This article investigates the stock market reaction to the voluntary adoption of nature-related financial disclosures (TNFD) Recommendations, which focus on nature-related dependencies, impacts, risks, and opportunities. Investors may view this adoption as either value-destroying or value-enhancing. Using an event-study methodology, we analyze a global sample of listed companies. The results reveal significant negative cumulative abnormal returns when companies announce their adoption of the TNFD Recommendations. This negative effect is stronger for firms adopting the Recommendations as of fiscal year 2025 (versus 2024) and for firms in the basic materials, real estate, and utilities industries.

中文翻译：

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股市对自愿采用自然相关财务信息披露的反应：一项事件研究


本文调查了股市对自愿采用与自然相关的财务披露 （TNFD） 建议的反应，这些建议侧重于与自然相关的依赖关系、影响、风险和机遇。投资者可能会将这种采用视为破坏价值或提升价值。使用事件研究方法，我们分析了全球上市公司样本。结果显示，当公司宣布采用 TNFD 建议时，累积异常回报率为显著负。对于 2025 财年（与 2024 财年相比）采用这些建议的公司以及基础材料、房地产和公用事业行业的公司，这种负面影响更为严重。