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題名 The Paris Agreement effect of consumer awareness and sustainable investing: Some international evidence
作者 鍾明希
Chung, Min-His;Chang, Ya-Kai;Cheung, William Ming Yan;Tan, Haoyun
貢獻者 財管博五
關鍵詞 Consumer awareness; Sustainable investing; Paris agreement; Climate change; Corporate financial performance
日期 2024-06
上傳時間 2024-12-12
摘要 This paper examines the consumer channel of sustainable investing, specifically during the surge in global environmental awareness triggered by the adoption of the Paris Agreement in 2015. Using the Paris Agreement as an exogenous shock to consumer awareness and a difference-in-difference framework, we investigate its impact on firms with negative environmental impacts. Our results show that “brown” firms, as identified by lower environmental scores, experience a significant post-Agreement decline in both sales performance and profitability relative to their matched counterparts. Our results hold after controlling for firm factors related to sales and profitability, and some fixed effects. Robustness tests further support these findings, demonstrating the influential role of heightened consumer awareness in shaping the declining demand for brown firms' products. This study contributes to the sustainable investment literature by highlighting the importance of the consumer channel and providing international evidence of its impact on firm financial performance.
關聯 Pacific-Basin Finance Journal, Vol.85, 102394
資料類型 article
DOI https://doi.org/10.1016/j.pacfin.2024.102394
dc.contributor 財管博五
dc.creator (作者) 鍾明希
dc.creator (作者) Chung, Min-His;Chang, Ya-Kai;Cheung, William Ming Yan;Tan, Haoyun
dc.date (日期) 2024-06
dc.date.accessioned 2024-12-12-
dc.date.available 2024-12-12-
dc.date.issued (上傳時間) 2024-12-12-
dc.identifier.uri (URI) https://nccur.lib.nccu.edu.tw/handle/140.119/154704-
dc.description.abstract (摘要) This paper examines the consumer channel of sustainable investing, specifically during the surge in global environmental awareness triggered by the adoption of the Paris Agreement in 2015. Using the Paris Agreement as an exogenous shock to consumer awareness and a difference-in-difference framework, we investigate its impact on firms with negative environmental impacts. Our results show that “brown” firms, as identified by lower environmental scores, experience a significant post-Agreement decline in both sales performance and profitability relative to their matched counterparts. Our results hold after controlling for firm factors related to sales and profitability, and some fixed effects. Robustness tests further support these findings, demonstrating the influential role of heightened consumer awareness in shaping the declining demand for brown firms' products. This study contributes to the sustainable investment literature by highlighting the importance of the consumer channel and providing international evidence of its impact on firm financial performance.
dc.format.extent 108 bytes-
dc.format.mimetype text/html-
dc.relation (關聯) Pacific-Basin Finance Journal, Vol.85, 102394
dc.subject (關鍵詞) Consumer awareness; Sustainable investing; Paris agreement; Climate change; Corporate financial performance
dc.title (題名) The Paris Agreement effect of consumer awareness and sustainable investing: Some international evidence
dc.type (資料類型) article
dc.identifier.doi (DOI) 10.1016/j.pacfin.2024.102394
dc.doi.uri (DOI) https://doi.org/10.1016/j.pacfin.2024.102394