Does policy uncertainty affect non‐financial disclosure? Evidence from climate change‐related information
研究了经济政策不确定性如何促使企业披露气候变化相关信息，发现不确定性越高，企业越倾向于发布此类信息以获取道德合法性，这对理解企业信息披露策略和政策环境的影响有参考价值。
Abstract We examine the relationship between economic policy uncertainty and the release of climate change‐related information as a representation of non‐financial information. We argue that firms are likely to disclose their climate change‐related information to gain ethical legitimacy, especially during uncertain times. Using the policy uncertainty measure from Baker, Bloom, and Davis (2016) and an extensive dataset from the CSRwire platform, we provide strong evidence that policy uncertainty is positively associated with releasing climate change‐related news. Our findings are robust to alternative measures of policy uncertainty and when controlling for endogeneity. In a set of additional analyses, we show that the industries within which firms operate and their environmental performance are channels that explain the release of climate‐related information. Taken together, our results highlight the role that climate change‐related information may play in providing firms with ethical legitimacy and building trust among all stakeholders in times of political uncertainty.