Carbon Disclosure and Common Ownership

Bobae Choi, Doowon Lee, Le Luo
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Abstract

The crossholding of multiple firms by major shareholders in the same industry is known as common ownership. In this article, we examine how common ownership affects the carbon-related disclosure practices of cross-held firms. We report that common ownership decreases a firm’s propensity to disclose carbon information as well as the quality of such disclosures. A one standard deviation increase in measures of common ownership decreases the likelihood of participating in the Carbon Disclosure Project (CDP) survey by as much as 19.4%. Our results are robust to exogenous events, such as changes in common ownership and robustness tests, including Heckman two-stage regression and the exclusion of the financial sector. Further analyses demonstrate that the negative impact of common ownership on carbon disclosures is stronger in carbon-intensive sectors than in other sectors and for hard than for soft disclosures.
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碳信息披露与共同所有权
同一行业的主要股东对多家公司的交叉持股被称为共同所有权。在本文中,我们研究了共同所有权如何影响交叉持股公司的碳相关信息披露行为。我们发现,共同所有权降低了企业披露碳信息的倾向,同时也降低了此类披露的质量。共同持股比例每增加一个标准差,参与碳信息披露项目(CDP)调查的可能性就会降低 19.4%。我们的结果经得起外生事件(如共同所有权的变化)和稳健性测试(包括赫克曼两阶段回归和排除金融部门)的检验。进一步的分析表明,共同所有权对碳信息披露的负面影响在碳密集型行业比在其他行业更强,对硬信息披露比对软信息披露更强。
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