{"title":"股票市场对自愿采用与自然相关的财务披露的反应：事件研究","authors":"Tiphaine Jérôme , Cédric Poretti","doi":"10.1016/j.frl.2024.106389","DOIUrl":null,"url":null,"abstract":"<div><div>This article investigates the stock market reaction to the voluntary adoption of nature-related financial disclosures (TNFD) Recommendations, which focus on nature-related dependencies, impacts, risks, and opportunities. Investors may view this adoption as either value-destroying or value-enhancing. Using an event-study methodology, we analyze a global sample of listed companies. The results reveal significant negative cumulative abnormal returns when companies announce their adoption of the TNFD Recommendations. This negative effect is stronger for firms adopting the Recommendations as of fiscal year 2025 (versus 2024) and for firms in the basic materials, real estate, and utilities industries.</div></div>","PeriodicalId":12167,"journal":{"name":"Finance Research Letters","volume":"71 ","pages":"Article 106389"},"PeriodicalIF":7.4000,"publicationDate":"2024-11-09","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":"0","resultStr":"{\"title\":\"Stock market reaction to the voluntary adoption of nature-related financial disclosure: An event study\",\"authors\":\"Tiphaine Jérôme , Cédric Poretti\",\"doi\":\"10.1016/j.frl.2024.106389\",\"DOIUrl\":null,\"url\":null,\"abstract\":\"<div><div>This article investigates the stock market reaction to the voluntary adoption of nature-related financial disclosures (TNFD) Recommendations, which focus on nature-related dependencies, impacts, risks, and opportunities. Investors may view this adoption as either value-destroying or value-enhancing. Using an event-study methodology, we analyze a global sample of listed companies. The results reveal significant negative cumulative abnormal returns when companies announce their adoption of the TNFD Recommendations. This negative effect is stronger for firms adopting the Recommendations as of fiscal year 2025 (versus 2024) and for firms in the basic materials, real estate, and utilities industries.</div></div>\",\"PeriodicalId\":12167,\"journal\":{\"name\":\"Finance Research Letters\",\"volume\":\"71 \",\"pages\":\"Article 106389\"},\"PeriodicalIF\":7.4000,\"publicationDate\":\"2024-11-09\",\"publicationTypes\":\"Journal Article\",\"fieldsOfStudy\":null,\"isOpenAccess\":false,\"openAccessPdf\":\"\",\"citationCount\":\"0\",\"resultStr\":null,\"platform\":\"Semanticscholar\",\"paperid\":null,\"PeriodicalName\":\"Finance Research Letters\",\"FirstCategoryId\":\"96\",\"ListUrlMain\":\"https://www.sciencedirect.com/science/article/pii/S1544612324014181\",\"RegionNum\":2,\"RegionCategory\":\"经济学\",\"ArticlePicture\":[],\"TitleCN\":null,\"AbstractTextCN\":null,\"PMCID\":null,\"EPubDate\":\"\",\"PubModel\":\"\",\"JCR\":\"Q1\",\"JCRName\":\"BUSINESS, FINANCE\",\"Score\":null,\"Total\":0}","platform":"Semanticscholar","paperid":null,"PeriodicalName":"Finance Research Letters","FirstCategoryId":"96","ListUrlMain":"https://www.sciencedirect.com/science/article/pii/S1544612324014181","RegionNum":2,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":null,"EPubDate":"","PubModel":"","JCR":"Q1","JCRName":"BUSINESS, FINANCE","Score":null,"Total":0}
Stock market reaction to the voluntary adoption of nature-related financial disclosure: An event study
This article investigates the stock market reaction to the voluntary adoption of nature-related financial disclosures (TNFD) Recommendations, which focus on nature-related dependencies, impacts, risks, and opportunities. Investors may view this adoption as either value-destroying or value-enhancing. Using an event-study methodology, we analyze a global sample of listed companies. The results reveal significant negative cumulative abnormal returns when companies announce their adoption of the TNFD Recommendations. This negative effect is stronger for firms adopting the Recommendations as of fiscal year 2025 (versus 2024) and for firms in the basic materials, real estate, and utilities industries.
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