长期机构投资者与气候变化新闻贝塔

IF 7.2 1区经济学 Q1 BUSINESS, FINANCE

Journal of Corporate Finance Pub Date : 2024-10-28 DOI:10.1016/j.jcorpfin.2024.102693

Ashrafee Hossain , Abdullah-Al Masum , Ramzi Benkraiem

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引用次数: 0

摘要

我们预测并证实，长期机构投资者（LTIOs）在主流印刷媒体报道气候变化后，在减轻市场对美股的负面看法方面发挥了重要作用。我们发现，长期机构投资者对缺乏企业社会责任、董事会多元化程度较低、增选较多的公司的影响更大。总体而言，这些研究结果表明，美国股票市场认为长期投资回报顾问是有效的监督者，他们可以帮助引导面临气候风险的公司朝着更可持续的方向发展。

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Long-term institutional investors and climate change news Beta

We predict and confirm that long-term institutional investors (LTIOs) play an important role in mitigating the negative market perceptions of US stocks following mainstream print media coverage of climate change. We observe a stronger effect of LTIOs for companies that lack corporate social responsibility and have less diverse and more co-opted boards. Overall, these findings indicate that the US equity market views LTIOs as effective monitors who can help guide companies facing climate risks toward a more sustainable trajectory.

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来源期刊

Journal of Corporate Finance BUSINESS, FINANCE-

CiteScore

11.80

自引率

3.30%

发文量

期刊介绍： The Journal of Corporate Finance aims to publish high quality, original manuscripts that analyze issues related to corporate finance. Contributions can be of a theoretical, empirical, or clinical nature. Topical areas of interest include, but are not limited to: financial structure, payout policies, corporate restructuring, financial contracts, corporate governance arrangements, the economics of organizations, the influence of legal structures, and international financial management. Papers that apply asset pricing and microstructure analysis to corporate finance issues are also welcome.