Climate Risk Disclosure and Institutional Investors

• 成果类型: Article
• 署名作者: Ilhan, Emirhan; Krueger, Philipp; Sautner, Zacharias; Starks, Laura T.
• 署名单位: National University of Singapore; University of Geneva; Swiss Finance Institute (SFI); Frankfurt School Finance & Management; University of Texas System; University of Texas Austin
• 刊物名称: REVIEW OF FINANCIAL STUDIES
• ISSN/ISSBN: 0893-9454
• DOI: 10.1093/rfs/hhad002
• 发表日期: 2023
• 页码: 2617
• 关键词: SOCIAL-RESPONSIBILITY; voluntary disclosure; INFORMATION; ECONOMICS

摘要

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).