Flammer, Toffel, and Viswanathan (2021)

Flammer, Caroline, Michael Toffel, and Kala Viswanathan. “Shareholder Activism and Firms' Voluntary Disclosure of Climate Change Risks.” Working paper (Columbia University), 2021.

From the author’s abstract: “This paper examines whether -- in the absence of mandated disclosure requirements -- shareholder activism can elicit greater disclosure of firms' exposure to climate change risks. We find that environmental shareholder activism increases the voluntary disclosure of climate change risks... We also find that companies that voluntarily disclose climate change risks following environmental shareholder activism achieve a higher valuation post disclosure, suggesting that investors value transparency with respect to firms' exposure to climate change risks..”

Link: https://papers.ssrn.com/sol3/papers.cfm?abstract_id=3468896