1. Climate Risk Disclosure and Institutional Investors.
- Author
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Ilhan, Emirhan, Krueger, Philipp, Sautner, Zacharias, and Starks, Laura T
- Subjects
CLIMATE change mitigation ,ENVIRONMENTAL risk ,DISCLOSURE ,VALUES (Ethics) ,CARBON emissions ,CLIMATE change laws ,ENVIRONMENTAL, social, & governance factors ,CLIMATE change - Abstract
Through a survey and analyses of observational data, we provide systematic evidence that institutional investors value and demand climate risk disclosures. The survey reveals the investors have a strong demand for climate risk disclosures, and many actively engage their portfolio firms for improvements. Empirical analyses of holdings data corroborate this evidence by showing a significantly positive association between climate-conscious institutional ownership and better firm-level climate risk disclosure. We establish further evidence of institutional investors' influence on firms' climate risk disclosures by examining a shock to the climate risk disclosure demand of French institutional investors (French Article 173). Authors have furnished an Internet Appendix , which is available on the Oxford University Press Web site next to the link to the final published paper online. [ABSTRACT FROM AUTHOR]
- Published
- 2023
- Full Text
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