Abstract:
We test the real consequences of climate reporting harmonization. Leveraging CDP’s 2018 alignment of its questionnaire with the TCFD framework that made climate disclosures more comparable across firms and jurisdictions, we employ a difference-in-differences design comparing firms that adopted the TCFD-aligned CDP framework with contemporaneous non- adopters. Firms adopting the TCFD framework exhibit persistent and notable declines in Scope 1 and upstream Scope 3 emissions, consistent with a firm’s engagement in direct abatement in the post-adoption period rather than in indirect outsourcing in the same period. These effects are stronger where industry reporting converges and where cross-border competition heightens the value of comparability. We further provide evidence in support of an investor-driven mechanism: cross-border climate fund ownership increases from the pre- to the post-adoption period while climate-related shareholder proposals decline, consistent with improved ability of investors to allocate capital toward credible firms and reduced needs for direct monitoring via shareholder activism. Overall, the evidence suggests that a globally comparable climate disclosure framework enhances information processing and induces meaningful real reductions in corporate carbon emissions.

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当研究会について About us:
2006年度より、東北⼤学に在籍する経済学研究者有志が集まって定期的に研究会を開催しております。本研究会では国際的学術雑誌への投稿を精⼒的に⾏っている第⼀線の研究者に研究発表をお願いしております。参加資格は特に設けませんので、報告論題に関⼼のある⽅は奮ってご参加ください。学内の⽅はもちろん、学外の⽅もご参加いただけます。
Since 2006, the Tohoku University Department of Economics has hosted a seminar series inviting economists actively engaged in research publishable in top international economics journals. If you're interested in this, feel free to join our seminar. Participation is open to all, with no restrictions.

使用言語 Language:
原則英語で開催いたします。但し、オーディエンスには日本語で質問する権利を認めますので、ご了承願います。
English is the primary language for the seminar, but feel free to ask questions in Japanese.

お問い合わせ・東北大学外の方でオンラインでの参加をご希望の方は tohoku_modern_econ＠grp.tohoku.ac.jp までご連絡ください ※＠は半角

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