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The Impact of Divestment Announcements on the Share Price of Fossil Fuel Stocks

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  • Truzaar Dordi

    (School of Environment, Enterprise and Development (SEED), University of Waterloo, Waterloo, ON N2L 3G1, Canada)

  • Olaf Weber

    (School of Environment, Enterprise and Development (SEED), University of Waterloo, Waterloo, ON N2L 3G1, Canada)

Abstract

Several prominent institutional investors concerned about climate change have announced their intention or have divested from fossil fuel shares, to limit their exposure to the industry. The act of fossil fuel divestment may directly depress share prices or stigmatize the industry’s reputation, resulting in lower share value. While there has been considerable research conducted on the performance of the fossil fuel industry, there is not yet any empirical evidence that divestment announcements influence share prices. Adopting an event study methodology, this study measures abnormal deviations in stock prices of the top 200 global oil, gas, and coal companies by proven reserves, on days of prominent divestment announcements. Events are analyzed independently and in aggregate. The results make several notable contributions. While many events experienced short-term negative abnormal returns around the event day, the effects of events were more pronounced over longer event windows following the New York Climate March, suggesting a shift in investor perception. The results also find that divestment announcements related to campaigns, pledges, and endorsements all have a significant effect over the short-term event window. Finally, the results control for the general underperformance of the industry over the estimation window, attesting that the price change is caused by divestment announcements. Several robustness tests using alternate expected returns models and statistical tests were conducted to ensure the accuracy of the result. Overall, this study finds that divestment announcements decrease the share price of the fossil fuel companies, and thus, we conclude that ‘divestors’ can influence the share price of their target companies. Theoretically, the result adds new knowledge regarding the efficacy of the efficient market hypothesis in relation to divestment.

Suggested Citation

  • Truzaar Dordi & Olaf Weber, 2019. "The Impact of Divestment Announcements on the Share Price of Fossil Fuel Stocks," Sustainability, MDPI, vol. 11(11), pages 1-20, June.
    • Handle: RePEc:gam:jsusta:v:11:y:2019:i:11:p:3122-:d:236715
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    Cited by:

    1. Yiping Zhang & Olaf Weber, 2022. "Investors’ Moral and Financial Concerns—Ethical and Financial Divestment in the Fossil Fuel Industry," Sustainability, MDPI, vol. 14(4), pages 1-12, February.
    2. repec:osf:socarx:3b5d4_v1 is not listed on IDEAS
    3. Truzaar Dordi & Rachel Krueger & Petra Duff & Guy Brodsky, 2025. "Framing divestment: A decade of media discourse on fossil fuel divestment in higher education," Climatic Change, Springer, vol. 178(6), pages 1-27, June.
    4. Rohleder, Martin & Wilkens, Marco & Zink, Jonas, 2022. "The effects of mutual fund decarbonization on stock prices and carbon emissions," Journal of Banking & Finance, Elsevier, vol. 134(C).
    5. Daniel Rosenbloom & Adrian Rinscheid, 2020. "Deliberate decline: An emerging frontier for the study and practice of decarbonization," Wiley Interdisciplinary Reviews: Climate Change, John Wiley & Sons, vol. 11(6), November.
    6. Egli, Florian & Schärer, David & Steffen, Bjarne, 2022. "Determinants of fossil fuel divestment in European pension funds," Ecological Economics, Elsevier, vol. 191(C).
    7. Desheng Liu & Yizhen Wang & Mingsheng Li, 2024. "Is it just for shareholders or for all stakeholders? Evidence based on carbon emissions and cash dividends from China," Accounting and Finance, Accounting and Finance Association of Australia and New Zealand, vol. 64(4), pages 4069-4094, December.
    8. Diego P. Guisande & Maretno Agus Harjoto & Andreas G. F. Hoepner & Conall O’Sullivan, 2024. "Ethics and Banking: Do Banks Divest Their Kind?," Journal of Business Ethics, Springer, vol. 192(1), pages 191-223, June.
    9. McAusland, Carol, 2021. "Carbon taxes and footprint leakage: Spoilsport effects," Journal of Public Economics, Elsevier, vol. 204(C).
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    15. Rahat, Birjees & Nguyen, Pascal, 2022. "Risk-adjusted investment performance of green and black portfolios and impact of toxic divestments in emerging markets," Energy Economics, Elsevier, vol. 116(C).
    16. Moses Msiska & Alex Ng & Randall K. Kimmel, 2021. "Doing well by doing good with the performance of United Nations Global Compact Climate Change Champions," Palgrave Communications, Palgrave Macmillan, vol. 8(1), pages 1-11, December.
    17. Marupanthorn, Pasin & Nikitopoulos, Christina S. & Ofosu-Hene, Eric D. & Peters, Gareth W. & Richards, Kylie-Anne, 2024. "Mechanisms for implementing fossil fuel divestment in portfolio management with impact on risk, return and carbon reduction," Energy Economics, Elsevier, vol. 136(C).
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    19. Sylwia Lorenc & Tomasz Leśniak & Arkadiusz Kustra & Maria Sierpińska, 2023. "Evolution of Business Models of Mining and Energy Sector Companies according to Current Market Trends," Energies, MDPI, vol. 16(13), pages 1-21, July.
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