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| DOI | 10.1016/j.irfa.2024.103327 |
| Climate change exposure, shareholder wealth, and the adoption of the Paris agreement: A text-based approach | |
| 发表日期 | 2024 |
| ISSN | 1057-5219 |
| EISSN | 1873-8079 |
| 起始页码 | 94 |
| 卷号 | 94 |
| 英文摘要 | Taking advantage of a distinctive measure of firm-specific exposure to climate change derived from sophisticated textual analysis, we examine the effect of climate change exposure on shareholder value using the signing of the Paris climate agreement. We find that companies more exposed to climate change experience more favorable market reactions to the adoption of the agreement. Specifically, a rise in climate change exposure by one standard deviation improves market reactions by 7.3%-8.8%. Further analysis corroborates the results, including propensity score matching, entropy balancing, an instrumental-variable analysis and Oster (2019) assessment of coefficient stability. Notably and somewhat surprisingly, the positive market reactions can be more attributed to the new business opportunities associated with the actions enabled by the Paris agreement than to the reduction in the physical and regulatory risk. |
| 英文关键词 | Climate change; Climate change exposure; Paris agreement; Event study; Shareholder wealth; Stock market reactions |
| 语种 | 英语 |
| WOS研究方向 | Business & Economics |
| WOS类目 | Business, Finance |
| WOS记录号 | WOS:001232712900001 |
| 来源期刊 | INTERNATIONAL REVIEW OF FINANCIAL ANALYSIS
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| 文献类型 | 期刊论文 |
| 条目标识符 | http://gcip.llas.ac.cn/handle/2XKMVOVA/285625 |
| 作者单位 | Chulalongkorn University; Columbia University; Pennsylvania Commonwealth System of Higher Education (PCSHE); Pennsylvania State University |
| 推荐引用方式 GB/T 7714 | . Climate change exposure, shareholder wealth, and the adoption of the Paris agreement: A text-based approach[J],2024,94. |
| APA | (2024).Climate change exposure, shareholder wealth, and the adoption of the Paris agreement: A text-based approach.INTERNATIONAL REVIEW OF FINANCIAL ANALYSIS,94. |
| MLA | "Climate change exposure, shareholder wealth, and the adoption of the Paris agreement: A text-based approach".INTERNATIONAL REVIEW OF FINANCIAL ANALYSIS 94(2024). |
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