机构投资者与应对气候变化的斗争

IF 5.5 3区 管理学 Q1 BUSINESS
Thea Kolasa, Zacharias Sautner
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引用次数: 0

摘要

本文探讨了机构投资者在应对气候变化中的作用。我们解释了制度背景,提供了证据,突出了机构投资者在这场斗争中的光明和黑暗的一面,并为未来的研究发展了多种思路。研究结果/见解我们表明,气候变化对机构投资者有重大影响。同时,我们证明机构投资者可以对应对气候变化产生重大的积极影响,特别是如果他们积极与投资组合公司合作减少碳排放。出于风险管理的原因,这既符合自身利益,也符合社会利益。我们强调了机构投资者与气候变化之间联系的可能的未来研究途径,强调了与环境、社会和治理(ESG)评级机构、“漂绿”以及ESG产品失去信任的风险相关的问题。气候变化是我们这个时代的重大挑战之一,需要对金融的作用进行更多的研究。从业者/政策影响气候变化给机构投资者的投资组合公司带来财务风险,必须在投资过程中积极应对。初步迹象表明,市场已开始对这些风险进行定价。机构投资者可以通过让投资组合公司参与其排放,同时降低气候转型风险,从而对气候变化产生积极影响。
本文章由计算机程序翻译,如有差异,请以英文原文为准。

Institutional Investors and the Fight Against Climate Change

Institutional Investors and the Fight Against Climate Change

Research Question/Issue

This article examines the role of institutional investors in the fight against climate change. We explain the institutional context, provide evidence highlighting institutional investors' bright and dark sides in this fight, and develop multiple ideas for future research.

Research Findings/Insights

We show that climate change has a significant impact on institutional investors. Simultaneously, we demonstrate that institutional investors can have a significant positive impact on fighting climate change, particularly if they actively engage with portfolio firms to reduce carbon emissions. For risk management reasons, this is in their own interest, and it is also in the interests of society.

Theoretical/Academic Implications

We highlight possible future research avenues on the link between institutional investors and climate change, emphasizing issues related to environmental, social, and governance (ESG) rating agencies, greenwashing, and the risk of a loss of trust in ESG products. Climate change constitutes one of the grand challenges of our time, and substantially more research on the role of finance is required.

Practitioner/Policy Implications

Climate change imposes financial risks on institutional investors' portfolio firms, which must be actively addressed in the investment process. Nascent evidence indicates that markets have begun pricing these risks. Institutional investors can positively influence climate change by engaging portfolio firms on their emissions and simultaneously reducing climate transition risks.

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来源期刊
CiteScore
7.00
自引率
11.30%
发文量
79
期刊介绍: The mission of Corporate Governance: An International Review is to publish cutting-edge international business research on the phenomena of comparative corporate governance throughout the global economy. Our ultimate goal is a rigorous and relevant global theory of corporate governance. We define corporate governance broadly as the exercise of power over corporate entities so as to increase the value provided to the organization"s various stakeholders, as well as making those stakeholders accountable for acting responsibly with regard to the protection, generation, and distribution of wealth invested in the firm. Because of this broad conceptualization, a wide variety of academic disciplines can contribute to our understanding.
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