The value impact of climate and non-climate environmental shareholder proposals

IF 7.2 1区经济学 Q1 BUSINESS, FINANCE

Journal of Corporate Finance Pub Date : 2024-08-28 DOI:10.1016/j.jcorpfin.2024.102653

Henk Berkman , Jonathan Jona , Joshua Lodge , Joshua Shemesh

引用次数: 0

Abstract

We study the value impact of environmental shareholder proposals (ESPs) for Russell 3000 firms from 2006 to 2021. We distinguish between climate-dedicated ESPs and non-climate ESPs covering other environmental topics. We use two approaches to evaluate management's ability and willingness to select value-enhancing ESPs and reject value-destroying ESPs: (i) cumulative abnormal returns around the final proxy filing date and (ii) a regression discontinuity design around the voting threshold at the annual general meeting. Our results suggest that management has screening ability for ESPs, especially for climate proposals, and that investors and managers share common objectives in environmental activism.

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气候和非气候环境股东提案的价值影响

我们研究了 2006 年至 2021 年罗素 3000 指数公司的环保股东提案（ESP）的价值影响。我们区分了专门针对气候的 ESP 和涉及其他环境主题的非气候 ESP。我们使用两种方法来评估管理层选择价值提升型 ESP 和拒绝价值破坏型 ESP 的能力和意愿：(i) 最终代理申请日期前后的累积异常回报；(ii) 年度股东大会投票阈值前后的回归不连续设计。我们的研究结果表明，管理层具有筛选 ESP 的能力，尤其是对气候提案的筛选能力，而且投资者和管理者在环境激进主义方面有着共同的目标。

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

Journal of Corporate Finance BUSINESS, FINANCE-

CiteScore

11.80

自引率

3.30%

发文量

期刊介绍： The Journal of Corporate Finance aims to publish high quality, original manuscripts that analyze issues related to corporate finance. Contributions can be of a theoretical, empirical, or clinical nature. Topical areas of interest include, but are not limited to: financial structure, payout policies, corporate restructuring, financial contracts, corporate governance arrangements, the economics of organizations, the influence of legal structures, and international financial management. Papers that apply asset pricing and microstructure analysis to corporate finance issues are also welcome.