Economics and climate justice activism: assessing the financial impact of the fossil fuel divestment movement

IF 1.6 Q2 ECONOMICS

REVIEW OF SOCIAL ECONOMY Pub Date : 2020-07-03 DOI:10.1080/00346764.2020.1785539

Tyler Hansen, R. Pollin

引用次数: 12

Abstract

ABSTRACT Since 2011, climate activists have advanced divestment campaigns against private fossil fuel corporations that aim to inflict damage on fossil fuel corporations through two channels: stigmatizing them and undermining their financial operations. We focus in this paper on this second purpose, considering the extent to which divestment campaigns have succeeded in inflicting financial damage on fossil fuel corporations. We present descriptive data on the level of divested fossil fuel stocks and bonds as well as econometric analysis of the impact of divestment events on the stock market prices of fossil fuel companies. We find that divestment campaigns have not been successful in inflicting significant economic damage on fossil fuel corporations, even though the movement has been successful in mobilizing public opinion against the fossil fuel corporations.

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经济学和气候正义行动主义:评估化石燃料撤资运动的财务影响

摘要自2011年以来，气候活动家们发起了针对私营化石燃料公司的撤资运动，旨在通过两个渠道对化石燃料公司造成损害：污名化和破坏其财务运营。考虑到撤资运动在多大程度上成功地对化石燃料公司造成了财务损失，我们在本文中重点关注第二个目的。我们提供了关于撤资化石燃料股票和债券水平的描述性数据，以及撤资事件对化石燃料公司股票市场价格影响的计量经济学分析。我们发现，撤资运动并没有成功地对化石燃料公司造成重大经济损失，尽管该运动成功地动员了公众舆论反对化石燃料公司。

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 SOCIAL ECONOMY ECONOMICS-

CiteScore

2.60

自引率

10.00%

发文量

期刊介绍： For over sixty-five years, the Review of Social Economy has published high-quality peer-reviewed work on the many relationships between social values and economics. The field of social economics discusses how the economy and social justice relate, and what this implies for economic theory and policy. Papers published range from conceptual work on aligning economic institutions and policies with given ethical principles, to theoretical representations of individual behaviour that allow for both self-interested and "pro-social" motives, and to original empirical work on persistent social issues such as poverty, inequality, and discrimination.