Journal article
Do Salient Climate Risks Affect Shareholder Voting?
Review of Finance, v 29(2), pp 567-602
01 Mar 2025
Featured in Collection : UN Sustainable Development Goals @ Drexel
Abstract
Institutional investors affected by hurricanes subsequently support environmental proposals in non-affected firms even if they never voted for similar initiatives. Affected investors raise their holdings in firms where their pro-environment votes are consequential. The increased voting support after hurricanes has real effects as environmental proposals endorsed by more hurricane-afflicted investors are more likely to pass. Moreover, both market capitalization and analysts' recommendations decline after firms pass environmental proposals. Our evidence suggests that natural disasters raise institutional investors' concerns about the environment and about potential fund flow disruptions. These concerns, in turn, influence environmental activism, corporate policies, and firm performance.
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Details
- Title
- Do Salient Climate Risks Affect Shareholder Voting?
- Creators
- Eliezer FichGuosong Xu
- Publication Details
- Review of Finance, v 29(2), pp 567-602
- Publisher
- OXFORD UNIV PRESS
- Number of pages
- 36
- Resource Type
- Journal article
- Language
- English
- Academic Unit
- Finance
- Web of Science ID
- WOS:001411417800001
- Other Identifier
- 991022123463804721
UN Sustainable Development Goals (SDGs)
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- Collaboration types
- Domestic collaboration
- International collaboration
- Web of Science research areas
- Business, Finance
- Economics