[2020년 제 5차] Global Carbon Divestment and Firms' Actions
작성자 : 관리자
조회수 : 182
게시일 :
2020-12-11
We examine the actions of financial institutions and firms regarding greenhouse gas
emissions. We find that financial institutions around the world reduce their exposure
to stocks of high-emission industries after 2015, especially for those located in high-
climate-awareness countries, suggesting that institutions are concerned about climate
risks in recent years. In the presence of divestment, firms in the same countries tend
to experience lower price valuation ratios, which make equity financing costlier, but
they increase capital expenditure and research and development (R&D) expenses and
reduce emissions resulting from their operations. Our results support the notion that
divestment campaigns by financial institutions exert pressure on firms to adopt climate-
friendly policies and decrease carbon footprints.