Bitte verwenden Sie diesen Link, um diese Publikation zu zitieren, oder auf sie als Internetquelle zu verweisen: https://hdl.handle.net/10419/315610 
Erscheinungsjahr: 
2024
Quellenangabe: 
[Journal:] Review of Quantitative Finance and Accounting [ISSN:] 1573-7179 [Volume:] 63 [Issue:] 4 [Publisher:] Springer US [Place:] New York [Year:] 2024 [Pages:] 1511-1548
Verlag: 
Springer US, New York
Zusammenfassung: 
Abstract This experimental research investigates the effect of different types of environmental information on investor judgment. By examining three experimental cases varying the level of environmental disclosure, we evaluate the investment judgments of professional (Study 1) and private German investors (Study 2). Primarily, we investigate whether traditional, commonly disclosed environmental information affects investor judgments. Furthermore, we explore the effects of linking non-financial reporting elements to quantitative financial measures through the EU taxonomy by adding taxonomy indicators. Specifically, we operationalized the case where companies fall into a category of poor environmental performance by taxonomy classification. We find that only traditional environmental disclosure in combination with standardized taxonomy-aligned information (below average), influences the investment judgment. However, professional investors exhibit a significantly negative response, while private investors show a significantly positive reaction when constraining reporting flexibility through the inclusion of standardized taxonomy measures with poor performance. Consequently, we conclude that the connection between non-financial reporting elements and quantitative standardized financial measures enhances transparency for professional investors. Private investors, on the other hand, reward additional taxonomy-aligned environmental information irrespective of its content. This implies that environmental information generally conveys positive signals to private investors, but uncertainty in investment judgment can be assumed.
Schlagwörter: 
EU taxonomy
Investment judgment
Non-financial disclosure
CSR reporting
ESG investment
Experimental study
Persistent Identifier der Erstveröffentlichung: 
Creative-Commons-Lizenz: 
cc-by Logo
Dokumentart: 
Article
Dokumentversion: 
Published Version
Erscheint in der Sammlung:

Datei(en):
Datei
Größe





Publikationen in EconStor sind urheberrechtlich geschützt.