Tone Symphony in Climate‐Exposed Firms
研究美国上市公司2001-2021年数据，发现气候风险暴露越高的企业，其管理层在SEC文件中的沟通语调越负面，且创新文化和行业集中度是重要机制。
ABSTRACT This study investigates how firm‐specific climate change exposure affects the communicative tone of management, using a comprehensive dataset of US‐listed companies over the 2001–2021 period. We find that firms with higher climate change exposure exhibit a more negative textual tone in their management's communication within SEC filings. These results remain robust across a variety of tests, including alternative econometric models, considerations of endogeneity, alternative proxies for managerial sentiment, and a series of split‐sample analyses. Also, we identify innovative corporate culture and industry concentration as strategic mechanisms through which firm‐level climate change exposure shapes managerial sentiment. Overall, our study indicates that fostering innovation and strategic industry positioning are essential strategies for mitigating the adverse effects of climate risk on management communications.