Institutional investors, climate disclosure, and carbon emissions

IF 5.4 1区 管理学 Q1 BUSINESS, FINANCE
Shira Cohen , Igor Kadach , Gaizka Ormazabal
{"title":"Institutional investors, climate disclosure, and carbon emissions","authors":"Shira Cohen ,&nbsp;Igor Kadach ,&nbsp;Gaizka Ormazabal","doi":"10.1016/j.jacceco.2023.101640","DOIUrl":null,"url":null,"abstract":"<div><p>Exploiting the unique features of the CDP, the world-leading platform of corporate climate risk disclosures, we study the relationship between institutional investors' demand for climate-related information (as reflected in their CDP signatory status), firms' decision to disclose this information, and corporate carbon emissions. We provide systematic international evidence that ownership by CDP signatories is positively associated with the probability of disclosing information to the CDP, and that such disclosure is associated with subsequent lower carbon emissions. We also observe that CDP signatories are more likely to engage with and divest from top emitters disclosing to the CDP. Overall, these results are consistent with the notion that investor demand for climate-related information results in greater corporate disclosure and contributes to firms’ decisions to lower future carbon emissions.</p></div>","PeriodicalId":48438,"journal":{"name":"Journal of Accounting & Economics","volume":"76 2","pages":"Article 101640"},"PeriodicalIF":5.4000,"publicationDate":"2023-11-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://www.sciencedirect.com/science/article/pii/S0165410123000642/pdfft?md5=8f4a473ad4b5ed865c6c67b8131bdecc&pid=1-s2.0-S0165410123000642-main.pdf","citationCount":"5","resultStr":null,"platform":"Semanticscholar","paperid":null,"PeriodicalName":"Journal of Accounting & Economics","FirstCategoryId":"91","ListUrlMain":"https://www.sciencedirect.com/science/article/pii/S0165410123000642","RegionNum":1,"RegionCategory":"管理学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":null,"EPubDate":"","PubModel":"","JCR":"Q1","JCRName":"BUSINESS, FINANCE","Score":null,"Total":0}
引用次数: 5

Abstract

Exploiting the unique features of the CDP, the world-leading platform of corporate climate risk disclosures, we study the relationship between institutional investors' demand for climate-related information (as reflected in their CDP signatory status), firms' decision to disclose this information, and corporate carbon emissions. We provide systematic international evidence that ownership by CDP signatories is positively associated with the probability of disclosing information to the CDP, and that such disclosure is associated with subsequent lower carbon emissions. We also observe that CDP signatories are more likely to engage with and divest from top emitters disclosing to the CDP. Overall, these results are consistent with the notion that investor demand for climate-related information results in greater corporate disclosure and contributes to firms’ decisions to lower future carbon emissions.

机构投资者、气候信息披露和碳排放
利用CDP(全球领先的企业气候风险披露平台)的独特特征,我们研究了机构投资者对气候相关信息的需求(反映在其CDP签署身份上)、企业披露这些信息的决定与企业碳排放之间的关系。我们提供了系统的国际证据,证明CDP签署方的所有权与向CDP披露信息的可能性呈正相关,并且这种披露与随后的低碳排放相关。我们还观察到,CDP的签署国更有可能与向CDP披露的顶级排放国合作并从中撤资。总体而言,这些结果与投资者对气候相关信息的需求导致企业披露更多信息,并有助于企业降低未来碳排放的决策这一观点是一致的。
本文章由计算机程序翻译,如有差异,请以英文原文为准。
求助全文
约1分钟内获得全文 求助全文
来源期刊
CiteScore
8.70
自引率
6.80%
发文量
68
期刊介绍: The Journal of Accounting and Economics encourages the application of economic theory to the explanation of accounting phenomena. It provides a forum for the publication of the highest quality manuscripts which employ economic analyses of accounting problems. A wide range of methodologies and topics are encouraged and covered: * The role of accounting within the firm; * The information content and role of accounting numbers in capital markets; * The role of accounting in financial contracts and in monitoring agency relationships; * The determination of accounting standards; * Government regulation of corporate disclosure and/or the Accounting profession; * The theory of the accounting firm.
×
引用
GB/T 7714-2015
复制
MLA
复制
APA
复制
导出至
BibTeX EndNote RefMan NoteFirst NoteExpress
×
提示
您的信息不完整,为了账户安全,请先补充。
现在去补充
×
提示
您因"违规操作"
具体请查看互助需知
我知道了
×
提示
确定
请完成安全验证×
copy
已复制链接
快去分享给好友吧!
我知道了
右上角分享
点击右上角分享
0
联系我们:info@booksci.cn Book学术提供免费学术资源搜索服务,方便国内外学者检索中英文文献。致力于提供最便捷和优质的服务体验。 Copyright © 2023 布克学术 All rights reserved.
京ICP备2023020795号-1
ghs 京公网安备 11010802042870号
Book学术文献互助
Book学术文献互助群
群 号:481959085
Book学术官方微信