Business and Finance for Sustainable Society

[BFSS2-03] Impact of Institutional Investors on Corporate Biodiversity Responses

*Junichi Hayashi¹ (1. Aoyama Gakuin University)

Performing a logit analysis of data from Japanese companies to examine the impact of institutional investors on companies’ biodiversity responses, we found that companies that engage in a dialogue with the institutional investors are more likely to disclose their biodiversity responses, that is, make disclosures under Task Force on Climate-Related Financial Framework, an information disclosure framework (TNFD).