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dc.contributor.authorCapelle-Blancard, Gunther
dc.contributor.authorDesroziers, Adrien
dc.contributor.authorScholtens, Bert
dc.identifier.citationCapelle-Blancard , G , Desroziers , A & Scholtens , B 2021 , ' Shareholders and the environment: a review of four decades of academic research ' , Environmental Research Letters , vol. 16 , no. 12 , 123005 .
dc.identifier.otherJisc: 4ee62fd409674cfaa24cd5f647cd8a78
dc.identifier.otherpublisher-id: erlac3c6e
dc.identifier.othermanuscript: ac3c6e
dc.identifier.otherother: erl-111600.r1
dc.description.abstractWe provide a synthesis of four decades of empirical research regarding the reaction of shareholders to environmental events. This literature is at the crossroads of finance, environmental economics, management and corporate social responsibility (CSR). To set the stage, we first provide an account of the Brumadinho ecological disaster that occurred in Brazil on January 25th, 2019. Second, we provide a critical review of more than 100 event studies. These papers cover a diverse set of events, such as industrial accidents, public disclosure programs, legal actions following environmental violations, changes in environmental regulation, environmental news, and corporate initiatives. This review makes four contributions. First is the synthesis of a large strand of literature in a structured setting, so as to be readily handled by both experts and non-experts. Second is the observation that stock market penalties in the event of environmental concerns are likely to be quite low: on average there is a (temporary) drop in the excess stock market return to events that are harmful to the environment of about 2% and the median is −0.6%. Third is to highlight the limits of CSR as a business strategy towards a sustainable society. Fourth is to provide an open access bibliographic database.
dc.relation.ispartofEnvironmental Research Lettersen
dc.subjectTopical Reviewen
dc.subjectIndustrial accidentsen
dc.subjectPublic disclosureen
dc.subjectESG newsen
dc.subjectEvent studyen
dc.subjectHF Commerceen
dc.subjectHD Industries. Land use. Laboren
dc.subjectSDG 12 - Responsible Consumption and Productionen
dc.subjectSDG 15 - Life on Landen
dc.titleShareholders and the environment: a review of four decades of academic researchen
dc.typeJournal itemen
dc.contributor.institutionUniversity of St Andrews. School of Managementen
dc.contributor.institutionUniversity of St Andrews. Centre for Energy Ethicsen
dc.contributor.institutionUniversity of St Andrews. Centre for Responsible Banking and Financeen
dc.description.statusPeer revieweden

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