGEMENT-

CiteScore

11.30

自引率

14.50%

发文量

期刊介绍： Review of Managerial Science (RMS) provides a forum for innovative research from all scientific areas of business administration. The journal publishes original research of high quality and is open to various methodological approaches (analytical modeling, empirical research, experimental work, methodological reasoning etc.). The scope of RMS encompasses – but is not limited to – accounting, auditing, banking, business strategy, corporate governance, entrepreneurship, financial structure and capital markets, health economics, human resources management, information systems, innovation management, insurance, marketing, organization, production and logistics, risk management and taxation. RMS also encourages the submission of papers combining ideas and/or approaches from different areas in an innovative way. Review papers presenting the state of the art of a research area and pointing out new directions for further research are also welcome. The scientific standards of RMS are guaranteed by a rigorous, double-blind peer review process with ad hoc referees and the journal´s internationally composed editorial board.

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