{"title":"标准普尔 500 强企业对美国证券交易委员会强制披露气候信息提案的市场反应","authors":"Martin M. Kim","doi":"10.1002/jcaf.22719","DOIUrl":null,"url":null,"abstract":"<p>This study examines how investors of S&P 500 firms react to the SEC's mandatory climate disclosure proposal announced on March 21, 2022. The result of the event study with a 3-day window [−1,1] shows a negative 1.1% market reaction to the proposal. The cross-sectional analysis shows that better ESG performers, higher sales growth firms, and firms with higher Tobin's Q alleviate the negative equity market reactions to the proposal. This study shows how equity market participants react to more stringent ESG-related disclosure and how the response may relate to S&P 500 firms’ ESG performance, growth, and market performance.</p>","PeriodicalId":44561,"journal":{"name":"Journal of Corporate Accounting and Finance","volume":null,"pages":null},"PeriodicalIF":0.9000,"publicationDate":"2024-04-18","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":"0","resultStr":"{\"title\":\"The market reaction of S&P 500 firms to the SEC's mandatory climate disclosure proposal\",\"authors\":\"Martin M. Kim\",\"doi\":\"10.1002/jcaf.22719\",\"DOIUrl\":null,\"url\":null,\"abstract\":\"<p>This study examines how investors of S&P 500 firms react to the SEC's mandatory climate disclosure proposal announced on March 21, 2022. The result of the event study with a 3-day window [−1,1] shows a negative 1.1% market reaction to the proposal. The cross-sectional analysis shows that better ESG performers, higher sales growth firms, and firms with higher Tobin's Q alleviate the negative equity market reactions to the proposal. This study shows how equity market participants react to more stringent ESG-related disclosure and how the response may relate to S&P 500 firms’ ESG performance, growth, and market performance.</p>\",\"PeriodicalId\":44561,\"journal\":{\"name\":\"Journal of Corporate Accounting and Finance\",\"volume\":null,\"pages\":null},\"PeriodicalIF\":0.9000,\"publicationDate\":\"2024-04-18\",\"publicationTypes\":\"Journal Article\",\"fieldsOfStudy\":null,\"isOpenAccess\":false,\"openAccessPdf\":\"\",\"citationCount\":\"0\",\"resultStr\":null,\"platform\":\"Semanticscholar\",\"paperid\":null,\"PeriodicalName\":\"Journal of Corporate Accounting and Finance\",\"FirstCategoryId\":\"1085\",\"ListUrlMain\":\"https://onlinelibrary.wiley.com/doi/10.1002/jcaf.22719\",\"RegionNum\":0,\"RegionCategory\":null,\"ArticlePicture\":[],\"TitleCN\":null,\"AbstractTextCN\":null,\"PMCID\":null,\"EPubDate\":\"\",\"PubModel\":\"\",\"JCR\":\"Q3\",\"JCRName\":\"BUSINESS, FINANCE\",\"Score\":null,\"Total\":0}","platform":"Semanticscholar","paperid":null,"PeriodicalName":"Journal of Corporate Accounting and Finance","FirstCategoryId":"1085","ListUrlMain":"https://onlinelibrary.wiley.com/doi/10.1002/jcaf.22719","RegionNum":0,"RegionCategory":null,"ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":null,"EPubDate":"","PubModel":"","JCR":"Q3","JCRName":"BUSINESS, FINANCE","Score":null,"Total":0}
The market reaction of S&P 500 firms to the SEC's mandatory climate disclosure proposal
This study examines how investors of S&P 500 firms react to the SEC's mandatory climate disclosure proposal announced on March 21, 2022. The result of the event study with a 3-day window [−1,1] shows a negative 1.1% market reaction to the proposal. The cross-sectional analysis shows that better ESG performers, higher sales growth firms, and firms with higher Tobin's Q alleviate the negative equity market reactions to the proposal. This study shows how equity market participants react to more stringent ESG-related disclosure and how the response may relate to S&P 500 firms’ ESG performance, growth, and market performance.
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