Event-study:Does Carbon-Conscious Behavior Drive Firm Performance碳排放意识行为驱动公司绩效?基于全球500强公司研究
/碳意识行为

Textbook:Does Carbon-Conscious Behavior Drive Firm Performance?: An Event Study on the Global 500 Companies
Author(s): Adrian Renner

Description:
Scientific research is still at the beginning to understand the relationship between disclosure of carbon information, carbon performance and stock price reaction. For almost any listed company the investors' pressure to disclose climate-relevant information has increased significantly over the last years. Additionally, businesses are ranked by independent parties (such as the Carbon Disclosure Project) in regards to their ability to cope with the challenges posed by climate change. Consequently corporate leaders need to decide whether their company shall take part in these kind of projects, possibly facing negative evaluations or rejecting the investors request, which might also have adverse implications. Knowing how equity holders, which ultimately determine the corporate leaders' fate, will react is crucial for their decision making.
To address these identified gaps in research and practice, Mr. Renner provides interesting insights into how investors react if businesses are moving towards a green future. The strength of this thesis is that research is grounded in appropriate and relevant theory and that sound and mature quantitative research method (event study approach) is pursued. Simultaneously, it addresses a highly relevant topic for practitioners, who are analyzing the capital markets response to carbonconscious behavior depending on various factors e.g. region, sector, share of institutional investors, carbon intensity, etc.Since this research project was trying to answer questions on a global scale, Mr. Renner used the Carbon Disclosure Project report on the Global 500 companies, which allowed him to synthesis results from 387 companies from 28 countries.