Firm-level climate change exposure and credit ratings
研究了美国公司内部气候变化相关披露的变化如何影响信用评级，发现披露增加与信用评分提升相关，表明评级机构奖励透明度和主动气候行动。
• We examine how firm-level climate-related disclosure affects U.S. credit ratings. • Within-firm increases in disclosure are linked to improved credit scores. • Credit rating agencies reward transparency and proactive climate action. • Results are robust to multiple models and endogeneity checks. • Findings underscore the growing role of climate risk in credit rating assessments. We investigate how within-firm changes in climate-related risk disclosure affect credit rating quality among U.S. companies. Using 44,905 quarterly observations from 1546 firms spanning 2001 to 2023, we find that increases in a firm’s climate change exposure, measured by the relative frequency of climate discussion in earnings calls compared to the firm’s historical average, are positively associated with its credit ratings. This suggests that credit rating agencies reward greater transparency and proactive engagement with climate risks. Our results are robust across multiple identification strategies and highlight the growing importance of climate-related disclosure practices in corporate creditworthiness.