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Determinants and Consequences of Endorsement for the Task Force on Climate-Related Financial Disclosures : Evidence from Japanese Listed Firms

Author

Listed:
  • ISHIDA, Souhei
  • ITO,Kunio
  • KOCHIYAMA, Takuma

Abstract

We examine the determinants for endorsing the TaskForce on Climate- Related Financial Disclosures (TCFD) and the impact of this support on corporate value. We find that firms with the following characteristics tend to support TCFD: large size; belonging to industries sensitive to the environment; high environmental performance; high ratios of outside directors; and low ratios of stable shareholders. We also find that the corporate value of TCFD-supporting firms is more likely to be higher than that of non-supporting firms. The evidence suggests that TCFD support is associated with firmsʼ needs and governance characteristics and results in an economically favorable outcome.

Suggested Citation

  • ISHIDA, Souhei & ITO,Kunio & KOCHIYAMA, Takuma, 2023. "Determinants and Consequences of Endorsement for the Task Force on Climate-Related Financial Disclosures : Evidence from Japanese Listed Firms," Hitotsubashi Journal of commerce and management, Hitotsubashi University, vol. 57(1), pages 32-53, October.
    • Handle: RePEc:hit:hitjcm:v:57:y:2023:i:1:p:32-53
    DOI: 10.15057/hjcm.2023002
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