The Influence of Firms' Emissions Management Strategy Disclosures on Investors' Valuation Judgments
ABSTRACT Recent accounting research indicates that capital markets price firms' greenhouse gas (GHG) emissions and that disclosed emissions levels are negatively associated with firms' market values. The departure point for this study is to investigate whether investors value firms differe...
Saved in:
Published in | Contemporary accounting research Vol. 37; no. 2; pp. 642 - 664 |
---|---|
Main Authors | , , , |
Format | Journal Article |
Language | English |
Published |
Hoboken, USA
John Wiley & Sons, Inc
01.06.2020
Canadian Academic Accounting Association |
Subjects | |
Online Access | Get full text |
Cover
Loading…
Abstract | ABSTRACT
Recent accounting research indicates that capital markets price firms' greenhouse gas (GHG) emissions and that disclosed emissions levels are negatively associated with firms' market values. The departure point for this study is to investigate whether investors value firms differently based on the strategies firms use to mitigate GHG emissions. These strategies include making operational changes, which reduces emissions attributable to the firm, and purchasing offsets, which reduces emissions unattributable to the firm. Using an experiment, we hold constant a firm's financial performance, investment in emissions mitigation, and net emissions, and find evidence that nonprofessional investors perceive the firm to be more valuable when it primarily uses an operational change strategy versus an offsets strategy. However, consistent with theory, this result only occurs when the firm's prior sustainability performance is below the industry average and not when it is above the industry average. This difference in firm value is consistent with the notion that nonprofessional investors believe information about a firm's emissions management strategy is material. Supplemental exploratory analyses reveal that our results are mediated by investors' perception that an operational change strategy is more socially and environmentally responsible than an offsets strategy for below industry average firms. Implications for our findings on theory and practice are discussed.
RÉSUMÉ
Influence des divulgations concernant la stratégie de gestion des émissions de GES des sociétés sur le jugement des investisseurs à propos de la valeur de ces sociétés
Des études récentes en comptabilité indiquent que les marchés financiers attribuent un prix aux émissions de gaz à effet de serre (GES) des sociétés, et qu'il y a une association négative entre les niveaux d'émissions des sociétés divulgués et leur valeur sur le marché. Le point de départ de la présente étude consiste à vérifier si l'évaluation des sociétés par les investisseurs varie en fonction des stratégies qu'elles adoptent pour atténuer les émissions de GES. Ces stratégies comprennent la mise en œuvre de changements opérationnels, qui réduisent les émissions attribuables à la société elle‐même, et l'achat de crédits compensatoires, qui diminuent les émissions non attribuables à la société. Dans le cadre d'une expérience, nous avons gardé constants le rendement financier, les investissements dans la réduction des émissions de GES et les émissions nettes d'une société, et nous avons découvert des éléments de preuve indiquant que les investisseurs non professionnels accordent une plus grande valeur à la société si elle a recours à une stratégie fondée sur les changements opérationnels plutôt qu'à une stratégie d'achat de crédits compensatoires. Toutefois, conformément à la théorie, cela survient uniquement lorsque le rendement en matière de durabilité antérieur de la société se situe sous la moyenne de l'industrie et non quand il se situe au‐dessus de la moyenne. Cette différence quant à la valeur perçue des sociétés soutient la notion voulant que les investisseurs non professionnels accordent de l'importance à l'information sur la stratégie de gestion des émissions des sociétés. Des analyses exploratoires complémentaires révèlent que nos résultats sont influencés par le fait que les investisseurs perçoivent les stratégies fondées sur les changements opérationnels comme étant plus responsables sur le plan social et environnemental que les stratégies d'achat de crédits compensatoires pour les sociétés ayant un rendement en matière de durabilité sous la moyenne de l'industrie. L'article examine les conséquences de nos résultats sur la théorie et la pratique. |
---|---|
