气候变化领域集成服务门户(CCPortal): Shocks, stocks and ratings: The financial community response to global environmental and health controversies

CCPortal

DOI	10.1016/j.gloenvcha.2021.102245
	Shocks, stocks and ratings: The financial community response to global environmental and health controversies
	Scholtens B.; Witteveen E.
发表日期	2021
ISSN	9593780
卷号	68
英文摘要	The financial community suggests it increasingly accounts for the environmental and social performance of the companies it invests in. To investigate this claim, we study how stock market participants and credit rating agencies respond to environmental and health controversies with internationally operating companies. Stock returns and rating changes are the most prominent financial signals regarding the appreciation of news by the financial community. The actions of numerous investors who trade on public information determine firm value. Credit rating agencies produce ratings based on private information, in part to support these evaluations. Ratings focus directly on a firm's default and business risk which itself is increasingly associated with global environmental and health controversies. Financial investors show a timely and significant response to measures of such controversies, but this response is highly generic and is small from an economic point of view. Credit ratings do not immediately respond in a significant way. Thus, markets and raters respond in a different way to the controversies. We conclude that the response of the financial community to global environmental and health controversies is limited. Therefore, the financial community seems unable to discipline the economic agents behind the controversies. © 2021 The Author(s)
关键词	Credit ratings Environmental risk Event study Health risk Stock markets
英文关键词	business; community response; credit provision; economic analysis; environmental economics; participatory approach; stock market; Matthiola
语种	英语
来源期刊	Global Environmental Change
文献类型	期刊论文
条目标识符	http://gcip.llas.ac.cn/handle/2XKMVOVA/205543
作者单位	Faculty of Economics and Business, University of Groningen, Netherlands; School of Management, University of St. AndrewsScotland, United Kingdom
推荐引用方式 GB/T 7714	Scholtens B.,Witteveen E.. Shocks, stocks and ratings: The financial community response to global environmental and health controversies[J],2021,68.
APA	Scholtens B.,&Witteveen E..(2021).Shocks, stocks and ratings: The financial community response to global environmental and health controversies.Global Environmental Change,68.
MLA	Scholtens B.,et al."Shocks, stocks and ratings: The financial community response to global environmental and health controversies".Global Environmental Change 68(2021).