Suchergebnisse

This paper investigates the impact of corporate boards&rsquo ; gender diversity on voluntary public disclosure of climate change risks in an emerging economy context in which environmental regulations are weak and markets are ineffective. The investigation relies on data from the CDP (formerly known as the Carbon Disclosure Project) as a corporate sustainability reporting initiative supported by institutional investors, based on a sample of Turkish firms that were invited to disclose their climate change risks and greenhouse gas emissions over the period of 2010&ndash ; 2019 through the CDP platform. We report that the presence of women on board committees, as a proxy for their active involvement in corporate governance, increases the likelihood of voluntary climate change disclosure. We, on the other hand, found no evidence of a positive impact on climate change reporting with women&rsquo ; s overall representation in boards. These findings lend support to board reforms that aim to increase effective representation of women on boards for the better management of sustainability risks and responsiveness to stakeholder demands in countries where legislators are reluctant to introduce climate change reforms.

This paper investigates the impact of corporate boards' gender diversity on voluntary public disclosure of climate change risks in an emerging economy context in which environmental regulations are weak and markets are ineective. The investigation relies on data from the CDP (formerly known as the Carbon Disclosure Project) as a corporate sustainability reporting initiative supported by institutional investors, based on a sample of Turkish firms that were invited to disclose their climate change risks and greenhouse gas emissions over the period of 2010–2019 through the CDP platform. We report that the presence of women on board committees, as a proxy for their active involvement in corporate governance, increases the likelihood of voluntary climate change disclosure. We, on the other hand, found no evidence of a positive impact on climate change reporting with women's overall representation in boards. These findings lend support to board reforms that aim to increase eective representation of women on boards for the better management of sustainability risks and responsiveness to stakeholder demands in countries where legislators are reluctant to introduce climate change reforms.

AbstractThis study identifies the determinants of climate change disclosure under the prism of sustainable development in European context. The selected variables involve environmental performance, ownership structure, and verification of climate change initiatives. Cross‐sectional data derived from the Bloomberg terminal of the European 500 index concerning 215 firms in the year 2014 are employed. The novelty of the present study stands on the use of proxies for climate change disclosure by adopting the Climate Performance Leadership Index (CPLI). The results reveal that better environmental performance positively affects the level of climate change disclosure. In addition, governmental ownership and independent verification of environmental data determine climate change disclosure. Thus, climate change disclosure is thought to be an effective managerial tool for shareholders and stakeholders to superintend corporate management limiting information asymmetry level; furthermore, higher environmental performers prefer actual climate change disclosure providing a plausible signal. Copyright © 2017 John Wiley & Sons, Ltd and ERP Environment

AbstractResearch Question/IssueThis study examines the association between managerial ability and the extent of firm‐level climate change disclosures and the moderating role of corporate governance in this association.Research Findings/InsightsResults based on a sample of 2298 firm‐year observations from the United States (US) from 2005 to 2019 suggest that firms with more capable managers tend to make more climate change disclosures. This significant positive association is weakened when firms suffer from weak corporate governance. These findings remain robust after addressing omitted time‐invariant variable bias, observable heterogeneity bias, sample selection bias, and reverse causality and when using alternative climate change disclosure proxies. Further analysis shows that climate change disclosures have a mediating role in the association between managerial ability and firm valuation.Theoretical/Academic ImplicationsGiven the growing importance of integrating climate change‐related information into a firm's operations and the pressure exerted by various stakeholders, understanding the drivers of climate change disclosures has emerged as an important area of research in the accounting and finance literature. To the best of our knowledge, this is the first study to examine any link between managerial ability and climate change disclosures.Practitioner/Policy ImplicationsConsidering the recent pressure imposed on companies by regulatory authorities for more climate change disclosures, our study's findings have important implications for regulators, policy makers, investors, financial analysts, researchers, and firms.

Purpose
This paper aims to examine the effect of critical mass of women managers on corporate boards on the voluntary disclosure of climate change in a developing country in which the regulations on climate change disclosure is an area of growing research interest.


Design/methodology/approach
This study uses logistic panel regression models with a sample of 1,001 firm-years for companies in the Borsa Istanbul 100 Index that were asked to disclose voluntary climate change indicators over the seven-year period from 2014 to 2020 through the Carbon Disclosure Project.


Findings
This paper provides evidence from an emerging country that the critical mass of women on the board has no impact on voluntary climate change disclosure. In addition, the presence of independent managers on the board was found to have a significant impact on climate change disclosure. In addition, the results show that larger companies are more likely to report their climate change activities. Large companies are more visible due to their size, are perceived by stakeholders as more polluting and are, therefore, more likely to report on the environment.


Social implications
The results show that the critical mass of women on the board has no effect on voluntary disclosure of climate change. Empirical tests are still needed to strengthen the overall validity of the critical mass of at least three women on boards in Türkiye.


Originality/value
Despite many valuable insights provided by critical mass theory, very few studies directly address critical mass and voluntary disclosure of climate change. To the best of the authors' knowledge, this study is the first empirical and comprehensive paper in the Turkish context evaluating critical masses and voluntary corporate climate change giving a comparison between firms listed on financial industry and nonfinancial industry.