AbstractList | Recent accounting research indicates that capital markets price firms' greenhouse gas (GHG) emissions and that disclosed emissions levels are negatively associated with firms' market values. The departure point for this study is to investigate whether investors value firms differently based on the strategies firms use to mitigate GHG emissions. These strategies include making operational changes, which reduces emissions attributable to the firm, and purchasing offsets, which reduces emissions unattributable to the firm. Using an experiment, we hold constant a firm's financial performance, investment in emissions mitigation, and net emissions, and find evidence that nonprofessional investors perceive the firm to be more valuable when it primarily uses an operational change strategy versus an offsets strategy. However, consistent with theory, this result only occurs when the firm's prior sustainability performance is below the industry average and not when it is above the industry average. This difference in firm value is consistent with the notion that nonprofessional investors believe information about a firm's emissions management strategy is material. Supplemental exploratory analyses reveal that our results are mediated by investors' perception that an operational change strategy is more socially and environmentally responsible than an offsets strategy for below industry average firms. Implications for our findings on theory and practice are discussed. ABSTRACT Recent accounting research indicates that capital markets price firms' greenhouse gas (GHG) emissions and that disclosed emissions levels are negatively associated with firms' market values. The departure point for this study is to investigate whether investors value firms differently based on the strategies firms use to mitigate GHG emissions. These strategies include making operational changes, which reduces emissions attributable to the firm, and purchasing offsets, which reduces emissions unattributable to the firm. Using an experiment, we hold constant a firm's financial performance, investment in emissions mitigation, and net emissions, and find evidence that nonprofessional investors perceive the firm to be more valuable when it primarily uses an operational change strategy versus an offsets strategy. However, consistent with theory, this result only occurs when the firm's prior sustainability performance is below the industry average and not when it is above the industry average. This difference in firm value is consistent with the notion that nonprofessional investors believe information about a firm's emissions management strategy is material. Supplemental exploratory analyses reveal that our results are mediated by investors' perception that an operational change strategy is more socially and environmentally responsible than an offsets strategy for below industry average firms. Implications for our findings on theory and practice are discussed. RÉSUMÉ Influence des divulgations concernant la stratégie de gestion des émissions de GES des sociétés sur le jugement des investisseurs à propos de la valeur de ces sociétés Des études récentes en comptabilité indiquent que les marchés financiers attribuent un prix aux émissions de gaz à effet de serre (GES) des sociétés, et qu'il y a une association négative entre les niveaux d'émissions des sociétés divulgués et leur valeur sur le marché. Le point de départ de la présente étude consiste à vérifier si l'évaluation des sociétés par les investisseurs varie en fonction des stratégies qu'elles adoptent pour atténuer les émissions de GES. Ces stratégies comprennent la mise en œuvre de changements opérationnels, qui réduisent les émissions attribuables à la société elle‐même, et l'achat de crédits compensatoires, qui diminuent les émissions non attribuables à la société. Dans le cadre d'une expérience, nous avons gardé constants le rendement financier, les investissements dans la réduction des émissions de GES et les émissions nettes d'une société, et nous avons découvert des éléments de preuve indiquant que les investisseurs non professionnels accordent une plus grande valeur à la société si elle a recours à une stratégie fondée sur les changements opérationnels plutôt qu'à une stratégie d'achat de crédits compensatoires. Toutefois, conformément à la théorie, cela survient uniquement lorsque le rendement en matière de durabilité antérieur de la société se situe sous la moyenne de l'industrie et non quand il se situe au‐dessus de la moyenne. Cette différence quant à la valeur perçue des sociétés soutient la notion voulant que les investisseurs non professionnels accordent de l'importance à l'information sur la stratégie de gestion des émissions des sociétés. Des analyses exploratoires complémentaires révèlent que nos résultats sont influencés par le fait que les investisseurs perçoivent les stratégies fondées sur les changements opérationnels comme étant plus responsables sur le plan social et environnemental que les stratégies d'achat de crédits compensatoires pour les sociétés ayant un rendement en matière de durabilité sous la moyenne de l'industrie. L'article examine les conséquences de nos résultats sur la théorie et la pratique. |
