The Impact of Assurance and the Choice of Assurance Provider on the Market Value Effects of Greenhouse Gas (GHG) Disclosures

摘要: We examine the impact of assurance and choice provider on market value effects greenhouse gas (GHG) disclosures. The sample consists 2,028 firm-year observations across 33 countries drawn from CDP2007 to CDP2011 reports. Using techniques control for selection double biases, we find that negative effect GHG emissions disclosures previously reported U.S. also occurs global markets. Moreover, this is moderated firms assuring their disclosures, moderating greater when provided by accounting profession. These findings suggest while signal risks potential liability investors consider in firm valuation, increasing credibility these through assurance, particular Big 4 firms, beneficial effect.