Disclosure of non-financial information ; mandatory disclosure ; greenhouse gas emissions ; real effects
Abstract:
We examine whether a disclosure mandate for greenhouse gas emissions creates
stakeholder pressure for firms to subsequently reduce their emissions. For UKincorporated
listed firms such a mandate was adopted in 2013. Using a difference- indifferences
design, we find that firms affected by the mandate reduced their emissions –
depending on the specification – by an incremental 14-18% relative to a control group.
This reduction was accompanied by an average 9% increase in production costs. At the
same time, the treated firms were able to increase their sales by an almost compensating
amount. Taken together, our findings provide no indication that the disclosure
requirement led to a significant deterioration in the financial operating performance of
the treated firms, despite the significant carbon footprint reduction following the
disclosure mandate.
Dieser Eintrag ist Teil der Universitätsbibliographie.
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