Author | Johnson, Joseph A. Vitalis, Adam Young, Donald Theis, Jochen |
Author_xml | – sequence: 1 givenname: Joseph A. surname: Johnson fullname: Johnson, Joseph A. organization: University of Central Florida – sequence: 2 givenname: Jochen surname: Theis fullname: Theis, Jochen organization: University of Duisburg‐Essen, Mercator School of Management – sequence: 3 givenname: Adam surname: Vitalis fullname: Vitalis, Adam email: avitalis@uwaterloo.ca organization: University of Waterloo – sequence: 4 givenname: Donald surname: Young fullname: Young, Donald organization: Indiana University |
BookMark | eNqFkLtPwzAQxi1UJNrCzGqJgSmtH3EeY1VaKCpCgsJqGedSUqV2sRNQ_3scgli55U6n73ePb4QGxhpA6JKSCQ0xpTmlEc_iZEKZiMUJGv51BmhIMsajnApyhkbe7wghSZxmQ6Q374BXpqxbMBqwLfGycnt_jRf7yvvKGo8flFFb2INp8HPjVAPbI76pvK6tbx14bE0Y8Am-sS5wr6puVRNAfN8W247y5-i0VLWHi988Ri_LxWZ-F60fb1fz2TrSPM5FpDLNmCCkVAVnDBQBEEyUnJcKsjwXhQ51miogXBHN4reUipSDhjSnhJYFH6Orfu7B2Y82HCR3tnUmrJQsDq8zkog8qKa9SjvrvYNSHly1V-4oKZGdk7LzTXa-yR8nA5H0xFdVw_E_uZzPnhY9-A2HR3ev |
CitedBy_id | crossref_primary_10_2139_ssrn_2924876 crossref_primary_10_1016_j_intaccaudtax_2024_100600 crossref_primary_10_1108_JAL_06_2022_0067 crossref_primary_10_1108_JFRA_03_2022_0081 crossref_primary_10_1057_s41310_023_00198_0 crossref_primary_10_1111_jbfa_12740 crossref_primary_10_2308_JMAR_2022_041 crossref_primary_10_1080_20430795_2022_2140571 crossref_primary_10_3390_su152115392 crossref_primary_10_2139_ssrn_3910069 crossref_primary_10_2139_ssrn_3505969 crossref_primary_10_2139_ssrn_3715753 crossref_primary_10_2308_TAR_2021_0551 crossref_primary_10_3390_su16072836 crossref_primary_10_1108_PAR_08_2022_0133 crossref_primary_10_2139_ssrn_4779950 crossref_primary_10_2139_ssrn_4651768 crossref_primary_10_1080_17449480_2020_1726420 crossref_primary_10_2139_ssrn_4123423 crossref_primary_10_2308_HORIZONS_18_052 crossref_primary_10_1007_s41471_021_00122_8 crossref_primary_10_1080_09638180_2024_2305776 crossref_primary_10_1080_21697213_2022_2143687 crossref_primary_10_1002_csr_2584 crossref_primary_10_2139_ssrn_4856959 crossref_primary_10_1111_1911_3846_12609 crossref_primary_10_1111_ijau_12252 crossref_primary_10_1016_j_bar_2022_101149 crossref_primary_10_1142_S1094406024500070 crossref_primary_10_2139_ssrn_4780469 |
Cites_doi | 10.1111/j.1745-6622.2011.00357.x 10.1111/abac.12006 10.1111/j.1467-8551.2011.00744.x 10.3758/s13423-012-0296-9 10.1016/j.jclepro.2008.02.008 10.1016/j.aos.2016.10.002 10.2308/accr-50577 10.1506/car.25.2.7 10.2308/bria-51185 10.1007/s10551-016-3207-6 10.1080/09638180.2014.927782 10.1093/pan/mpr057 10.1038/484007a 10.1007/s10551-011-0766-4 10.1016/j.jesp.2003.10.001 10.5465/amj.2011.0744 10.2308/accr-51307 10.1007/s10683-011-9273-9 10.1016/S0361-3682(01)00011-3 10.1016/j.chb.2013.05.009 10.1162/00346530151143815 10.1016/j.jclepro.2015.07.099 10.2308/accr-10218 10.1017/S1930297500002205 10.1023/B:BUSI.0000033104.28219.92 10.1007/s10551-017-3711-3 10.1016/j.aos.2018.10.001 10.2308/accr.00000005 10.2308/accr-52332 10.2307/258963 10.2308/accr-50629 10.1111/1911-3846.12298 10.2308/accr-51570 10.2308/jmar-51394 10.2308/bria.2011.23.1.109 10.1016/j.jaccpubpol.2013.02.002 10.2308/accr-10257 10.1177/1745691610393980 10.2308/accr-50838 10.1002/smj.2131 10.2308/accr-51447 10.1016/j.jaccpubpol.2015.05.008 10.2307/41166304 10.1111/1911-3846.12118 10.1016/j.jacceco.2015.08.004 10.1111/1911-3846.12302 10.1371/journal.pone.0057410 10.1007/s11142-014-9315-6 10.1002/wcc.207 10.1037/1082-989X.1.2.130 10.2308/accr-51383 10.1007/s10551-014-2432-0 |
ContentType | Journal Article |
Copyright | CAAA |
Copyright_xml | – notice: CAAA |
DBID | AAYXX CITATION 8BJ FQK JBE |
DOI | 10.1111/1911-3846.12545 |
DatabaseName | CrossRef International Bibliography of the Social Sciences (IBSS) International Bibliography of the Social Sciences International Bibliography of the Social Sciences |
DatabaseTitle | CrossRef International Bibliography of the Social Sciences (IBSS) |
DatabaseTitleList | International Bibliography of the Social Sciences (IBSS) CrossRef |
DeliveryMethod | fulltext_linktorsrc |
Discipline | Business |
EISSN | 1911-3846 |
EndPage | 664 |
ExternalDocumentID | 10_1111_1911_3846_12545 CARE12545 |
Genre | article |
