British Accounting Review最新文献

Environmental regulations and corporate cash holdings 环境法规与企业现金持有量

IF 9.4 3区管理学

British Accounting Review Pub Date : 2025-09-01 DOI: 10.1016/j.bar.2024.101388

Wenrui Chen , Yue Cao , Yizhe Dong , Diandian Ma

引用次数: 0

Which governance mechanisms matter for firm pollution? 哪些治理机制对企业污染有影响?

IF 9.4 3区管理学

British Accounting Review Pub Date : 2025-09-01 DOI: 10.1016/j.bar.2023.101297

Sarfraz Khan , John K. Wald

引用次数: 0

The geography of environmental regulation: Plant-level emissions data 环境监管的地理分布：工厂级排放数据

IF 9.4 3区管理学

British Accounting Review Pub Date : 2025-09-01 DOI: 10.1016/j.bar.2024.101381

Douglas Cumming , Huiying Wu , Yang Zhao

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Editorial: What have we learned about green and climate finance? 社论：我们从绿色和气候融资中学到了什么？

IF 9.4 3区管理学

British Accounting Review Pub Date : 2025-09-01 DOI: 10.1016/j.bar.2025.101749

Hao Liang , Lilian Ng , Aaron Yoon

引用次数: 0

Climate risks and debt structure 气候风险和债务结构

IF 9.4 3区管理学

British Accounting Review Pub Date : 2025-09-01 DOI: 10.1016/j.bar.2025.101614

Bill B. Francis , Iftekhar Hasan , Chunxia Jiang , Zenu Sharma , Yun Zhu

引用次数: 0

Climate change uncertainty and supply chain financing 气候变化的不确定性与供应链融资

IF 9.4 3区管理学

British Accounting Review Pub Date : 2025-09-01 DOI: 10.1016/j.bar.2024.101423

Zhangfan Cao , Steven Xianglong Chen , Ting Dong , Edward Lee

引用次数: 0

A real effect of climate-related shareholder proposals: Diversification 气候相关股东提案的实际效果：多样化

IF 9.4 3区管理学

British Accounting Review Pub Date : 2025-09-01 DOI: 10.1016/j.bar.2024.101450

Greg Tindall

{"title":"A real effect of climate-related shareholder proposals: Diversification","authors":"Greg Tindall","doi":"10.1016/j.bar.2024.101450","DOIUrl":"10.1016/j.bar.2024.101450","url":null,"abstract":"<div><div><span><span>To date, the literature has not discovered diversification to be a firm policy that shareholders can influence through their proposals at annual meetings but has explained contexts in which diversification can defend. I contemplate and test diversifying responses to shareholder proposals made in the context of climate change. By following 440 shareholder-initiated proposals in the United States that contain “climate change” – from the first instance in the 1994 proxy season until 2020 – I find that firms in receipt of such proposals diversify more, mostly into related industries. Further, diversification prompted by climate proposals generally leads to </span>wealth<span> enhancements. Beyond correlations and the main results of ordinary least squares regressions, I address the endogenous nature of corporate policies in a variety of ways: a matching estimator, fixed effects, and an </span></span>instrumental variable, along with a placebo and a GMM estimator. Robustness tests confirm prior results and expose a subtle difference between sales and asset diversification. Climate-related proposals appear to influence sales diversification slightly more than asset diversification, suggesting that agents may be less responsive to owner concerns than customers. Overall, shareholder proposals related to climate change can have the real effect of prompting firms to diversify.</div></div>","PeriodicalId":47996,"journal":{"name":"British Accounting Review","volume":"57 5","pages":"Article 101450"},"PeriodicalIF":9.4,"publicationDate":"2025-09-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"141910572","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":3,"RegionCategory":"管理学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

引用次数: 0

What’s in a shade? The market relevance of green bonds’ external reviews 阴影里有什么？绿色债券外部评价的市场相关性

IF 9.4 3区管理学

British Accounting Review Pub Date : 2025-09-01 DOI: 10.1016/j.bar.2023.101271

Marco Ghitti , Gianfranco Gianfrate , Florencio Lopez-de-Silanes , Marco Spinelli

