Pattanaporn Chatjuthamard , Sang Mook Lee , Young S. Kim , Pornsit Jiraporn , Denise Potosky
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Climate change and shareholder value: Evidence from textual analysis and Trump’s unexpected victory
Exploiting a novel measure of firm-specific exposure to climate change generated from cutting-edge machine learning algorithms, we explore the effect of climate change vulnerability on shareholder wealth using Donald Trump’s unexpected election victory in 2016. Our results demonstrate that companies more vulnerable to climate change experienced significantly more adverse market reactions when Trump was elected. Considering Trump’s public skepticism on climate change, investors expected him to oppose actions that seriously addressed climate change, resulting in more negative consequences for firms with higher climate change exposure. Our results provide compelling evidence that the positions taken by politicians on climate change directly impact firm value and shareholder wealth. Our findings suggest that elections have significant ramifications on financial and capital markets and that climate change is a crucially important issue for shareholders and investors.
期刊介绍:
The Journal of Business Research aims to publish research that is rigorous, relevant, and potentially impactful. It examines a wide variety of business decision contexts, processes, and activities, developing insights that are meaningful for theory, practice, and/or society at large. The research is intended to generate meaningful debates in academia and practice, that are thought provoking and have the potential to make a difference to conceptual thinking and/or practice. The Journal is published for a broad range of stakeholders, including scholars, researchers, executives, and policy makers. It aids the application of its research to practical situations and theoretical findings to the reality of the business world as well as to society. The Journal is abstracted and indexed in several databases, including Social Sciences Citation Index, ANBAR, Current Contents, Management Contents, Management Literature in Brief, PsycINFO, Information Service, RePEc, Academic Journal Guide, ABI/Inform, INSPEC, etc.