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Climate-related discussions in firms’ 10-K: Who does it and what is its impact?

Sankarshan Basu, Sharad Nath Bhattacharyya, Mousumi and Jalaj Pathak
Journal Name
Economics Letters
Journal Publication
others
Publication Year
2022
Finance & Accounting
Publication Date
Vol. 220, November 2022, 110855, Pg. 1-6
Abstract

We examine the impact of climate-related discussions in the Management Discussion & Analysis (MD&A) section of the 10-K filings of S&P 500 firms from 2007 to 2018 and find that only firms from three specific industries (Energy, Utilities and Finance) have such discussions. We also find that the increase in mention of climate related words and ngrams is significantly associated with a fall in holding period return (HPR), post the filing date and especially post the Paris agreement. This suggests that investors perceive higher climate change discussion in a negative light even without any change in fundamentals.

Climate-related discussions in firms’ 10-K: Who does it and what is its impact?

Author(s) Name: Sankarshan Basu, Sharad Nath Bhattacharyya, Mousumi and Jalaj Pathak
Journal Name: Economics Letters
Volume: Vol. 220, November 2022, 110855, Pg. 1-6
Year of Publication: 2022
Abstract:

We examine the impact of climate-related discussions in the Management Discussion & Analysis (MD&A) section of the 10-K filings of S&P 500 firms from 2007 to 2018 and find that only firms from three specific industries (Energy, Utilities and Finance) have such discussions. We also find that the increase in mention of climate related words and ngrams is significantly associated with a fall in holding period return (HPR), post the filing date and especially post the Paris agreement. This suggests that investors perceive higher climate change discussion in a negative light even without any change in fundamentals.

URL: https://www.sciencedirect.com/science/article/pii/S0165176522003299