Is there a complementary or a substitutive relationship between climate governance and analyst coverage? Its effect on climate disclosure
研究了内部气候治理与外部分析师覆盖对企业气候信息披露的影响，发现两者存在替代关系，但具体成分可能呈现不同关系。
Abstract Knowledge of the initiatives that companies are promoting to curb climate change and the impacts resulting from these activities require the disclosure of relevant information that can be used by stakeholders in their decision‐making processes. The objective of this work is to complement previous studies by analysing the effect and type of relationship that exists between internal and market corporate governance mechanisms. We theoretically argue that business transparency related to climate change is explained both by climate governance and by the coverage of the company by financial analysts and that there may be both a complementary and substitutive relationship between the two mechanisms. The results obtained on a global climate governance score show the existence of a substitutive relationship, but the individualised consideration of the components of this score suggests a potential divergent relationship.