Understanding the relation between climate change risks and biodiversity disclosures: an international analysis
研究了2009至2021年间国际企业样本，发现碳排放和废物产生量高的企业倾向于披露更多生物多样性信息，尤其在环境敏感行业，这支持了合法性理论。
Purpose This study explores the relation between firm-level climate change risks, measured by carbon emissions and waste generation, and the level of biodiversity disclosures. Design/methodology/approach Drawing on an international sample from 2009 to 2021, our study employs panel regression models to assess the effects of climate change risks on biodiversity disclosures. We also conduct a range of sensitivity analyses, including additional proxies, endogeneity tests, and alternative samples to examine the robustness of our inferences. Findings We find that firms with higher carbon emissions and waste generation levels tend to disclose extensive biodiversity information. Furthermore, we provide evidence that the disaggregated components of carbon (Scope 1 and 2) emissions and waste (hazardous and non-hazardous) generation volumes are positively associated with biodiversity disclosures. Our results also reveal that the effects of climate change risks on biodiversity disclosures are stronger for firms from environmentally sensitive industries. Finally, our results show that climate and biodiversity protection regulations appear to be effective in limiting legitimation efforts. Originality/value Consistent with legitimacy theory, our findings suggest that high carbon and waste emitting firms tend to utilize increased biodiversity disclosures as a legitimizing tool to conform to societal expectations and protect their legitimacy.