Employee stock ownership and voluntary carbon disclosure

Joseph Abdelnour (), Nicolas Aubert () and Walid Ben-Amar
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Joseph Abdelnour: ESSCA - ESSCA – École supérieure des sciences commerciales d'Angers = ESSCA Business School, CERGAM - Centre d'Études et de Recherche en Gestion d'Aix-Marseille - AMU - Aix Marseille Université - UTLN - Université de Toulon
Walid Ben-Amar: University of Ottawa [Ottawa]

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Abstract: This paper investigates the relationship between Employee Stock Ownership (ESO) and voluntary carbon disclosures. Given that previous research has shown the beneficial effects of ESO on work attitudes and corporate performance, we link ESO and board representation with the attributes of voluntary climate-related disclosures. We use three proxies to capture these attributes: corporate decisions to respond to the Carbon Disclosure Project (CDP) annual questionnaire; corporate decisions to make responses publicly available, and the quality of a firm's disclosures on climate-change-related risks and strategies to mitigate them. Our results show a positive association between ESO and decisions to both answer the CDP questionnaire, and make responses publicly available. In contrast, ESO does not seem to impact carbon disclosure quality. The findings contribute to the ongoing debate on the determinants of voluntary climate change disclosures, highlighting the importance of ESO to enhance the transparency of voluntary disclosures of climate change business impacts.

Keywords: employee stock ownership; carbon disclosure; climate change; sustainability; carbon disclosure project (search for similar items in EconPapers)
Date: 2023-03
New Economics Papers: this item is included in nep-ene and nep-env
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Published in Bankers Markets & Investors : an academic & professional review, 2023

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Persistent link: https://EconPapers.repec.org/RePEc:hal:journl:halshs-04094880

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