スーパーグローバル大学創成支援実証政治経済学拠点では、2022年12月26日にアルバータ大学の Vikas Mehrotra 教授による特別セミナー「The Demand and Voluntary Supply of Climate Disclosure」を開催いたします。Mehrotra 教授は、訪問教員として冬学期の正規科目「Corporate Governance and M&A」を担当されています。
【発表者】 Vikas Mehrotra 教授（University of Alberta）
【日時】 2022年12月26日（月）13:00-14:30
【場所】 11号館 818教室・Zoom（ハイフレックス開催）
【言語】 英語
【対象】 早稲田大学学部生、大学院生、教職員、一般
【費用】 無料
【申込】 こちらからお申し込みください ※要事前申込み
【概要】
This paper studies whether and how investor demand for climate risk information (CRI) influences firms’ voluntary climate disclosures. Investors express their demand for CRI publicly through shareholder proposals or privately through engagements with investee firms, or both. In a sample of S&P 500 companies for 2010-2020, we find that firms’ voluntary climate disclosure decisions are positively associated with engagements by the so-called Big 3 institutional investors, viz. Blackrock, Vanguard and State Street. We observe little direct evidence on the efficacy of shareholder resolutions in prompting climate risk disclosure; nevertheless, we find some evidence that non-Big3 investors are more likely to successfully employ them to prod firms to disclose climate risk. We find that Big 3 is more likely to vote against directors’ election or vote for shareholder resolutions (against the management) following firms’ non-disclosure of CRI. Our results are more consistent with an influence effect—Big 3 engagements lead to climate disclosures, but we find little evidence of a reverse causality wherein large institutional investors self-select into the disclosing group of firms. Finally, our results are stronger in the post-Paris period; we see some evidence of the effect of a change in investor preferences around the time of the Paris Climate Accord.
主催：実証政治経済学拠点
