Cohen, Shira. “Does voluntary disclosure of climate change risk signal overall firm risk? The role of long-term institutional investors.” Working Paper (Fox School of Business, Temple University), 2016.
"I find that firms that voluntarily disclose climate change risk are associated with significantly lower overall firm risk compared to those that do not voluntarily disclose. I further analyze whether disclosing firms are associated with better financial reporting quality and more efficient firm-level investment activities. I find evidence supporting both. This is consistent with the notion that firms that are better able to manage and disclose climate risk are also better able to manage and report overall firm-level activities. [Analysis of ownership structure suggests] that long-term institutional investors are the driving force behind firms that voluntarily disclose."