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このアイテムへのリンクには次のURLをご利用ください: https://doi.org/10.15057/hjcm.2023002
このアイテムへのリンクには次のURLをご利用ください: https://hdl.handle.net/10086/80506

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Title
Determinants and Consequences of Endorsement for the Task Force on Climate-Related Financial Disclosures : Evidence from Japanese Listed Firms
Creator
Creator Name
ISHIDA, Souhei ISHIDA, Souhei
Affiliation
Affiliation Name
Rikkyo University
Creator Name
ITO,Kunio ITO,Kunio
Affiliation
Affiliation Name
Hitotsubashi University
Creator Name
KOCHIYAMA, Takuma KOCHIYAMA, Takuma
Affiliation
Affiliation Name
Hitotsubashi University
Key Word
The TaskForce on Climate-Related Financial Disclosures (TCFD)
climate-related disclosure
environmental disclosure
eterminant
corporate value
Abstract
We examine the determinants for endorsing the TaskForce on Climate- Related Financial Disclosures (TCFD) and the impact of this support on corporate value. We find that firms with the following characteristics tend to support TCFD: large size; belonging to industries sensitive to the environment; high environmental performance; high ratios of outside directors; and low ratios of stable shareholders. We also find that the corporate value of TCFD-supporting firms is more likely to be higher than that of non-supporting firms. The evidence suggests that TCFD support is associated with firmsʼ needs and governance characteristics and results in an economically favorable outcome.
Publisher
Hitotsubashi University
Issued Date
2023-10
Language
英語(eng)
Resource Type
departmental bulletin paper（紀要論文）
Version Type
VoR
selfDOI
10.15057/hjcm.2023002
ISSN
2436-0961
NCID
AA12909166
Source Title
Hitotsubashi Journal of Commerce and Management
Volume Number
57
Issue Number
1
Page Start
32
Page End
53
Appears in Collections
Vol. 57, no. 1 (Oct. 2023)
URL
https://hdl.handle.net/10086/80506