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Institutional Investors’ Views and Preferences on Climate Risk Disclosure

Emirhan Ilhan, Philipp Krueger, Zacharias Sautner and Laura T. Starks
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Emirhan Ilhan: Frankfurt School of Finance & Management
Philipp Krueger: University of Geneva - Geneva Finance Research Institute (GFRI); Swiss Finance Institute
Zacharias Sautner: Frankfurt School of Finance & Management gemeinnützige GmbH; European Corporate Governance Institute (ECGI)
Laura T. Starks: University of Texas at Austin - Department of Finance

No 19-66, Swiss Finance Institute Research Paper Series from Swiss Finance Institute

Abstract: We survey institutional investors on firms’ climate risk disclosures. Many investors believe climate risk reporting to be as important as traditional financial reporting and that it should be mandatory and more standardized. However, they also view current quantitative and qualitative disclosure on climate risks as being insufficient and imprecise. The belief that current climate-related disclosure is deficient derives more from investors that believe climate risks are underpriced in equity markets. We complement the survey analysis with archival data showing that greater institutional ownership is associated with a higher propensity of firms to voluntarily disclose their carbon emissions.

Keywords: climate finance; climate risk disclosure; transparency; institutional investors (search for similar items in EconPapers)
JEL-codes: G11 G3 Q54 (search for similar items in EconPapers)
Pages: 52 pages
Date: 2019-08
New Economics Papers: this item is included in nep-env
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