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| Type | Bachelor's Thesis |
| Scope | Discipline-based scholarship |
| Title | Stock-market Appraisal to Emissions Reduction / Net-Zero Target Announcements: “The Climate Pledge” Case |
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| Institution | University of Zurich |
| Faculty | Faculty of Business, Economics and Informatics |
| Number of Pages | 57 |
| Date | 2022 |
| Abstract Text | The scientific consensus argues that greenhouse gas emissions must be drastically curtailed by 2050 to mitigate the impact of climate change caused by humankind. Spontaneous private sector engagement is paramount to achieving this objective. This research aims to assess, using an event-study design, the investors’ response following the public companies’ adherence to the Climate Pledge, a climate initiative co-founded by Amazon in 2019. Potential stock-market abnormal returns are subsequently regressed on firms’ financial metrics and announcement modalities to evaluate the main factors affecting shareholders’ perception. Consistent with prior literature, the empirical evidence does not consider corporate adhesion to the pledge as a market mover. Nonetheless, the principal finding of this research denotes that an excellent ESG rating increases companies’ reliability and translates their commitment into significant firms’ market value abnormal returns. |
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