Webinar του κ. Ι. Μπρανίκα – Τετάρτη 22/9/21 12:40 – 14:00
Title: “The Response of Local Corporate Sustainability to Environmental Disasters: Evidence from Wildfires”
Abstract: Environmental disasters are thought to increase the focus on corporate sustainability in the communities where they occur. Extracting data on wildfires (a frequent type of disaster in the U.S.), and using two ESG rating agencies and EPA air enforcement actions to construct measures of local corporate sustainability, we study this conjecture. To address the omitted variables concern, we conduct a pre and post-trends analysis as well as an instrumental variables analysis using the Hot-Dry-Windy Index of Srock, Charney, Potter, and Goodrick (2018). We show that severe wildfires in a county increase significantly its corporate environmental sustainability in the following year. The impact is not homogeneous across counties: it is significant only in counties where the percentage of anthropogenic climate change believers is high, or where the majority of voters are Democrats.
Short bio: Ioannis Branikas is an Assistant Professor of Finance at the University of Oregon. He has a PhD in Economics from Princeton University. His current research is on Corporate Social Responsibility, Household Finance, and Mutual Funds. For further information please visit his personal web-site: https://business.uoregon.edu/faculty/ioannis-branikas