GroupedDBID | -~X .3N .GA .Y3 05W 0R~ 1OB 1OC 1OL 29F 33P 3V. 3WU 4.4 50Y 50Z 52M 52O 52T 52U 52W 5GY 66C 6J9 702 7PT 7WY 7X1 8-0 8-1 8-3 8-4 8-5 8A9 8FL 8FQ 8R4 8R5 8VB 930 A04 AABNI AAESR AAHHS AAIKC AAMNW AAONW AAOUF AASGY AAXRX AAYJJ AAZKR ABCUV ABPPZ ABUWG ACAHQ ACBKW ACBWZ ACCFJ ACCZN ACGFO ACGFS ACHQT ACNCT ACPOU ACXQS ADBBV ADEMA ADEOM ADIZJ ADKYN ADMGS ADZMN AEEZP AEGXH AEIGN AEIMD AEQDE AEUQT AEUYR AFBPY AFFPM AFGKR AFKFF AFKRA AFPWT AFZJQ AHBTC AI. AIAGR AIFKG AIURR AIWBW AJBDE AKVCP ALAGY ALMA_UNASSIGNED_HOLDINGS ALUQN AMBMR AMYDB ANIOZ ASPBG ASTYK AVWKF AZBYB AZFZN AZVAB BAFTC BDRZF BENPR BEZIV BKOMP BMKGK BNVMJ BPHCQ BQESF BROTX BRXPI CAG CCPQU COF CS3 D-C D-D DCZOG DPXWK DR2 DRFUL DRSSH DU5 DWQXO EBS EBU EJD F00 F01 F21 FRNLG G-S G.N G50 GODZA GROUPED_ABI_INFORM_COMPLETE GROUPED_ABI_INFORM_RESEARCH HGLYW HZ~ H~9 IX1 K1G K60 K6~ LATKE LEEKS LH4 LITHE LOXES LP6 LP7 LUTES LW6 LYRES M0C M3D MEWTI MK4 MRFUL MRSSH MSFUL MSSSH MXFUL MXSSH N04 N06 NEJ NF~ NNB O66 O9- P2P P2W P2Y P4C PALCI PQBIZ PQBZA PQQKQ PROAC Q.N Q2X QB0 QWB R.K RIWAO ROL RWI RWL RX1 RXW SAMSI SUPJJ TAE TH9 U5U V8K VH1 W8V W99 WBKPD WEBCB WIH WII WOHZO WSUWO WXSBR XSW XV2 ZL0 ~IA ~WP AAYXX CITATION 8BJ FQK JBE |
ID | FETCH-LOGICAL-c3495-a8c22500fad322ea0ee525f33fae8995dcf3377ae03a0c24b71573ece79101fd3 |
IEDL.DBID | DR2 |
ISSN | 0823-9150 |
IngestDate | Fri Sep 13 10:43:24 EDT 2024 Fri Aug 23 02:44:30 EDT 2024 Sat Aug 24 01:06:44 EDT 2024 |
IsPeerReviewed | true |
IsScholarly | true |
Issue | 2 |
Language | English |
LinkModel | DirectLink |
MergedId | FETCHMERGED-LOGICAL-c3495-a8c22500fad322ea0ee525f33fae8995dcf3377ae03a0c24b71573ece79101fd3 |
PQID | 2415020659 |
PQPubID | 30817 |
PageCount | 23 |
ParticipantIDs | proquest_journals_2415020659 crossref_primary_10_1111_1911_3846_12545 wiley_primary_10_1111_1911_3846_12545_CARE12545 |
PublicationCentury | 2000 |
PublicationDate | 2020-06-01 |
PublicationDateYYYYMMDD | 2020-06-01 |
PublicationDate_xml | – month: 06 year: 2020 text: 2020-06-01 day: 01 |
PublicationDecade | 2020 |
PublicationPlace | Hoboken, USA |
PublicationPlace_xml | – name: Hoboken, USA – name: Toronto |
PublicationTitle | Contemporary accounting research |
PublicationYear | 2020 |
Publisher | John Wiley & Sons, Inc Canadian Academic Accounting Association |
Publisher_xml | – name: John Wiley & Sons, Inc – name: Canadian Academic Accounting Association |
References | 2013; 29 2015; 34 2012; 484 2013; 4 2019; 94 2016b 2016a 2015; 32 2012; 19 2011; 14 2013; 8 2017; 158 1995; 20 2013; 56 2017; 34 2008; 25 2016; 112 2011; 22 2011; 23 1996; 1 2010; 5 2012; 20 2016; 150 2004; 40 2013; 49 2019; 75 2011 2010 2008; 16 2009 1997 2008 2016; 91 2011; 6 2014; 89 2016; 55 2005; 47 2015; 24 2002; 27 2004; 52 2001; 83 2015; 27 2017; 92 2013; 32 2015; 20 2011; 86 2016; 134 2019 2018 2017 2014; 35 2016 2016; 61 2013 2016; 28 2012; 87 2011; 100 e_1_2_7_5_1 e_1_2_7_3_1 e_1_2_7_7_1 e_1_2_7_19_1 e_1_2_7_60_1 e_1_2_7_17_1 e_1_2_7_62_1 e_1_2_7_15_1 e_1_2_7_41_1 e_1_2_7_64_1 e_1_2_7_13_1 e_1_2_7_43_1 e_1_2_7_66_1 e_1_2_7_11_1 e_1_2_7_45_1 e_1_2_7_47_1 e_1_2_7_26_1 e_1_2_7_49_1 e_1_2_7_28_1 e_1_2_7_73_1 e_1_2_7_50_1 e_1_2_7_71_1 e_1_2_7_25_1 e_1_2_7_31_1 e_1_2_7_52_1 e_1_2_7_77_1 e_1_2_7_23_1 e_1_2_7_33_1 e_1_2_7_54_1 e_1_2_7_75_1 e_1_2_7_21_1 e_1_2_7_35_1 e_1_2_7_56_1 e_1_2_7_37_1 e_1_2_7_58_1 e_1_2_7_79_1 e_1_2_7_39_1 e_1_2_7_6_1 e_1_2_7_4_1 e_1_2_7_80_1 e_1_2_7_8_1 e_1_2_7_18_1 e_1_2_7_16_1 e_1_2_7_40_1 e_1_2_7_61_1 e_1_2_7_2_1 e_1_2_7_14_1 e_1_2_7_63_1 e_1_2_7_12_1 e_1_2_7_44_1 e_1_2_7_65_1 e_1_2_7_10_1 e_1_2_7_46_1 e_1_2_7_67_1 e_1_2_7_48_1 e_1_2_7_69_1 e_1_2_7_27_1 e_1_2_7_29_1 Hayes A. F. (e_1_2_7_53_1) 2013 Byrne B. M. (e_1_2_7_9_1) 2013 e_1_2_7_72_1 e_1_2_7_51_1 e_1_2_7_70_1 e_1_2_7_30_1 e_1_2_7_24_1 e_1_2_7_55_1 e_1_2_7_74_1 e_1_2_7_22_1 e_1_2_7_34_1 e_1_2_7_57_1 Thaler R. H. (e_1_2_7_76_1) 2009 e_1_2_7_20_1 e_1_2_7_36_1 e_1_2_7_59_1 e_1_2_7_78_1 Elkington J. (e_1_2_7_32_1) 1997 Fornaro J. M. (e_1_2_7_42_1) 2009 Marshall A. (e_1_2_7_68_1) 2009 Epstein M. J. (e_1_2_7_38_1) 2008 |
References_xml | – year: 2011 – volume: 40 start-page: 424 issue: 3 year: 2004 end-page: 61 article-title: Adjusting researchers' approach to adjustment: On the use of covariates when testing interactions publication-title: Journal of Experimental Social Psychology – volume: 91 start-page: 1697 issue: 6 year: 2016 end-page: 724 article-title: Corporate sustainability: First evidence on materiality publication-title: The Accounting Review – year: 2016b – year: 2009 – volume: 86 start-page: 59 issue: 1 year: 2011 end-page: 100 article-title: Voluntary nonfinancial disclosure and the cost of equity capital: The initiation of corporate social responsibility reporting publication-title: The Accounting Review – volume: 20 start-page: 986 issue: 4 year: 