Firms have various avenues through which to disclose environmental performance information. This project examines two information disclosure strategies (public information disclosure to stakeholders and private information to legislators through lobbying), focusing on how managers choose between them, how environmental performance affects the two strategies, and how the strategies jointly affect corporate financial performance.
In this project, we follow 1,948 firms between 2006 and 2013 (9,720 observations) and investigate the following question:
(1) How does environmental performance affect decisions to disclose and lobby on climate change issues?
(2) How do these strategies interact and affect financial performance?