Through a survey and analyses of observational data, we provide systematic evidence that institutional investors value and demand climate risk disclosures. The survey reveals the investors have a strong demand for climate risk disclosures, and many actively engage their portfolio firms for improvements. Empirical analyses of holdings data corroborate this evidence by showing a significantly positive association between climate-conscious institutional ownership and better firm-level climate risk disclosure. We establish further evidence of institutional investors’ influence on firms’ climate risk disclosures by examining a shock to the climate risk disclosure demand of French institutional investors (French Article 173).

中文翻译：

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气候风险披露和机构投资者

通过对观测数据的调查和分析，我们提供了系统的证据表明机构投资者重视并要求披露气候风险。调查显示，投资者对气候风险披露有强烈需求，许多人积极与他们的投资组合公司进行改进。对持股数据的实证分析证实了这一证据，表明具有气候意识的机构所有权与更好的公司层面气候风险披露之间存在显着正相关。我们通过研究对法国机构投资者气候风险披露需求的冲击（法国第 173 条），进一步证明机构投资者对公司气候风险披露的影响。