1995 end-page: 1014 article-title: A natural‐resource‐based view of the firm publication-title: Academy of Management Review – volume: 484 start-page: 7 issue: 7392 year: 2012 article-title: The inconvenient truth of carbon offsets publication-title: Nature – volume: 28 start-page: 13 issue: 2 year: 2016 end-page: 28 article-title: Becoming sustainable: A rational decision based on sound information and effective processes? publication-title: Journal of Management Accounting Research – volume: 55 start-page: 83 year: 2016 end-page: 95 article-title: Investor reactions to management earnings guidance attributions: The effects of news valence, attribution locus, and outcome controllability publication-title: Accounting, Organizations and Society – volume: 134 start-page: 445 issue: 3 year: 2016 end-page: 61 article-title: Voluntary disclosure of greenhouse gas emissions: Contrasting the carbon disclosure project and corporate reports publication-title: Journal of Business Ethics – volume: 23 start-page: 109 issue: 1 year: 2011 end-page: 29 article-title: Retail investors' perceptions of the decision‐usefulness of economic performance, governance, and corporate social responsibility disclosures publication-title: Behavioral Research in Accounting – volume: 23 start-page: 113 issue: 4 year: 2011 end-page: 27 article-title: Market interest in nonfinancial information publication-title: Journal of Applied Corporate Finance – volume: 35 start-page: 1 issue: 1 year: 2014 end-page: 23 article-title: Corporate social responsibility and access to finance publication-title: Strategic Management Journal – year: 2018 – start-page: 185 year: 2009 end-page: 98 – volume: 25 start-page: 473 issue: 2 year: 2008 end-page: 98 article-title: The association between nonprofessional investors, information choices and their portfolio returns: The importance of investing experience publication-title: Contemporary Accounting Research – volume: 91 start-page: 1467 issue: 5 year: 2016 end-page: 92 article-title: The effect of target difficulty on target completion: The case of reducing carbon emissions publication-title: The Accounting Review – volume: 75 start-page: 79 issue: 1 year: 2019 end-page: 91 article-title: How accountability type influences information search processes and decision quality publication-title: Accounting, Organizations and Society – year: 2016a – volume: 89 start-page: 695 issue: 2 year: 2014 end-page: 724 article-title: Firm‐value effects of carbon emissions and carbon disclosures publication-title: The Accounting Review – volume: 8 start-page: e57410 issue: 3 year: 2013 article-title: Evaluating Amazon's Mechanical Turk as a tool for experimental behavioral research publication-title: PLoS One – volume: 32 start-page: 93 issue: 2 year: 2013 end-page: 113 article-title: Going green: Market reaction to CSRwire news releases publication-title: Journal of Accounting and Public Policy – year: 2008 – volume: 92 start-page: 1 issue: 4 year: 2017 end-page: 25 article-title: Disclosure readability and the sensitivity of investors' valuation judgments to outside information publication-title: The Accounting Review – volume: 87 start-page: 797 issue: 3 year: 2012 end-page: 806 article-title: A broader perspective on corporate social responsibility research in accounting publication-title: The Accounting Review – year: 1997 – volume: 89 start-page: 275 issue: 1 year: 2014 end-page: 302 article-title: The unintended effect of corporate social responsibility performance on investors' estimates of fundamental value publication-title: The Accounting Review – volume: 6 start-page: 3 issue: 1 year: 2011 end-page: 5 article-title: Amazon's mechanical Turk: A new source of inexpensive, yet high‐quality, data? publication-title: Perspectives on Psychological Science – volume: 34 start-page: 597 issue: 6 year: 2015 end-page: 624 article-title: Corporate social responsibility and the cost of corporate bonds publication-title: Journal of Accounting and Public Policy – volume: 1 start-page: 130 issue: 2 year: 1996 end-page: 49 article-title: Power analysis and determination of sample size for covariance structure modeling publication-title: Psychological Methods – volume: 100 start-page: 119 issue: 1 year: 2011 end-page: 49 article-title: The ethics of carbon neutrality: A critical examination of voluntary carbon offset providers publication-title: Journal of Business Ethics – volume: 56 start-page: 758 issue: 3 year: 2013 end-page: 81 article-title: Corporate social responsibility and shareholder reaction: The environmental awareness of investors publication-title: Academy of Management Journal – year: 2019 – volume: 16 