DOI: 10.1016/j.gloenvcha.2021.102245
论文题名: Shocks, stocks and ratings: The financial community response to global environmental and health controversies
作者: Scholtens B. ; Witteveen E.
刊名: Global Environmental Change
ISSN: 9593780
出版年: 2021
卷: 68 语种: 英语
中文关键词: Credit ratings
; Environmental risk
; Event study
; Health risk
; Stock markets
英文关键词: business
; community response
; credit provision
; economic analysis
; environmental economics
; participatory approach
; stock market
; Matthiola
英文摘要: The financial community suggests it increasingly accounts for the environmental and social performance of the companies it invests in. To investigate this claim, we study how stock market participants and credit rating agencies respond to environmental and health controversies with internationally operating companies. Stock returns and rating changes are the most prominent financial signals regarding the appreciation of news by the financial community. The actions of numerous investors who trade on public information determine firm value. Credit rating agencies produce ratings based on private information, in part to support these evaluations. Ratings focus directly on a firm's default and business risk which itself is increasingly associated with global environmental and health controversies. Financial investors show a timely and significant response to measures of such controversies, but this response is highly generic and is small from an economic point of view. Credit ratings do not immediately respond in a significant way. Thus, markets and raters respond in a different way to the controversies. We conclude that the response of the financial community to global environmental and health controversies is limited. Therefore, the financial community seems unable to discipline the economic agents behind the controversies. © 2021 The Author(s) Citation statistics:
资源类型: 期刊论文
标识符: http://119.78.100.158/handle/2HF3EXSE/168336
Appears in Collections: 气候变化与战略
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作者单位: Faculty of Economics and Business, University of Groningen, Netherlands; School of Management, University of St. AndrewsScotland, United Kingdom
Recommended Citation:
Scholtens B.,Witteveen E.. Shocks, stocks and ratings: The financial community response to global environmental and health controversies[J]. Global Environmental Change,2021-01-01,68