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政大機構典藏 > 商學院 > 財務管理學系 > 期刊論文 > Item 140.119/154704

Please use this identifier to cite or link to this item: https://nccur.lib.nccu.edu.tw/handle/140.119/154704

Title:	The Paris Agreement effect of consumer awareness and sustainable investing: Some international evidence
Authors:	鍾明希 Chung, Min-His;Chang, Ya-Kai;Cheung, William Ming Yan;Tan, Haoyun
Contributors:	財管博五
Keywords:	Consumer awareness;Sustainable investing;Paris agreement;Climate change;Corporate financial performance
Date:	2024-06
Issue Date:	2024-12-12
Abstract:	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.
Relation:	Pacific-Basin Finance Journal, Vol.85, 102394
Data Type:	article
DOI 連結:	https://doi.org/10.1016/j.pacfin.2024.102394
DOI:	10.1016/j.pacfin.2024.102394
Appears in Collections:	[財務管理學系] 期刊論文

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