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The rising risks of fossil fuel lobbying

Author

Listed:
  • Lantushenko, Viktoriya
  • Schellhorn, Carolin

Abstract

For 2009 to 2018, we find that fossil fuel firms are more likely to lobby and that lobbying expenditures are greater with increases in a firm's vulnerability to climate change news risk. The industry's resistance to a timely low-carbon transition has spawned a divestment movement that accelerated in 2014. Estimates of fossil fuel firm vulnerability to climate change news risk increase after 2013, strengthening firms' inclination to lobby just when this activity becomes less valued by shareholders. We consider the financial implications of continued climate policy obstruction for financial system stability and the success of the clean energy transition.

Suggested Citation

  • Lantushenko, Viktoriya & Schellhorn, Carolin, 2023. "The rising risks of fossil fuel lobbying," Global Finance Journal, Elsevier, vol. 56(C).
    • Handle: RePEc:eee:glofin:v:56:y:2023:i:c:s1044028323000248
    DOI: 10.1016/j.gfj.2023.100829
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    Citations

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    Cited by:

    1. Hao Zhao & Chuanqing Wu & Yang Wen, 2023. "Determinants of Corporate Fossil Energy Assets Impairment and Measurement of Stranded Assets Risk," Energies, MDPI, vol. 16(17), pages 1-14, August.

    More about this item

    Keywords

    Climate risk; Climate policy; Financial stability; Fossil fuels; Lobbying;
    All these keywords.

    JEL classification:

    • D22 - Microeconomics - - Production and Organizations - - - Firm Behavior: Empirical Analysis
    • D72 - Microeconomics - - Analysis of Collective Decision-Making - - - Political Processes: Rent-seeking, Lobbying, Elections, Legislatures, and Voting Behavior
    • G10 - Financial Economics - - General Financial Markets - - - General (includes Measurement and Data)
    • G32 - Financial Economics - - Corporate Finance and Governance - - - Financing Policy; Financial Risk and Risk Management; Capital and Ownership Structure; Value of Firms; Goodwill
    • Q54 - Agricultural and Natural Resource Economics; Environmental and Ecological Economics - - Environmental Economics - - - Climate; Natural Disasters and their Management; Global Warming

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