Out of sight, out of mind: Divestments and the global reallocation of pollutive assets

• 成果类型: Article
• 署名作者: Berg, Tobias; Ma, Lin; Streitz, Daniel
• 署名单位: Goethe University Frankfurt; Leibniz Association; Leibniz Institut fur Wirtschaftsforschung Halle (IWH)
• 刊物名称: JOURNAL OF FINANCIAL ECONOMICS
• ISSN/ISSBN: 0304-405X
• DOI: 10.1016/j.jfineco.2026.104308
• 发表日期: 2026-08
• 页码: 104308
• 关键词: GHG emissions; ASSET SALES; Paris agreement; institutional investors; Investor pressure; Carbon Disclosure Project

摘要

We document a global reallocation of pollutive assets as a response to investor pressure: large firms facing increased investor pressure divest foreign-located pollutive assets to firms that are less in the limelight. There is no evidence of increased engagement in any other emission reduction activities. We estimate that 369 million metric tons (mt) of CO2e are reallocated via divestments in the post-Paris Agreement period. Our results indicate that investor pressure to decarbonize reshapes the global conglomerate structure of large firms.