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CPA-AGRC Seminar Series - Andrew Stark Greener

On the Determinants of the Likelihood and Extent of Listed US Firms' Disclosures on Climate Change Risk

Date & Time

January 29, 2021


Zoom - link provided in reminder email the day before the event

***Affiliated with the Management Research Seminar Series

***M.Sc. Students in Management, this event can count towards one of the six mandatory Research Seminars Series needed to attend (MGT6991).***

Andrew Stark, PhD.

Coutts Professor of Accounting and Finance, Manchester Business School

This paper investigates the determinants of the likelihood and extent of climate change risk disclosures made by US firms through SEC filings, using a sample of 6129 US domiciled firm-years for the period from 2009 to 2017 that made (or did not make) disclosures about climate change risk according to general disclosure principles for the reporting of material risks established by the SEC (Regulation S-K).  Concerns about climate change have surged significantly in recent years.  A growing number of US institutional investors (and from elsewhere in the world) regard climate change risk information as material to their decision-making process.  The potential risks associated with climate change have attracted growing attention from policy makers and standard setters.  For example, in June 2017, the Financial Stability Board (FSB) Task Force on Climate-related Financial Disclosures (TCFD) released a set of recommendations on climate-related financial risk disclosures to be used along with current reporting disclosures.  New Zealand and the UK have recently announced a requirement for listed firms to report on climate change risk, using the TCFD’s recommendations.  Despite the growth in disclosures over time in the US, the level of disclosures for some firms is regarded as insufficient by at least some of their shareholders, as indicated by environmental shareholder activism via shareholder proposals for enhanced disclosure.  In this context, understanding the factors that are associated with the likelihood of firms’ disclosing information on climate change risk, and their extent, through SEC filings can help in identifying the behaviour of firms under the current US requirements and, also, in assessing the need for additional requirements.

About the Speaker

Andrew Stark is the Coutts Professor of Accounting and Finance at Manchester Business School, having held prior faculty positions at Yale School of Management (visiting), and the universities of Essex, Ulster, Maryland and Manchester.

He was given the British Accounting Association Distinguished Academic Award in 2003 and was made a Fellow of the Academy of Social Sciences in 2014.  He is currently one of the editors of the Journal of Business Finance and Accounting and is a past joint-editor of The British Accounting Review. He is a past chairperson of the British Accounting Association. He was on the Research Assessment Exercise Panels for Accounting and Finance in 1996, 2001, 2008 and for Business and Management in 2001. 

He has published in the following journals: Contemporary Accounting Research , Journal of Accounting and Public Policy, British Accounting Review, The European Journal of Finance, Accounting and Business Research, International Review of Financial Analysis, International Journal of Accounting, Applied Financial Economics, Journal of Corporate Finance, Journal of Business Finance and Accounting, European Finance Review, Management Accounting Research, British Journal of Management.

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