Journal article
Do salient climatic risks affect shareholder voting?
Review of Finance, v 29(2), pp 567-602
16 Jan 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.
Metrics
Details
- Title
- Do salient climatic risks affect shareholder voting?
- Creators
- Eliezer M Fich - Drexel UniversityGuosong Xu (Corresponding Author) - Erasmus University Rotterdam
- Publication Details
- Review of Finance, v 29(2), pp 567-602
- Publisher
- Oxford University Press
- Number of pages
- 36
- Resource Type
- Journal article
- Language
- English
- Academic Unit
- Finance
- Web of Science ID
- WOS:001411417800001
- Scopus ID
- 2-s2.0-105000246029
- Other Identifier
- 991022019492204721
UN Sustainable Development Goals (SDGs)
This publication has contributed to the advancement of the following goals:
InCites Highlights
Data related to this publication, from InCites Benchmarking & Analytics tool:
- Collaboration types
- Domestic collaboration
- International collaboration
- Web of Science research areas
- Business, Finance
- Economics