start-page: 1838 issue: 17 year: 2008 end-page: 46 article-title: Envisioning sustainability three‐dimensionally publication-title: Journal of Cleaner Production – volume: 47 start-page: 6 issue: 3 year: 2005 end-page: 20 article-title: Business responses to climate change: Identifying emergent strategies publication-title: California Management Review – volume: 27 start-page: 127 issue: 2 year: 2015 end-page: 53 article-title: Nonfinancial information preference of professional investors publication-title: Behavioral Research in Accounting – volume: 27 start-page: 775 issue: 8 year: 2002 end-page: 810 article-title: Experimental research in financial accounting publication-title: Accounting, Organizations and Society – volume: 4 start-page: 91 issue: 2 year: 2013 end-page: 98 article-title: The ethics of carbon offsetting publication-title: WIREs Climate Change – year: 2016 – volume: 22 start-page: 305 issue: 2 year: 2011 end-page: 23 article-title: Drivers of corporate social responsibility attitudes: The demography of socially responsible investors publication-title: British Journal of Management – volume: 34 start-page: 1265 issue: 2 year: 2017 end-page: 97 article-title: The relevance to investors of greenhouse gas emission disclosures publication-title: Contemporary Accounting Research – volume: 29 start-page: 2156 issue: 6 year: 2013 end-page: 60 article-title: Separate but equal? A comparison of participants and data gathered via Amazon's MTurk, social media, and face‐to‐face behavioral testing publication-title: Computers in Human Behavior – year: 2010 – volume: 87 start-page: 723 issue: 3 year: 2012 end-page: 59 article-title: Nonfinancial disclosure and analyst forecast accuracy: International evidence on corporate social responsibility disclosure publication-title: The Accounting Review – volume: 34 start-page: 1596 issue: 3 year: 2017 end-page: 1621 article-title: How disclosure features of corporate social responsibility reports interact with investor numeracy to influence investor judgments publication-title: Contemporary Accounting Research – volume: 89 start-page: 2087 issue: 6 year: 2014 end-page: 2114 article-title: Mental accounting and disaggregation based on the sign and relative magnitude of income statement items publication-title: The Accounting Review – volume: 94 start-page: 117 issue: 5 year: 2019 end-page: 37 article-title: A dollar for a tree or a tree for a dollar? The behavioral effects of measurement basis on managers' CSR investment decision publication-title: The Accounting Review – volume: 24 start-page: 551 issue: 3 year: 2015 end-page: 80 article-title: The valuation relevance of greenhouse gas emissions under the European Union carbon emissions trading scheme publication-title: European Accounting Review – volume: 5 start-page: 411 issue: 5 year: 2010 end-page: 19 article-title: Running experiments on Amazon Mechanical Turk publication-title: Judgment and Decision Making – volume: 112 start-page: 4132 issue: 5 year: 2016 end-page: 43 article-title: Climate change mitigation strategies in carbon‐intensive firms publication-title: Journal of Cleaner Production – volume: 49 start-page: 1 issue: 1 year: 2013 end-page: 33 article-title: The cost of carbon: Capital market effects of the proposed emission trading scheme (ETS) publication-title: Abacus – volume: 83 start-page: 281 issue: 2 year: 2001 end-page: 9 article-title: Does the market value environmental performance? publication-title: Review of Economics and Statistics – volume: 158 start-page: 155 issue: 1 year: 2017 end-page: 75 article-title: Evidence on whether banks consider carbon risk in their lending decisions publication-title: Journal of Business Ethics – year: 2009 end-page: 208 (1): 40–47 article-title: Accounting for emissions: Emerging issues and the need for global accounting standards publication-title: Journal of Accountancy – volume: 52 start-page: 11 issue: 1 year: 2004 end-page: 25 article-title: A comparison of socially responsible and conventional investors publication-title: Journal of Business Ethics – volume: 19 start-page: 847 issue: 5 year: 2012 end-page: 57 article-title: Is the web as good as the lab? Comparable performance from web and lab in cognitive/perceptual experiments publication-title: Psychonomic Bulletin & Review – volume: 150 start-page: 1151 issue: 4 year: 2016 end-page: 71 article-title: Carbon risk, carbon risk awareness and the cost of debt financing publication-title: Journal of Business Ethics – volume: 20 start-page: 351 issue: 3 year: 2012 end-page: 68 article-title: Evaluating online labor markets for experimental research: Amazon.com's Mechanical Turk publication-title: