Global Energy Corporations and Climate Change: The Role of Formal and Informal Institutions in Shaping Climate Change Risk Disclosure
研究了全球能源企业如何根据国家文化发展和治理质量来披露气候变化风险，发现更强的文化发展和更高质量的治理会显著增加风险披露，这对投资者和监管者评估企业气候风险应对有参考价值。
ABSTRACT This study examines climate change risk disclosure in the global energy sector, where firms face intense stakeholder scrutiny and legitimacy pressures. We develop a novel domain‐specific textual analysis measure to capture climate change risk disclosures, improving on prior approaches based on generic environmental terminology. Drawing on neo‐institutional theory, we analyze how national cultural development and governance quality shape firms' strategic responses to climate‐related risk and stakeholder expectations. Using a global panel of listed energy firms from 2016 to 2021, we find that stronger cultural development and higher governance quality are associated with significantly greater disclosure of climate change risk. These findings suggest that climate risk disclosure functions as a strategic mechanism of legitimacy through which firms manage stakeholder pressure and signal their responsiveness to institutional demands. The study contributes to the literature by linking macro‐institutional contexts to firm‐level risk management and strategic transparency in environmentally sensitive industries.