How do Climate Change Strategy Disclosure and Investment Horizon Jointly Influence Investor Judgments?
实验发现，短期投资者更愿意投资强调可行性（而非合理性）的气候变化披露公司，而长期投资者不受披露框架影响，这为监管者和企业提供了决策参考。
Disclosure demands from investors have led companies to increasingly disclose their climate change strategies, which may vary in framing features.Strategy variations include emphasizing the desirability (rationale for climate change goals) or feasibility (means to achieve these goals) features.We experimentally examine whether and how these framing features and the investment horizon jointly affect investors' judgments.Drawing on construal level theory, we find that short-term investors are significantly more willing to invest when a company's disclosures emphasize feasibility over desirability features.In contrast, long-term investors exhibit no significant difference in willingness to invest, regardless of the framing features in these disclosures.We find that feelings of fluency in processing the information drive the effect of feasibility features on short-term investors' willingness to invest.This feeling, in turn, enhances perceived management communicative competence, increasing short-term investors' willingness to invest.We also conduct supplementary experiments to rule out the influence of the firm's operating performance and the positivity of the news between the framing features on these results.The findings contribute to the understanding that the framing features in a climate change strategy disclosure are material to investors' decision-making, which has implications for regulators and companies.