The moderation effect of media coverage and analyst coverage on the relationship between climate change disclosure and economic performanceTools Chen, Kai (2020) The moderation effect of media coverage and analyst coverage on the relationship between climate change disclosure and economic performance. [Dissertation (University of Nottingham only)]
AbstractThis paper investigates the relationship between climate change disclosure and firms’ economic performance. The main research objective is detecting the possible moderation effects when defining the association between environmental disclosure and market performance. According to the data collected from Bloomberg and Fame databases of the FTSE 100 firms from 2017 to 2019, this paper analyses the link between climate change disclosure responses/quality and Tobin’s q, and the moderation effects of analyst coverage and media coverage by using panel estimation techniques. Reported results imply that climate change has a negative effect on economic performance, and the moderation effects positively affect the relationship between climate change and firm market performance. In addition, different media exposure has various effects on the association between climate change and market performance. The robustness test is made by using climate change media exposure instead of normal media exposure. Discussions about the reasons and implications of these findings are included in this paper. As for the future study, the limitation of this study and recommendations for further research are also identified in this paper.
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