Long-term institutional investors and climate change news Beta

被引：0
作者：
Hossain, Ashrafee [1 ]
Masum, Abdullah-Al [2 ]
Benkraiem, Ramzi [3 ]
机构：
[1] Mem Univ Newfoundland, St John, NF, Canada
[2] Johnson C Smith Univ, 100 Beatties Ford Rd, Charlotte, NC 28216 USA
[3] Audencia Business Sch, Nantes, France
来源：
JOURNAL OF CORPORATE FINANCE | 2024年 / 89卷
关键词：
Climate change news beta; Long-term institutional investors; Monitoring; CORPORATE GOVERNANCE; INVESTMENT HORIZONS; LARGE SHAREHOLDERS; PROPENSITY SCORE; EQUITY PREMIUM; OWNERSHIP; COST; RESPONSIBILITY; INNOVATION; RISK;
D O I：
10.1016/j.jcorpfin.2024.102693
中图分类号：
F8 [财政、金融];
学科分类号：
0202 ;
摘要：
We predict and confirm that long-term institutional investors (LTIOs) play an important role in mitigating the negative market perceptions of US stocks following mainstream print media coverage of climate change. We observe a stronger effect of LTIOs for companies that lack corporate social responsibility and have less diverse and more co-opted boards. Overall, these findings indicate that the US equity market views LTIOs as effective monitors who can help guide companies facing climate risks toward a more sustainable trajectory.
引用
收藏
页数：20
相关论文
共 129 条
  • [1] Women in the boardroom and their impact on governance and performance
    Adams, Renee B.
    Ferreira, Daniel
    [J]. JOURNAL OF FINANCIAL ECONOMICS, 2009, 94 (02) : 291 - 309
  • [2] Innovation and Institutional Ownership
    Aghion, Philippe
    Van Reenen, John
    Zingales, Luigi
    [J]. AMERICAN ECONOMIC REVIEW, 2013, 103 (01) : 277 - 304
  • [3] Firm performance and mechanisms to control agency problems between managers and shareholders
    Agrawal, A
    Knoeber, CR
    [J]. JOURNAL OF FINANCIAL AND QUANTITATIVE ANALYSIS, 1996, 31 (03) : 377 - 397
  • [4] LARGE SHAREHOLDERS AND THE MONITORING OF MANAGERS - THE CASE OF ANTITAKEOVER CHARTER AMENDMENTS
    AGRAWAL, A
    MANDELKER, GN
    [J]. JOURNAL OF FINANCIAL AND QUANTITATIVE ANALYSIS, 1990, 25 (02) : 143 - 161
  • [5] Active institutional shareholders and costs of monitoring: Evidence from executive compensation
    Almazan, A
    Hartzell, JC
    Starks, LT
    [J]. FINANCIAL MANAGEMENT, 2005, 34 (04) : 5 - 34
  • [6] It's who you know that counts: Board connectedness and CSR performance
    Amin, Abu
    Chourou, Lamia
    Kamal, Syed
    Malik, Mahfuja
    Zhao, Yang
    [J]. JOURNAL OF CORPORATE FINANCE, 2020, 64
  • [7] Strategic Ownership Structure and the Cost of Debt
    Aslan, Hadiye
    Kumar, Praveen
    [J]. REVIEW OF FINANCIAL STUDIES, 2012, 25 (07) : 2257 - 2299
  • [8] Atanasov V.A., 2016, Crit. Financ. Rev., V5, P207, DOI [10.1561/104.00000036, DOI 10.1561/104.00000036]
  • [9] Atanasova C., 2020, Stranded Fossil Fuel Reserves and Firm Value (No. w26497)
  • [10] Institutional Investment Horizons and the Cost of Equity Capital
    Attig, Najah
    Cleary, Sean
    El Ghoul, Sadok
    Guedhami, Omrane
    [J]. FINANCIAL MANAGEMENT, 2013, 42 (02) : 441 - 477
12345678910