Determinants and Consequences of Endorsement for the Task Force on Climate-Related Financial Disclosures: Evidence from Japanese Listed Firms

Souhei Ishida, Kunio Ito and Takuma Kochiyama

Hitotsubashi Journal of commerce and management, 2023, vol. 57, issue 1, 32-53

Abstract: We examine the determinants for endorsing the TaskForce on Climate- Related Financial Disclosures (TCFD) and the impact of this support on corporate value. We find that firms with the following characteristics tend to support TCFD: large size; belonging to industries sensitive to the environment; high environmental performance; high ratios of outside directors; and low ratios of stable shareholders. We also find that the corporate value of TCFD-supporting firms is more likely to be higher than that of non-supporting firms. The evidence suggests that TCFD support is associated with firmsʼ needs and governance characteristics and results in an economically favorable outcome.

Keywords: The TaskForce on Climate-Related Financial Disclosures (TCFD); climate-related disclosure; environmental disclosure; eterminant; corporate value (search for similar items in EconPapers)
Date: 2023
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Persistent link: https://EconPapers.repec.org/RePEc:hit:hitjcm:v:57:y:2023:i:1:p:32-53

DOI: 10.15057/hjcm.2023002

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