Footnote:
Nach Informationen von SSRN wurde die ursprüngliche Fassung des Dokuments April 20, 2022 erstellt
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Description:
Firms with excellent environmental scores donate more to climate-obstructionist politicians. Ownership by “brown” institutional investors who regularly endorse anti-climate politicians is a channel underlying this result. Green firms with more donations to obstructionists experience stock value increases upon the passing of anti-environment bills and upon the election of anti-climate politicians facing close congressional races. These results withstand numerous robustness tests including the use of two major environmental policies as separate exogenous shocks to firms’ environmental scores. Our findings indicate that greed with respect to the environment is value-creating for green firms as supporting anti-climate politicians proves profitable