气候变化领域集成服务门户(CCPortal): Institutional investors' corporate site visits and firm-level climate change risk disclosure

CCPortal

DOI	10.1016/j.irfa.2024.103145
	Institutional investors' corporate site visits and firm-level climate change risk disclosure
	Song, Yanheng; Xian, Rui
发表日期	2024
ISSN	1057-5219
EISSN	1873-8079
起始页码	93
卷号	93
英文摘要	This study examines whether and how institutional investors' site visits affect firm-level discretionary disclosure of climate change risk. Using a sample of Chinese listed companies on the Shenzhen Stock Exchange from 2013 to 2021, we find that site visits by institutional investors significantly promote corporate climate change risk disclosure (CCRD). This positive correlation is robust to a series of sensitivity tests, including alternative measures of institutional investors' site visits and corporate CCRD, alternative samples, a firm fixed effects model, one-year lag of the independent variable, an instrumental variable method, and a propensity score matching procedure. Mechanism analyses indicate that the positive impact of institutional investors' site visits on corporate CCRD is primarily driven by increased corporate information exposure. Further analyses demonstrate that the effect of site visits on firm-level CCRD is more pronounced in firms with weaker internal corporate governance or external governance. This study extends the existing literature on the economic consequences of institutional investors' site visits and the driving factors of corporate discretionary disclosure regarding climate change risk, providing insightful implications for corporate managers, investors, and regulators.
英文关键词	Site visits; Climate change risk disclosure; Information exposure; Corporate governance
语种	英语
WOS研究方向	Business & Economics
WOS类目	Business, Finance
WOS记录号	WOS:001225552600001
来源期刊	INTERNATIONAL REVIEW OF FINANCIAL ANALYSIS
文献类型	期刊论文
条目标识符	http://gcip.llas.ac.cn/handle/2XKMVOVA/286185
作者单位	Beijing Foreign Studies University
推荐引用方式 GB/T 7714	Song, Yanheng,Xian, Rui. Institutional investors' corporate site visits and firm-level climate change risk disclosure[J],2024,93.
APA	Song, Yanheng,&Xian, Rui.(2024).Institutional investors' corporate site visits and firm-level climate change risk disclosure.INTERNATIONAL REVIEW OF FINANCIAL ANALYSIS,93.
MLA	Song, Yanheng,et al."Institutional investors' corporate site visits and firm-level climate change risk disclosure".INTERNATIONAL REVIEW OF FINANCIAL ANALYSIS 93(2024).