How financial markets react to Total’s strategy of becoming a responsible energy major?

Margaux Escoffier ()
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Margaux Escoffier: EconomiX - EconomiX - UPN - Université Paris Nanterre - CNRS - Centre National de la Recherche Scientifique

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Abstract: This paper investigates the market reaction to the upstream oil and gas and climate strategy of Total SA. It aims at (i) analyzing whether the market welcomes Total's climate commitment and (ii) comparing investors' reaction to both categories of announcements. By using an event study, our results highlight that the market reacts negatively to both Total's upstream oil and gas and climate strategy. However, the market reacts more negatively to its climate strategy meaning that investors may consider that Total has to do better in terms of climate commitment to mitigate the risk of climate change.

Keywords: Energy transition; climate strategy; financial markets; event study; oil and gas companies; Total SA (search for similar items in EconPapers)
Date: 2020
Note: View the original document on HAL open archive server: https://hal.science/hal-04159687
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