Political Analysis – volume: 20 start-page: 839 issue: 2 year: 2015 end-page: 65 article-title: Does concrete language in disclosures increase willingness to invest? publication-title: Review of Accounting Studies – year: 2017 – volume: 92 start-page: 93 issue: 1 year: 2017 end-page: 114 article-title: Scoundrels or stars? Theory and evidence on the quality of workers in online labor markets publication-title: The Accounting Review – volume: 32 start-page: 1529 issue: 4 year: 2015 end-page: 54 article-title: The effects of norms on investor reactions to derivative use publication-title: Contemporary Accounting Research – volume: 61 start-page: 239 issue: 1 year: 2016 end-page: 54 article-title: Managers' green investment disclosures and investors' reaction publication-title: Journal of Accounting and Economics – year: 2013 – volume: 14 start-page: 399 issue: 3 year: 2011 end-page: 425 article-title: The online laboratory: Conducting experiments in a real labor market publication-title: Experimental Economics – ident: e_1_2_7_31_1 doi: 10.1111/j.1745-6622.2011.00357.x – ident: e_1_2_7_14_1 doi: 10.1111/abac.12006 – ident: e_1_2_7_79_1 – ident: e_1_2_7_20_1 – ident: e_1_2_7_15_1 doi: 10.1111/j.1467-8551.2011.00744.x – ident: e_1_2_7_44_1 doi: 10.3758/s13423-012-0296-9 – ident: e_1_2_7_66_1 doi: 10.1016/j.jclepro.2008.02.008 – ident: e_1_2_7_48_1 – ident: e_1_2_7_16_1 doi: 10.1016/j.aos.2016.10.002 – ident: e_1_2_7_35_1 doi: 10.2308/accr-50577 – ident: e_1_2_7_78_1 – ident: e_1_2_7_34_1 doi: 10.1506/car.25.2.7 – ident: e_1_2_7_23_1 doi: 10.2308/bria-51185 – ident: e_1_2_7_58_1 doi: 10.1007/s10551-016-3207-6 – ident: e_1_2_7_47_1 – ident: e_1_2_7_21_1 doi: 10.1080/09638180.2014.927782 – ident: e_1_2_7_4_1 doi: 10.1093/pan/mpr057 – ident: e_1_2_7_2_1 doi: 10.1038/484007a – ident: e_1_2_7_29_1 doi: 10.1007/s10551-011-0766-4 – ident: e_1_2_7_80_1 doi: 10.1016/j.jesp.2003.10.001 – ident: e_1_2_7_40_1 doi: 10.5465/amj.2011.0744 – ident: e_1_2_7_57_1 doi: 10.2308/accr-51307 – ident: e_1_2_7_41_1 – ident: e_1_2_7_55_1 doi: 10.1007/s10683-011-9273-9 – ident: e_1_2_7_65_1 doi: 10.1016/S0361-3682(01)00011-3 – ident: e_1_2_7_13_1 – ident: e_1_2_7_30_1 – ident: e_1_2_7_11_1 doi: 10.1016/j.chb.2013.05.009 – ident: e_1_2_7_61_1 doi: 10.1162/00346530151143815 – ident: e_1_2_7_19_1 – ident: e_1_2_7_10_1 doi: 10.1016/j.jclepro.2015.07.099 – ident: e_1_2_7_46_1 – volume-title: Cannibals with forks: The triple bottom line of 21st century business year: 1997 ident: e_1_2_7_32_1 contributor: fullname: Elkington J. – start-page: 185 volume-title: Nudge: Improving Decisions About Health, Wealth, and Happiness year: 2009 ident: e_1_2_7_76_1 contributor: fullname: Thaler R. H. – ident: e_1_2_7_37_1 – ident: e_1_2_7_28_1 doi: 10.2308/accr-10218 – ident: e_1_2_7_74_1 doi: 10.1017/S1930297500002205 – volume-title: Introduction to mediation, moderation, and conditional process analysis year: 2013 ident: e_1_2_7_53_1 contributor: fullname: Hayes A. F. – ident: e_1_2_7_71_1 doi: 10.1023/B:BUSI.0000033104.28219.92 – ident: e_1_2_7_45_1 – ident: e_1_2_7_54_1 doi: 10.1007/s10551-017-3711-3 – ident: e_1_2_7_25_1 doi: 10.1016/j.aos.2018.10.001 – ident: e_1_2_7_27_1 doi: 10.2308/accr.00000005 – ident: e_1_2_7_18_1 doi: 10.2308/accr-52332 – ident: e_1_2_7_52_1 doi: 10.2307/258963 – ident: e_1_2_7_70_1 doi: 10.2308/accr-50629 – ident: e_1_2_7_7_1 – ident: e_1_2_7_49_1 doi: 10.1111/1911-3846.12298 – ident: e_1_2_7_63_1 – ident: e_1_2_7_3_1 doi: 10.2308/accr-51570 – ident: e_1_2_7_51_1 doi: 10.2308/jmar-51394 – ident: e_1_2_7_22_1 doi: 10.2308/bria.2011.23.1.109 – volume-title: Structural equation modeling with AMOS: Basic concepts, applications, and programming year: 2013 ident: e_1_2_7_9_1 contributor: fullname: Byrne B. M. – ident: e_1_2_7_50_1 doi: 10.1016/j.jaccpubpol.2013.02.002 – volume-title: Principles of economics year: 2009 ident: e_1_2_7_68_1 contributor: fullname: Marshall A. – ident: e_1_2_7_73_1 doi: 10.2308/accr-10257 – ident: e_1_2_7_8_1 doi: 10.1177/1745691610393980 – ident: e_1_2_7_5_1 doi: 10.2308/accr-50838 – ident: e_1_2_7_17_1 doi: 10.1002/smj.2131 – ident: e_1_2_7_39_1 doi: 10.2308/accr-51447 – ident: e_1_2_7_43_1 doi: 10.1016/j.jaccpubpol.2015.05.008 – ident: e_1_2_7_60_1 doi: 10.2307/41166304 – ident: e_1_2_7_62_1 doi: 10.1111/1911-3846.12118 – ident: e_1_2_7_69_1 doi: 10.1016/j.jacceco.2015.08.004 – ident: e_1_2_7_33_1 doi: 10.1111/1911-3846.12302 – ident: e_1_2_7_75_1 – ident: e_1_2_7_77_1 – ident: e_1_2_7_24_1 doi: 10.1371/journal.pone.0057410 – year: 2009 ident: e_1_2_7_42_1 article-title: Accounting for emissions: Emerging issues and the need for global accounting standards publication-title: Journal of Accountancy contributor: fullname: Fornaro J. M. – ident: e_1_2_7_64_1 – ident: e_1_2_7_72_1 – ident: e_1_2_7_36_1 doi: 10.1007/s11142-014-9315-6 – ident: e_1_2_7_6_1 – volume-title: Making sustainability work—Best practices in managing and measuring corporate, social, environmental, and economic impacts year: 2008 ident: e_1_2_7_38_1 contributor: fullname: Epstein M. J. – ident: e_1_2_7_56_1 doi: 10.1002/wcc.207 – ident: e_1_2_7_67_1 doi: 10.1037/1082-989X.1.2.130 – ident: e_1_2_7_59_1 doi: 10.2308/accr-51383 – ident: e_1_2_7_12_1 – ident: e_1_2_7_26_1 doi: 10.1007/s10551-014-2432-0 |
