{"id":133989,"date":"2020-12-15T11:57:32","date_gmt":"2020-12-15T03:57:32","guid":{"rendered":"https:\/\/www.fbe.hku.hk\/event\/does-climate-change-transparency-affect-capital-flows-evidence-from-mandatory-greenhouse-gas-emissions-disclosure-by-ms-viktoriya-zotova\/"},"modified":"2020-12-16T16:00:56","modified_gmt":"2020-12-16T08:00:56","slug":"does-climate-change-transparency-affect-capital-flows-evidence-from-mandatory-greenhouse-gas-emissions-disclosure-by-ms-viktoriya-zotova","status":"publish","type":"event","link":"https:\/\/www.hkubs.hku.hk\/sc\/event\/does-climate-change-transparency-affect-capital-flows-evidence-from-mandatory-greenhouse-gas-emissions-disclosure-by-ms-viktoriya-zotova\/","title":{"rendered":"&#8220;Does Climate Change Transparency Affect Capital Flows?  Evidence from Mandatory Greenhouse Gas Emissions Disclosure &#8221; by Ms. Viktoriya Zotova"},"content":{"rendered":"<h4>SPEAKER<\/h4>\n<p>Ms. Viktoriya Zotova<br \/>\nPh.D. Candidate in Business and Management, Accounting and Information Assurance<br \/>\nR. H. Smith School of Business<br \/>\nUniversity of Maryland<\/p>\n<h4>ABSTRACT<\/h4>\n<p>In this study, I exploit a quasi-natural experiment\u2014the introduction of the mandatory Greenhouse Gas Emissions Reporting Program (GHGRP) in the United States\u2014to examine the impact of climate change regulations on corporate investments, in particular, the effect of non-financial carbon disclosures on firms\u2019 capital investment location decisions. Using unique project-level data on inter-state and foreign direct investments (FDI) for a sample of U.S. corporations, I document two sets of findings. Domestically, firms reacted by increasing investments in more environmentally-oriented states, while decreasing investments in less environmentally-oriented states. Internationally, in contrast, I find that, against a backdrop of declining global FDI, the reduction of U.S. FDI was significantly smaller in less environmentally-oriented countries. These results are driven by firms with lower environmental, social and governance (ESG) ranking. I show that a channel for the Program\u2019s effect on investment location decisions is the capital market\u2019s perception of carbon disclosures. Consistent with investment and disclosure theory, the results suggest that firms with low ESG reputation respond to investor pressures by geographically shifting investments into more eco-friendly locations at home but not abroad. Overall, the study demonstrates that carbon disclosure policies, such as the GHGRP, can have a significant effect on firms\u2019 real decisions as well as potential international spillovers.<\/p>\n<p>&nbsp;<\/p>\n<p>&nbsp;<\/p>\n<p>&nbsp;<\/p>\n","protected":false},"featured_media":0,"template":"","meta":{"_lmt_disableupdate":"no","_lmt_disable":"","footnotes":""},"tags":[],"class_list":["post-133989","event","type-event","status-publish","hentry","seminar-categories-accounting-and-law-sc","seminar-types-seminar-sc","event-natures-seminar-calendar","event-natures-sc-accounting-2"],"aioseo_notices":[],"_links":{"self":[{"href":"https:\/\/www.hkubs.hku.hk\/sc\/wp-json\/wp\/v2\/event\/133989","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.hkubs.hku.hk\/sc\/wp-json\/wp\/v2\/event"}],"about":[{"href":"https:\/\/www.hkubs.hku.hk\/sc\/wp-json\/wp\/v2\/types\/event"}],"version-history":[{"count":1,"href":"https:\/\/www.hkubs.hku.hk\/sc\/wp-json\/wp\/v2\/event\/133989\/revisions"}],"predecessor-version":[{"id":133990,"href":"https:\/\/www.hkubs.hku.hk\/sc\/wp-json\/wp\/v2\/event\/133989\/revisions\/133990"}],"wp:attachment":[{"href":"https:\/\/www.hkubs.hku.hk\/sc\/wp-json\/wp\/v2\/media?parent=133989"}],"wp:term":[{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.hkubs.hku.hk\/sc\/wp-json\/wp\/v2\/tags?post=133989"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}