Long-term institutional investors and climate change news Beta

A. Hossain, A.-A. Abdullah-Al Masum and R. Benkraiem ()
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R. Benkraiem: Audencia Business School

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Abstract: We predict and confirm that long-term institutional investors (LTIOs) play an important role in mitigating the negative market perceptions of US stocks following mainstream print media coverage of climate change. We observe a stronger effect of LTIOs for companies that lack corporate social responsibility and have less diverse and more co-opted boards. Overall, these findings indicate that the US equity market views LTIOs as effective monitors who can help guide companies facing climate risks toward a more sustainable trajectory.

Keywords: Long-term institutional investors; climate change; news Beta (search for similar items in EconPapers)
Date: 2024-12
Note: View the original document on HAL open archive server: https://hal.science/hal-05133745v1
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Published in Journal of Corporate Finance, 2024, 89, pp.102693. ⟨10.1016/j.jcorpfin.2024.102693⟩

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Persistent link: https://EconPapers.repec.org/RePEc:hal:journl:hal-05133745

DOI: 10.1016/j.jcorpfin.2024.102693

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