Climate Risk Disclosure and Institutional Investors - new publication by Philipp Krueger
A new research by GFRI’s Prof. Philipp Krueger reveals that investors have a strong demand for climate risk disclosures, and many actively engage their portfolio firms for improvements. Empirical analyses of holdings data corroborate this evidence by showing a significantly positive association between climate-conscious institutional ownership and better firm-level climate risk disclosure.
Krueger and his co-authors establish further evidence of institutional investors’ influence on firms’ climate risk disclosures by examining a shock to the climate risk disclosure demand of French institutional investors.
The paper was coauthored with Emirhan Ilhan from the National University of Singapore, Zacharias Sautner from Frankfurt School of Finance & Management and the European Corporate Governance Institute (ECGI) and Laura T. Starks from the University of Texas at Austin - Department of Finance.
It is forthcoming in the Review of Financial Studies.