SSID | ssj0006478 ssib005283826 |
Score | 2.4118793 |
Snippet | ABSTRACT
Recent accounting research indicates that capital markets price firms' greenhouse gas (GHG) emissions and that disclosed emissions levels are... Recent accounting research indicates that capital markets price firms' greenhouse gas (GHG) emissions and that disclosed emissions levels are negatively... |
SourceID | proquest crossref wiley |
SourceType | Aggregation Database Publisher |
StartPage | 642 |
SubjectTerms | Averages Capital markets Companies Court decisions Disclosure Emissions Financial performance Greenhouse gases Investors Market value Mitigation Sustainability Valuation |
Title | The Influence of Firms' Emissions Management Strategy Disclosures on Investors' Valuation Judgments |
URI | https://onlinelibrary.wiley.com/doi/abs/10.1111%2F1911-3846.12545 https://www.proquest.com/docview/2415020659/abstract/ |
Volume | 37 |
hasFullText | 1 |
inHoldings | 1 |
isFullTextHit | |
isPrint | |
link | http://utb.summon.serialssolutions.com/2.0.0/link/0/eLvHCXMwpV07T8MwELZQB8TCG1EoyAMSLClOY-cxVqVVqQRDRRFbZDsOqoAENe0Av547J6GlC0JsXmw59j2-u9x9JuRCJdLlSRo52o2Uw1XInCgwocMMd6MUIg5fYqPw3b0_nPDRk6irCbEXpuSH-E64oWZYe40KLlWxouQQaLiOB-6zDT6aY5s50ukhLBqvEFCB97QAurLN2FlpcWUH_zkLVpH9YG3P2no__dQSfK5CWOuDBjtE1bsvS09e2ou5auvPNWLHf33eLtmuECrtliK1RzZMtk826wL5A6JBsuht_bYJzVM6mM7eikvaB5HB3FtBlzU1tGK__aA300K_5piPLGie0ZLfI5_BvMeab5yOFsmzbbk7JJNB_6E3dKqnGhztQYjlyFCDYWAslQlYCCOZMaIjUs9LpYGITiQaxkEgDfMk0x2uAlcEntEmALjipol3RBpZnpljQpG9Roko5dr3ecRMJBhXmonQRbTpRk1yVV9M_F4ycsR1JIOHFuOhxfbQmqRVX1xcqWYRI2QBjOwLWOna3sBvy8S97rhvRyd_nnFKtjoYodu8TYs05rOFOQMYM1fnVlK_ADu145k |
link.rule.ids | 315,786,790,1382,27957,27958,46329,46753 |
linkProvider | Wiley-Blackwell |
linkToHtml | http://utb.summon.serialssolutions.com/2.0.0/link/0/eLvHCXMwpV3NT8IwFG8UE_XitxFF7cFEL8Nua_dxJAgBBA4EDLdl6zpD1M0wOOhf72u3yeRijLde2nTt-_i9t_d-RegmCH2dhpGrcd0NNBo4RHNt4WhEUN2NIOKwfNkoPBhanQntTdm01AuT8UN8J9ykZih7LRVcJqRLWg6Rhq6Z4D_r4KQp20RboPRMhVWjEgUV-E8FoXPrLHsrFbI05F9nRnK6H1nds7bgT0-1gp9lEKu8UHsf8WL_WfHJS325COr8c43a8X8feID2cpCKG5lUHaINER-h7aJG_hhxEC7cLZ43wUmE27P5W3qLWyA1Mv2W4lVZDc4JcD_wwyzlr4lMSaY4iXFG8ZHMYd5TQTmOe8vwWXXdnaBJuzVudrT8tQaNmxBlab7DwTYQEvkhGAnhEyGYwSLTjHwBQR0LOYxt2xfE9Ak3aGDrzDYFFzYgFj0KzVNUiZNYnCEsCWwC5kaUWxZ1iXAZoQEnzNEl4NTdKrorbsZ7z0g5vCKYkYfmyUPz1KFVUa24OS_XztSTqAVgssVgpXt1Bb8t4zUbo5Yanf95xjXa6YwHfa_fHT5eoF1DBuwqjVNDlcV8KS4B1SyCKyW2X6dd57s |
linkToPdf | http://utb.summon.serialssolutions.com/2.0.0/link/0/eLvHCXMwpV3NT8IwFG8UE-LFbyOK2oOJXobd1m7sSPgIohJDxHhb1q41RGWEwUH_el-7TZCLMd56adO17-P33t77FaELHkc2jVVgCTvgFuV1YgW-rFtEUjtQEHF4kW4Uvu973SHtPbOimlD3wmT8EN8JN60Zxl5rBZ_EaknJIdCwLRfcZw18NGXraIN6rqMFuzVYYqAC92kQdG6cdWulAZaO_unMSM72o4t7Vhb86agW6HMZwxon1NlGvNh-VnvyWpvPeE18rjA7_uv7dtBWDlFxI5OpXbQmx3uoXFTI7yMBooVvisdNcKJwZzR9Ty9xG2RGJ99SvCiqwTn97QdujVLxluiEZIqTMc4IPpIpzHsqCMdxbx6_mJ67AzTstB-bXSt_q8ESLsRYVlQXYBkIUVEMJkJGRErmMOW6KpIQ0rFYwNj3I0nciAiHct9mviuF9AGv2Cp2D1FpnIzlEcKavoazQFHheTQgMmCEckFY3dZw0w4q6Kq4mHCSUXKERSijDy3UhxaaQ6uganFxYa6baagxC4Bkj8FK1-YGflsmbDYGbTM6_vOMc1R-aHXCu5v-7QnadHS0bnI4VVSaTefyFCDNjJ8Zof0C9Cfmag |
openUrl | ctx_ver=Z39.88-2004&ctx_enc=info%3Aofi%2Fenc%3AUTF-8&rfr_id=info%3Asid%2Fsummon.serialssolutions.com&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Ajournal&rft.genre=article&rft.atitle=The+Influence+of+Firms%27+Emissions+Management+Strategy+Disclosures+on+Investors%27+Valuation+Judgments&rft.jtitle=Contemporary+accounting+research&rft.au=Johnson%2C+Joseph+A.&rft.au=Theis%2C+Jochen&rft.au=Vitalis%2C+Adam&rft.au=Young%2C+Donald&rft.date=2020-06-01&rft.issn=0823-9150&rft.eissn=1911-3846&rft.volume=37&rft.issue=2&rft.spage=642&rft.epage=664&rft_id=info:doi/10.1111%2F1911-3846.12545&rft.externalDBID=n%2Fa&rft.externalDocID=10_1111_1911_3846_12545 |
thumbnail_l | http://covers-cdn.summon.serialssolutions.com/index.aspx?isbn=/lc.gif&issn=0823-9150&client=summon |
thumbnail_m | http://covers-cdn.summon.serialssolutions.com/index.aspx?isbn=/mc.gif&issn=0823-9150&client=summon |
thumbnail_s | http://covers-cdn.summon.serialssolutions.com/index.aspx?isbn=/sc.gif&issn=0823-9150&client=summon |