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Environmental Concern, Regulations and Board Diversity

Anh Do, Ngan Duong Cao, Dimitrios Gounopoulos, David Newton

Review of Corporate Finance, Volume: 3, Issue: 1-2

Swansea University Author: Anh Do

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DOI (Published version): 10.1561/114.00000037_app

Abstract

Despite an increasing need for trustworthy ESG data and pressure from worldwide authorities to mandate climate disclosure, the Securities and Exchange Commission (SEC) has been sluggish torespond to the demand of investors for a more holistic approach. Our study demonstrates unique research setting...

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Published in: Review of Corporate Finance
Published: Now Publishers 2023
Online Access: http://dx.doi.org/10.1561/114.00000037_app
URI: https://cronfa.swan.ac.uk/Record/cronfa63213
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first_indexed 2023-06-13T09:11:58Z
last_indexed 2023-06-13T09:11:58Z
id cronfa63213
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spelling v2 63213 2023-04-19 Environmental Concern, Regulations and Board Diversity a1cf2469f07a784a37b1739eed708f6c Anh Do Anh Do true false 2023-04-19 BAF Despite an increasing need for trustworthy ESG data and pressure from worldwide authorities to mandate climate disclosure, the Securities and Exchange Commission (SEC) has been sluggish torespond to the demand of investors for a more holistic approach. Our study demonstrates unique research setting in the context of local state implementation of the Regional Climate Action Plan Initiative (RAC). The empirical analysis reveals a positive correlation between RAC and environmental corporate social responsibility (CSR) for enterprises with a diverse board of directors, as defined by the Blau index. It indicates that a high-diversified board triggers an improvement in a firm’s environmental performance on average in the period following RAC. Additionally, we demonstrate that firms with a less diverse board of directors were more prone to over-invest in environmental CSR during the financial crisis. In general, this research illustrates the importance of factors other than market forces in determining ESG disclosure, such as local climate policy. Journal Article Review of Corporate Finance 3 1-2 Now Publishers 31 5 2023 2023-05-31 10.1561/114.00000037_app http://dx.doi.org/10.1561/114.00000037_app COLLEGE NANME Accounting and Finance COLLEGE CODE BAF Swansea University 2023-08-30T11:44:59.1641219 2023-04-19T16:12:16.9928819 Faculty of Humanities and Social Sciences School of Management - Business Management Anh Do 1 Ngan Duong Cao 2 Dimitrios Gounopoulos 3 David Newton 4
title Environmental Concern, Regulations and Board Diversity
spellingShingle Environmental Concern, Regulations and Board Diversity
Anh Do
title_short Environmental Concern, Regulations and Board Diversity
title_full Environmental Concern, Regulations and Board Diversity
title_fullStr Environmental Concern, Regulations and Board Diversity
title_full_unstemmed Environmental Concern, Regulations and Board Diversity
title_sort Environmental Concern, Regulations and Board Diversity
author_id_str_mv a1cf2469f07a784a37b1739eed708f6c
author_id_fullname_str_mv a1cf2469f07a784a37b1739eed708f6c_***_Anh Do
author Anh Do
author2 Anh Do
Ngan Duong Cao
Dimitrios Gounopoulos
David Newton
format Journal article
container_title Review of Corporate Finance
container_volume 3
container_issue 1-2
publishDate 2023
institution Swansea University
doi_str_mv 10.1561/114.00000037_app
publisher Now Publishers
college_str Faculty of Humanities and Social Sciences
hierarchytype
hierarchy_top_id facultyofhumanitiesandsocialsciences
hierarchy_top_title Faculty of Humanities and Social Sciences
hierarchy_parent_id facultyofhumanitiesandsocialsciences
hierarchy_parent_title Faculty of Humanities and Social Sciences
department_str School of Management - Business Management{{{_:::_}}}Faculty of Humanities and Social Sciences{{{_:::_}}}School of Management - Business Management
url http://dx.doi.org/10.1561/114.00000037_app
document_store_str 0
active_str 0
description Despite an increasing need for trustworthy ESG data and pressure from worldwide authorities to mandate climate disclosure, the Securities and Exchange Commission (SEC) has been sluggish torespond to the demand of investors for a more holistic approach. Our study demonstrates unique research setting in the context of local state implementation of the Regional Climate Action Plan Initiative (RAC). The empirical analysis reveals a positive correlation between RAC and environmental corporate social responsibility (CSR) for enterprises with a diverse board of directors, as defined by the Blau index. It indicates that a high-diversified board triggers an improvement in a firm’s environmental performance on average in the period following RAC. Additionally, we demonstrate that firms with a less diverse board of directors were more prone to over-invest in environmental CSR during the financial crisis. In general, this research illustrates the importance of factors other than market forces in determining ESG disclosure, such as local climate policy.
published_date 2023-05-31T11:45:00Z
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score 11.037056

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