Are Environmentally Sensitive Firms More Likely to Release Corporate Environmental Disclosures? Evidence From Environmental Risk Management
研究美国环境敏感行业企业如何通过增加自愿性可持续发展报告的频率和长度来应对环境政策风险，并发现这些披露能显著降低企业系统性风险和诉讼风险。
ABSTRACT This study examines the environmental risk management practices of US firms operating in environmentally sensitive industries. Using two proxy variables for ex ante environmental policy risk—firm‐level toxic chemical emissions and climate‐related keywords in annual financial statements—we demonstrate that firms facing high ex ante environmental policy risk tend to increase the frequency and length of their voluntary sustainability reports. Additionally, we find that proactive sustainability disclosures significantly mitigate firm‐level systematic risk (beta) and associated litigation risk. This risk reduction is more pronounced among firms with substantial green innovations and stronger corporate governance practices. Overall, this study highlights the causes and consequences of voluntary sustainability reports, focusing on how environmentally sensitive firms manage environmental risk through these publications.