Climate Change and the Value of Institutional Shareholders: Evidence From the Paris Agreement
研究了《巴黎协定》通过前后机构持股对股东价值的影响，发现机构持股比例高的公司股票市场反应更积极，且物理风险会削弱这一正面效应。
ABSTRACT We investigate the impact of institutional ownership on shareholder value around the adoption of the Paris Agreement, a historic global accord endorsed by nearly all nations and one of the most crucial climate change initiatives in history. Using event study methodology, we find that firms with higher institutional ownership experienced significantly more favorable stock market reactions, suggesting that institutional shareholders play a crucial role in promoting corporate sustainability. In particular, a rise in institutional ownership by one standard deviation improves the stock market reactions by 10.6%. Additionally, using innovative text‐based metrics derived from machine learning algorithms, we analyze the effects of firm‐specific climate change exposure, finding that whereas physical risks considerably moderate the positive impact of institutional shareholders, regulatory risks and new business opportunities do not. Our results highlight the critical importance of institutional investors in enhancing shareholder value and driving corporate climate responses, providing key insights for policymakers and business leaders.