绘制影响:机构区块持有人协调和气候变化风险披露
Mohamed Khalifa1, Subhan Ullah2, Tarek Abdelfattah1
1Nottingham University Business School, Jubilee Campus, Wollaton Road, Nottingham, NG8 1BB, UK; Accounting Department, Faculty of Commerce, Mansoura University, El Gomhoria street, Mansoura, Egypt.
Journal of environmental management
|October 17, 2024
概括
通过地理邻近度来衡量机构区块持有者的协调,减少了气候变化风险披露. 这种影响在拥有集中的所有权和特定的公司结构的公司中更为强烈,可能是由于首席执行官解雇激励措施.
科学领域:
- 企业金融公司财务
- 环境,社会和治理 (ESG) 研究 研究
- 信息披露 信息披露
背景情况:
- 机构投资者在公司治理和决策中发挥着重要作用.
- 气候变化风险披露对利益相关者和监管机构来说越来越重要.
- 机构区块持有人之间的协调可以影响企业的披露实践.
研究的目的:
- 检查机构区块持有人协调和气候变化风险披露之间的关系.
- 确定调节这种关系的特定公司特征.
- 探索潜在的机制,如首席执行官解雇,将协调与披露联系起来.
主要方法:
- 对标普500强公司 (2010-2022) 的2887个公司年度观察结果的分析.
- 代理机构区块持有人协调使用地理邻近.
- 采用经济度模型和稳定性检查,包括替代披露措施和内源性测试.
主要成果:
- 机构区块持有人协调的增加与气候变化风险披露的减少有关.
- 这种负面关联在公司中更为明显,这些公司的区块持有者不那么多元化,所有权集中,以及特定的治理特征.
- 这种效应在具有公司总顾问,非集中的客户群,更高的资产有形性和环境敏感性的公司中得到了放大.
结论:
- 机构区块持有人协调可以抑制气候变化风险披露.
- 公司的特点显著影响这种关系的强度.
- 绩效诱导的首席执行官解雇成为这种效应的潜在道,影响企业对气候风险的透明度.
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