Do analysts matter for green investment? Evidence from the EU taxonomy
研究了金融分析师对环境问题的关注如何影响企业绿色投资，利用欧盟分类法衡量法国上市公司绿色投资，发现分析师关注度与绿色投资正相关。
• The study examines the impact of financial analysts' focus on environmental issues on corporate green investments. • Leverages the European Union Taxonomy Regulation for measuring corporate green investments in French firms. • Key finding: Analysts' focus is positively linked to green investments. To mitigate climate warming, one critical strategy is to redirect corporate investments toward low-carbon projects. This study explores the role that financial analysts' focus on environmental issues can play in this process. The research leverages the implementation of the EU Taxonomy Regulation for publicly listed companies in France during the period 2022-2023, which provides a comprehensive, precise, and standardized measure of corporate green investments. We use a firm-level measure of climate change exposure as a proxy for analysts’ attention on environmental issues. We find that analyst attention has a positive and significant effect on corporate green investments. Our results remain robust to potential self-selection bias and reverse causality. In a further analysis, we also find that our main result is driven by analysts' focus on opportunities. This study offers new insights into how analyst scrutiny impacts ESG practices and highlights the potential contributions of the EU Taxonomy Regulation.