The steering effect of the EU taxonomy: Evidence from German institutional and retail investors
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Wiley Open Access
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| Natura: | Artículo Open Access |
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Wiley
2024
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| _version_ | 1867020970032627712 |
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| author | Sandra Chrzan Christiane Pott |
| author_facet | Sandra Chrzan Christiane Pott Sandra Chrzan Christiane Pott |
| collection | Wiley Open Access |
| contents | The steering effect of the EU taxonomy: Evidence from German institutional and retail investors Sandra Chrzan Christiane Pott Review of Financial Economics AbstractThe EU taxonomy, introduced in 2022, is a comprehensive classification system categorizing environmentally sustainable economic activities. This study examines the impact of incorporating EU taxonomy data into corporate environmental disclosure on investor judgments. Through five experimental cases involving standard environmental disclosure and additional moderate/positive/negative taxonomy‐aligned information, we assessed institutional and retail investor evaluations. Results reveal that taxonomy inclusion significantly influences investor judgments, particularly among institutional investors who are more adept at recognizing and penalizing negative information. Clear taxonomy‐aligned data in combination with standard environmental information shows no steering effect among retail investors. Despite underperforming taxonomy indicators, environmental information generally conveys positive signals to retail investors. 10.1002/rfe.1213 http://creativecommons.org/licenses/by-nc-nd/4.0/ |
| doi_str_mv | 10.1002/rfe.1213 |
| format | Artículo Open Access |
| id | wiley_oa_10_1002_rfe_1213 |
| institution | Wiley Open Access |
| license_str_mv | http://creativecommons.org/licenses/by-nc-nd/4.0/ |
| publishDate | 2024 |
| publisher | Wiley |
| record_format | wiley_oa |
| spellingShingle | The steering effect of the EU taxonomy: Evidence from German institutional and retail investors Sandra Chrzan Christiane Pott Review of Financial Economics The steering effect of the EU taxonomy: Evidence from German institutional and retail investors Sandra Chrzan Christiane Pott Review of Financial Economics AbstractThe EU taxonomy, introduced in 2022, is a comprehensive classification system categorizing environmentally sustainable economic activities. This study examines the impact of incorporating EU taxonomy data into corporate environmental disclosure on investor judgments. Through five experimental cases involving standard environmental disclosure and additional moderate/positive/negative taxonomy‐aligned information, we assessed institutional and retail investor evaluations. Results reveal that taxonomy inclusion significantly influences investor judgments, particularly among institutional investors who are more adept at recognizing and penalizing negative information. Clear taxonomy‐aligned data in combination with standard environmental information shows no steering effect among retail investors. Despite underperforming taxonomy indicators, environmental information generally conveys positive signals to retail investors. 10.1002/rfe.1213 http://creativecommons.org/licenses/by-nc-nd/4.0/ |
| title | The steering effect of the EU taxonomy: Evidence from German institutional and retail investors |
| topic | Review of Financial Economics |
| url | https://onlinelibrary.wiley.com/doi/10.1002/rfe.1213 |