论文名称：Analyst coverage and corporate environmental policies

作者：井辰星 ; Keasey, K ; Lim, I; Xu, B

刊名：JOURNAL OF FINANCIAL AND QUANTITATIVE ANALYSIS

发表时间：2024.06

Exploiting two quasi-natural experiments, we find that firms increase emissions of toxic pollution following decreases in analystcoverage. The effects are stronger for firms with low initial analystcoverage, poor corporate governance, and firms subject to less stringent monitoring by environmental regulators. Decreases in environmental-related questions raised in conference calls, an increased cost of monitoring to institutional shareholders, reductions in pollution abatement investment, and the weakening of internal governance related to environmental performance are channels through which reduced analystcoverage contributes to increases in firm pollution. Our study highlights the monitoring role analysts play in shaping corporateenvironmentalpolicies.