Do climate risk disclosures matter to financial analysts?

IF 2.2 3区管理学 Q2 BUSINESS, FINANCE Journal of Business Finance & Accounting Pub Date : 2023-12-26 DOI:10.1111/jbfa.12778

Walid Ben-Amar, Diana Castro Herrera, Isabelle Martinez

引用次数: 0

Abstract

This paper examines whether and when corporate disclosures about a firm's exposure to climate risks matter to financial analysts. More specifically, we investigate the association between climate risk disclosure (CRD) and two properties of financial analysts’ earnings forecasts (accuracy and dispersion). We predict that climate risk financial materiality at the industry level moderates this association. Using a sample of 2184 US nonfinancial firm-year observations over the period 2010–2016, we show that CRD is associated with higher forecast precision and lower dispersion only when climate risks are perceived by investors as being financially material at the industry level. We also find that while corporate disclosures about transition risks are not associated with financial analyst forecast properties, 10-K disclosures about climate-related material physical risks reduce analyst forecast error and dispersion.

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气候风险披露对金融分析师重要吗？

本文探讨了企业披露的气候风险是否以及何时会对金融分析师产生影响。更具体地说，我们研究了气候风险披露（CRD）与金融分析师盈利预测的两个属性（准确性和分散性）之间的关联。我们预测，行业层面的气候风险财务重要性会调节这种关联。利用 2010-2016 年间 2184 个美国非金融企业年度观察样本，我们发现，只有当投资者认为气候风险在行业层面具有财务重要性时，气候风险披露才会与更高的预测准确性和更低的离散性相关联。我们还发现，虽然公司披露的过渡风险与财务分析师的预测属性无关，但 10-K 披露的气候相关重大实际风险会降低分析师的预测误差和离散度。

本文章由计算机程序翻译，如有差异，请以英文原文为准。

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来源期刊

Journal of Business Finance & Accounting BUSINESS, FINANCE-

CiteScore

4.40

自引率

17.20%

发文量

期刊介绍： Journal of Business Finance and Accounting exists to publish high quality research papers in accounting, corporate finance, corporate governance and their interfaces. The interfaces are relevant in many areas such as financial reporting and communication, valuation, financial performance measurement and managerial reward and control structures. A feature of JBFA is that it recognises that informational problems are pervasive in financial markets and business organisations, and that accounting plays an important role in resolving such problems. JBFA welcomes both theoretical and empirical contributions. Nonetheless, theoretical papers should yield novel testable implications, and empirical papers should be theoretically well-motivated. The Editors view accounting and finance as being closely related to economics and, as a consequence, papers submitted will often have theoretical motivations that are grounded in economics. JBFA, however, also seeks papers that complement economics-based theorising with theoretical developments originating in other social science disciplines or traditions. While many papers in JBFA use econometric or related empirical methods, the Editors also welcome contributions that use other empirical research methods. Although the scope of JBFA is broad, it is not a suitable outlet for highly abstract mathematical papers, or empirical papers with inadequate theoretical motivation. Also, papers that study asset pricing, or the operations of financial markets, should have direct implications for one or more of preparers, regulators, users of financial statements, and corporate financial decision makers, or at least should have implications for the development of future research relevant to such users.

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