Conference Agenda
Overview and details of the sessions of this conference. Please select a date or location to show only sessions at that day or location. Please select a single session for detailed view (with abstracts and downloads if available).
Please note that all times are shown in the time zone of the conference. The current conference time is: 10th Sept 2026, 07:07:45pm CEST (Norway)
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Daily Overview |
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Egg-timer session: (Non-)Renewable resources Location: Auditorium J: Aina Uhde Session Chair: Pedro Henrique Batista de Barros, University of Exeter | |
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Biodiversity Risk Disclosure and the Cost of Equity Capital 1: Sacred Heart University, United States of America; 2: National Chengchi University Does the disclosure of biodiversity risk affect firms’ cost of equity yet? This question is important in light of recent initiatives by academics and global policymakers to raise awareness about biodiversity. As a key component of natural capital, biodiversity fosters economic development and societal wellbeing (Heal (2020); Barrett (2022); Dasgupta (2024)). While the natural resources and global public good literatures have long underscored economic aspects of biodiversity, researchers are just beginning to study its financial implications. We focus on a relatively new path: biodiversity risk disclosure and financial accounting. We build on the disclosure literature and examine the relationship between biodiversity information disclosure and the cost of equity capital. Using a standard approach, we test the informativeness of biodiversity risk disclosure and gauge whether potential benefits have started accruing to firms. In all specifications biodiversity disclosure does not affect the cost of equity capital. For markets to reflect biodiversity concerns, therefore, awareness must be raised by regulation, public pressure, or media attention. | |