When climate speaks, who answers? Climate change exposure, environmental disclosure and CEO characteristics in Europe
研究了欧洲STOXX 600公司中，气候变化暴露如何影响环境披露质量，以及CEO特征（如年龄、任期）如何调节这一关系。发现气候风险越高，披露质量越好，年轻或任期长的CEO对此反应更强。
• Climate risk exposure improves firm’s environmental disclosure quality. • Leadership influences disclosure, even under strict European regulations. • Younger CEOs show stronger disclosure responses to climate risk. • CEO tenure supports environmental transparency under high climate risk. • ESG-linked pay shows a marginal positive effect on disclosure under high risk. We study whether firm-specific climate change exposure affects environmental disclosure and how CEO traits influence this relationship. Using data from STOXX Europe 600 firms, we find that higher climate risk leads to higher-quality disclosure. A one-standard-deviation increase in climate change exposure is associated with up to a 28% increase in the disclosure score, relative to the sample average. This effect is stronger for firms with longer-tenured or younger CEOs. Our findings highlight that firm-level climate risk and CEO experience drive environmental transparency, even under Europe’s rigid reporting standards.