آیا شرکت های ارزش بازار نسبت به تغییرات آب و هوایی واکنش نشان می دهند؟

Motivated by the controversial debate on mandatory reductions of greenhouse gases in the U.S., this study explores whether the market values corporate response to tackle carbon dioxide emissions. We measure corporate responses using the measure of media tone based on the positive and negative words in each news article. Our results show that the market reacts favorably to the negative media exposure of corporate response to climate change over the announcement period and the one-year period, which implies that the socially responsible action to tackle climate change is costly. We further find that the positive response is less pronounced for firms from polluting industries and firms with poor environmental performance.

The purpose of our study is to examine how the media exposure of corporate responses to tackle “climate change” affects investor behavior and security prices. Our focus on climate change is motivated by the recent debates in the business press whether governments across the globe should establish the binding constraints on CO2 emissions. For example, on August 8, 2009, a group of Democrats sent a letter to President Obama opposing the climate change legislation that sets a greenhouse emissions target in the United States Senate [1]. They warned that strong actions to limit emissions of carbon dioxide and other greenhouse gases will add costs to companies and reduce the competitive advantage of American industries. Despite the expected surmounting costs for the implementation, on the other side of the Atlantic, Scottish parliament passed the landmark climate change law in the same year and argued that it is the Scots' “ethical duty” to make the commitments in the law [2]. The two contrasting examples raise an interesting question whether and how corporate response to tackle climate change is valued in the U.S.A.

Climate change is an international environmental issue that has provoked widespread controversy and is essential in government decision making [51], [52] and [53]. Strong business opposition against mandatory reductions of greenhouses gases in the U.S. has contributed to the deadlock in the negotiations of international climate treaty. Many argue that these measures cannot be justified by the science and are expensive. However, from a business perspective, companies can also try to seize possible economic opportunities arising from the climate issue by reducing risks and costs, anticipating regulation, developing green capabilities through new products or markets. Alternatively, if climate change issue is a global challenge, proactive action towards climate change is a socially responsible action, which can improve a firm's image and enhance the loyalty of customers, employees and government [4], [5] and [6]. Thus, it is still unclear how the market reacts to corporate response to climate change.