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Climate Policy Uncertainty and Corporate Leverage Policies

Adasi Manu, Sylvester; Boasiako, Kwabena Antwi; Kyiu, … - 2022

We investigate the impact of climate policy uncertainty on corporate financing decisions using news-based measures of … climate policy uncertainty. We find that an increase in climate policy uncertainty causes firms to reduce leverage. This … those in high emission industries. Climate policy uncertainty also reduces firm leverage by increasing the risk of financial …

Persistent link: https://www.econbiz.de/10013292640

Accounting for Emissions : Evidence from Auditor Pricing of Climate Change Risk

Kannan, Yezen H.; Gleason, Kimberly C.; Molyneux, Philip - 2021

We investigate whether, and how, auditors price risks related to greenhouse gas emissions (GHG) for a sample of firms traded in the US that disclose their CO2 emissions data. Specifically, we assess whether auditors price CO2 physical and transition risks among multiple categories of emission...

Persistent link: https://www.econbiz.de/10013214007

Firm-Level Climate Change Risk and CEO Equity Incentives

Hossain, Ashrafee Tanvir; Masum, Abdullah-Al; Saadi, Samir - 2022

We document evidence that the CEOs who lead the firms that face higher climate change risk (CCR) receive higher equity-based compensation. Our finding is consistent with the compensating-wedge-differential theory and survives numerous robustness and endogeneity tests. The result is more...

Persistent link: https://www.econbiz.de/10014079534

Audit 4.0-Based ESG Assurance : An Example of Using Satellite Images on GHG Emissions

Gu, Yu; Dai, Jun; Vasarhelyi, Miklos - 2022

Environment, Social, and Governance (ESG) information has become an essential global resource for investors. Regulators have attempted to standardize their reporting process and assure its quality but have obtained mixed results. While more companies offer ESG disclosure, it is usually not fully...

Persistent link: https://www.econbiz.de/10013297975

Challenges for the Accurate Measurement and Accounting of Corporate Greenhouse Gas Emissions

Kelnhofer, Anton; Brauner, Benedikt - 2023

As climate-related concerns and the urgency for rapid decarbonization become more prevalent, companies face an ever-increasing pressure to disclose accurate information on their greenhouse gas (GHG) emissions. In this context, companies often struggle to ensure the validity and accuracy of GHG...

Persistent link: https://www.econbiz.de/10014344778

Weathering the Weather : Does Extreme Weather Affect the Cost of an Audit?

Griffin, Paul A.; Guo, Michael Zhe; Sun, Estelle - 2021

We examine the impact of extreme weather events on the cost of an audit. We measure impact as the number of days per year a firm experiences an extreme weather event of any type (e.g., drought, floods, storms, wildfires) in its metropolitan statistical area (MSA). We first find that auditors...

Persistent link: https://www.econbiz.de/10013228829

Corporate Social Responsibility and Imperfect Regulatory Oversight : Theory and Evidence from Greenhouse Gas Emissions Disclosures

de Bettignies, Jean-Etienne; Liu, Hua Fang; Robinson, … - 2021

This paper develops and tests a model in which 1) purpose-driven firms emerge as an optimal organizational form even for profit-maximizing entrepreneurs; and 2) CSR arises endogenously as a response to imperfect regulatory oversight. Purpose-driven organizations allow entrepreneurs to create...

Persistent link: https://www.econbiz.de/10013247985

Climate-Linked Compensation, Societal Values, and Climate Change Impact : International Evidence

Bose, Sudipta; Burns, Natasha; Minnick, Kristina; … - 2022

Research Question/Issue: We examine whether linking executive compensation to climate-related performance is associated with better firm-level climate change impact. We also explore the interaction of culture and climate-linked incentive compensation with climate change impact.Research...

Persistent link: https://www.econbiz.de/10014243010

An uncertainty approach to modelling climate change risk in South Africa

Cullis, James; Alton, Theresa; Arndt, Channing; … - 2015

This study represents the first attempt at an integrated approach to assessing the potential impacts of climate change on the national economy of South Africa via a number of (but not necessarily all) impact channels. The study focuses on outcomes by about 2050. The results show the multiple...

Persistent link: https://www.econbiz.de/10010511214

Closed-form integrated assessment and uncertainty

Traeger, Christian - 2015

is comparable to numeric models used in policy advising. Uncertainty surrounding climate change remains large. The closed …-form expressions of welfare loss from shocks and epistemological uncertainty identify the interaction of (intertemporal) risk attitude …, distributional moments, and the climatic shadow values. Welfare gains from reducing uncertainty about temperature feedbacks are much …

Persistent link: https://www.econbiz.de/10011305430

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