{"title":"What’s in a shade? The market relevance of green bonds’ external reviews","authors":"Marco Ghitti , Gianfranco Gianfrate , Florencio Lopez-de-Silanes , Marco Spinelli","doi":"10.1016/j.bar.2023.101271","DOIUrl":"10.1016/j.bar.2023.101271","url":null,"abstract":"<div><div>With the growth of green bonds<span> as an asset class, the certification of the actual climate footprint of projects financed with these bonds is gaining momentum among investors and policymakers. We investigate the informative content of Second Party Opinions (SPOs) issued by external reviewers who assess the quality of green bonds by collecting a global sample of over 1200 corporate green bonds and analyzing matching results for 336 of them. We show that the market assigns a premium to the green bonds with the best SPOs' valuation - namely, the “dark-” and “medium-” green bonds. However, in presence of a formal credit rating, SPO external reviews do not appear to incorporate distinctive information priced by the market. Using a difference-in-difference approach, we find that stricter green investment regulations, like the adoption of the “EU Taxonomy,” produce a “fly-to-quality” effect that widens the spread between dark and lighter green bonds' returns. Responsible investors also appear to rely on the judgement of external reviewers when a formal credit rating is absent, and they have significantly higher stakes in the greener bonds. Overall, our results indicate that SPO external reviews can reduce information asymmetry between issuers and investors absent of a credit rating, but they are not informative for rated green bonds.</span></div></div>","PeriodicalId":47996,"journal":{"name":"British Accounting Review","volume":"57 5","pages":"Article 101271"},"PeriodicalIF":9.4,"publicationDate":"2025-09-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"136160183","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":3,"RegionCategory":"管理学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

引用次数: 0

Firm internationalization and emissions Reduction: International evidence 企业国际化与减排：国际证据

IF 9.4 3区管理学

British Accounting Review Pub Date : 2025-09-01 DOI: 10.1016/j.bar.2025.101697

Lingxia Sun , Yanlin Bao , Jongmoo Jay Choi , Hoje Jo

{"title":"Firm internationalization and emissions Reduction: International evidence","authors":"Lingxia Sun , Yanlin Bao , Jongmoo Jay Choi , Hoje Jo","doi":"10.1016/j.bar.2025.101697","DOIUrl":"10.1016/j.bar.2025.101697","url":null,"abstract":"<div><div><span>Since climate change and environmental challenges are global in nature, one would expect </span>MNCs<span><span> to exhibit greater alignment with global environmental sustainability than domestic firms, given their exposure to international norms and stakeholder concerns. A counterargument is that </span>MNCs<span> might instead behave opportunistically, engaging in regulatory arbitrage related to emissions reduction by leveraging their global networks. Using a sample of 11,477 unique firms from 63 countries over the period of 2002–2022, we find that both the magnitude of carbon emissions<span> and the quality of emissions disclosure are positively associated with firm internationalization<span><span>. Additionally, U.S.-based MNCs<span> that generate sales in civil law countries and regions tend to disclose more emissions information. Furthermore, the relationship between firm internationalization and emissions reduction is moderated by international environmental institutions, such as the </span></span>Kyoto Protocol. Finally, we find that MNCs are rewarded by a broader stakeholder community for their efforts in reducing emissions. Overall, the results support the new institutionalism theory, suggesting that MNCs’ emissions reduction is perceived as alignment with global environmental norms.</span></span></span></span></div></div>","PeriodicalId":47996,"journal":{"name":"British Accounting Review","volume":"57 5","pages":"Article 101697"},"PeriodicalIF":9.4,"publicationDate":"2025-09-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"144621791","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":3,"RegionCategory":"管理学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

引用次数: 0

The rise of common state ownership and corporate environmental performance 共同国有制的兴起与企业环境绩效

IF 9.4 3区管理学

British Accounting Review Pub Date : 2025-09-01 DOI: 10.1016/j.bar.2024.101368

Xutang Liu , Sabri Boubaker , Jing Liao , Shouyu Yao

引用次数: 0