Stakeholder engagement: Investors' environmental risk aversion and corporate earnings
研究了2002至2016年间美国企业盈余公告中，投资者对环境风险的厌恶程度如何影响其对盈余的反应，发现环境表现好的企业更受青睐，但高度厌恶环境风险的投资者更关注环境而非盈余。
Abstract How does investors' aversion to environmental risk affect their reaction towards firms' earnings announcements? We explore this by analyzing earnings announcements made by U.S. firms between 2002 and 2016. The results show that environmental performance at the firm level is important for investors as this influences the investment behaviors of investors who have some degree of aversion to environmental risk. These investors appreciate the earnings by firms that exhibit a high level of environmental performance, i.e., firms that have successfully addressed environmental risks. However, earnings are of secondary importance for investors who are highly averse to environmental risk since environmental concerns take precedence.