Impact of Carbon Disclosure Project Participation; Impact of Membership in Carbon Disclosure Leadership Index; Impact of Carbon Performance Award; Impact of Setting CO2 Reduction Targets; Impact of Having a Board-Level Member Responsible for Climate Change; Impact of Having an Incentive System to Support Climate-friendly Behavior

Climate change and its implications for consumers and policymakers, have been discussed extensively. Adrian Renner provides a unique perspective on how stockholders react if companies move towards a carbon-conscious future. A multi-country event study approach was used to analyze stock market reactions of the largest 500 companies globally. The analysis shows that depending on the situation of the company outcomes vary substantially. For example, Asian companies were gratified by investors for their carbon-conscious behavior while European and North American companies got punished for this.