By Inhwan Ko &
August 11, 2024
Source: Nature
Photo / Image Source: Unsplash,
Coarsened exact matching
In this approach, we compare firms that have not joined SBTi (control group; Tier 5) with those in Tier 1, 2, 3, and 4. In each comparison, firms in the control and treated groups are matched on the observed covariates. Then, we use an ordinary linear squares (OLS) regression to estimate the effect (the sample average treatment effect) of SBTi membership on stock prices (SBTi membership being the treatment). We include all covariates as control variables in the OLS regression. Table 1 summarizes the OLS results. None of these results suggest that SBTi membership of any type leads to higher stock prices.
Ko, I., Prakash, A. Stock markets, corporate climate pledges, and the Science-Based Target Initiative. npj Clim. Action 3, 69 (2024). https://doi.org/10.1038/s44168-024-00148-8
Received05 April 2024
Accepted24 July 2024
Published11 August 2024
DOIhttps://doi.org/10.1038/s44168-024-00148-8
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