Climate change and global warming have been shown to increase the frequency and intensity of extreme weather events. Concurrently, substantial efforts are being directed toward fostering the transition to a low-carbon economy. These concurrent trends result in the emergence of both physical and transition climate risks. This study investigates the impacts of climate risks, both physical and transition, on the return of major industrial metals (aluminum, copper, iron, lead, tin, nickel, and zinc) between January 2005 and December 2023. Employing the novel multivariate quantile-on-quantile regression (m-QQR) approach, this study examines how climate risks affect metal markets under different market conditions and risk levels. The results reveal that transition risks exert a more significant adverse impact on metal returns during bearish markets conditions, particularly for metals linked to high-emission industries, while physical risks affect metal returns across a wider range of quantiles, often increasing volatility during extreme market conditions. Furthermore, copper and nickel, both of which are crucial for renewable energy development, demonstrate resilience at higher quantiles, highlighting their role in the transition to a low-carbon economy. Finally, these two metals may serve as effective hedges against losses in other metals that are more vulnerable to transition risks, like aluminum and lead.

This study investigates the relationship between corporate governance mechanisms, CSR sustainability reporting, and emission performance in BRICS countries. Based on a panel dataset of 862 firms covering the period from 2018 to 2023, this study investigates the impact of audit committee presence, audit committee expertise, board gender diversity, and board members’ sustainability-related skills on firms’ emission performance. We employ fixed effects models and, to address potential endogeneity concerns, two-stage least squares (2SLS) regression models. The results show that audit committee expertise (β = 2.254, p < 0.01) and board-specific sustainability skills (β = 0.129, p < 0.01) significantly enhance emission performance. Moreover, CSR sustainability reporting positively moderates these relationships, with interaction effects showing stronger environmental outcomes for audit expertise (β = 0.083, p < 0.01) and board sustainability skills (β = 0.001, p < 0.1). In contrast, board gender diversity shows an insignificant or diminishing marginal effect when interacted with CSR reporting. Robustness checks using 2SLS confirm the stability of these findings. The study provides novel evidence on how internal governance structures and sustainability disclosure jointly shape environmental responsibility in emerging economies. Policy recommendations are offered to encourage transparent reporting and strengthen governance mechanisms to support climate-related goals.

This paper aims to investigate the relationship between annual document disclosure and the stock liquidity for companies listed on the Algeria stock market. VAR model was used to examine the impact of the market efficiency on the stock prices of the companies from 2000 to 2015. The findings indicate that there was no significant effect related to the timing of publication of financial information over a period of study on stock returns in the days around the publication days of annual financial statements; Accounting disclosure also affects, directly or indirectly, the decisions of investors, as well as activating the stock market and increasing the movement of trading and stock prices with it The effect of disclosure becomes clear when the information is published late or inaccurate or excellent in its presentation and its failure to rely on agreed accounting principles and standards, or result in a negative impact on the behavior of the investor, This affects the degree of risk that he is willing to bear according to his circumstances. The timing of the financial information release depends on the basic environment in which Algerian institutions operate.