Conference Agenda
Please note that all times are shown in the time zone of the conference. The current conference time is: 15th Sept 2026, 08:43:03am CEST
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Daily Overview |
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SF 03: Real Effects of Climate Risk Location: LR M0.3 (Floor 0) Session Chair: Marcin Kacperczyk, Imperial College London | |
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ID: 705
Socially Responsible Investing and Multinationals’ Environmental Harm Evidence from Global Remote Sensing Data 1: Universidade Nova de Lisboa Nova SBE, Portugal; 2: The University of Manchester, Alliance Business School We show how socially responsible investment (SRI) affects multinational firms’ environmental footprint using satellite vegetation health around 52,806 facilities in 124 countries combined with institutional ownership data over 2006-2020. We identify these effects by exploiting two asset-manager-level designs and within-firm changes in SRI ownership. Higher SRI ownership improves vegetation health, but these improvements are concentrated around facilities in OECD countries. Around non-OECD facilities of the same firms, vegetation health deteriorates. This asymmetry is strongest among investors reporting advanced stewardship practices. Our results suggest that investor stewardship and public regulation are complements in shaping firms’ environmental behavior.
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