The impact of climate-related disclosures on the financial performance of European companies

L’impact des divulgations d’informations climatiques sur la performance financière des sociétés européennes

Samira Demaria (), Sandra Rigot () and Philippe Luu ()
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Samira Demaria: GREDEG - Groupe de Recherche en Droit, Economie et Gestion - UNS - Université Nice Sophia Antipolis (1965 - 2019) - CNRS - Centre National de la Recherche Scientifique - UniCA - Université Côte d'Azur, Chaire Energie & Prospérité - ENS-PSL - École normale supérieure - Paris - PSL - Université Paris Sciences et Lettres - X - École polytechnique - IP Paris - Institut Polytechnique de Paris - ENSAE Paris - École Nationale de la Statistique et de l'Administration Économique - IP Paris - Institut Polytechnique de Paris - Institut Louis Bachelier
Sandra Rigot: CEPN - Centre d'Economie de l'Université Paris Nord - CNRS - Centre National de la Recherche Scientifique - Université Sorbonne Paris Nord, Chaire Energie & Prospérité - ENS-PSL - École normale supérieure - Paris - PSL - Université Paris Sciences et Lettres - X - École polytechnique - IP Paris - Institut Polytechnique de Paris - ENSAE Paris - École Nationale de la Statistique et de l'Administration Économique - IP Paris - Institut Polytechnique de Paris - Institut Louis Bachelier
Philippe Luu: GRM - Groupe de Recherche en Management - EA 4711 - UNS - Université Nice Sophia Antipolis (1965 - 2019) - UniCA - Université Côte d'Azur, IAE Nice - Institut d'Administration des Entreprises - Nice - UNS - Université Nice Sophia Antipolis (1965 - 2019) - UniCA - Université Côte d'Azur

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Abstract: Climate change involves risks that could lead to financial losses for corporations and a reduction in their profitability. To take these risks into account, corporations need to produce data enabling them to improve their overall risk management and inform the markets. The aim of this article is to study the impact of voluntary disclosure of information on climate risks and opportunities on the financial performance of companies, focusing on a sample of listed companies from nine European countries over the period 2018–2021. The results show that the level of climate disclosure has a positive influence on financial performance measured by Market to Book and Tobin's Q. However, there are significant differences between countries.

Keywords: voluntary disclosure of climate-related risks and opportunities; TCFD; financial performance; transparency; divulgation d’informations; risques et opportunités climatiques; performance financière; transparence (search for similar items in EconPapers)
Date: 2024
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Published in ACCRA Audit Comptabilité Contrôle : Recherches Appliquées, 2024, 2 (20), pp.5-35. ⟨10.3917/accra.0020.0005⟩

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Persistent link: https://EconPapers.repec.org/RePEc:hal:journl:hal-04614408

DOI: 10.3917/accra.0020.0005

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