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Foreign Institutional Investors, Legal Origin, and Corporate Greenhouse Gas Emissions Disclosure

Author

Listed:
  • Simon Döring

    (University of Hamburg)

  • Wolfgang Drobetz

    (University of Hamburg)

  • Sadok El Ghoul

    (Campus Saint-Jean, University of Alberta)

  • Omrane Guedhami

    (University of South Carolina)

  • Henning Schröder

    (Leuphana University Lüneburg)

Abstract

The disclosure of corporate environmental performance is an increasingly important element of a firm’s ethical behavior. We analyze how the legal origin of foreign institutional investors affects a firm’s voluntary greenhouse gas emissions disclosure. Using a large sample of firms from 36 countries, we show that foreign institutional ownership from civil law countries improves the scope and quality of a firm’s greenhouse gas emissions reporting. This relation is robust to addressing endogeneity and selection biases. The effect is more pronounced in firms from non-climate-sensitized countries, for which the gap between firms’ environmental standards and investors’ environmental targets is potentially larger, and in less international firms. Firms with a higher level of voluntary greenhouse gas emissions disclosure also exhibit higher valuations.

Suggested Citation

  • Simon Döring & Wolfgang Drobetz & Sadok El Ghoul & Omrane Guedhami & Henning Schröder, 2023. "Foreign Institutional Investors, Legal Origin, and Corporate Greenhouse Gas Emissions Disclosure," Journal of Business Ethics, Springer, vol. 182(4), pages 903-932, February.
  • Handle: RePEc:kap:jbuset:v:182:y:2023:i:4:d:10.1007_s10551-022-05289-6
    DOI: 10.1007/s10551-022-05289-6
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