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.
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页数：20
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