EXPRESS: Climate Communications in IPOs: Unpacking the Influence of Climate Disclosure Volume, Sender, and Message Characteristics
研究了IPO招股说明书中气候披露数量与企业绩效的非线性U型关系，发现披露内容（风险vs.风险管理）和发送者特征（如承销商声誉）会调节这一关系，对制定披露策略有参考价值。
Climate disclosures have emerged as a prominent communication tool for firms facing growing pressure to address climate challenges, yet their impact on firm performance remains unclear. This study proposes a nonlinear (U-shaped) relationship between climate disclosure volume and IPO firm performance, grounded in a damage-limitation logic. At low to moderate levels, disclosures amplify risk salience and proprietary costs, damaging valuations. At higher levels, offsetting benefits related to information, stewardship, and climate-friendly reputation outweigh these costs. Using multi-sourced data from 1,586 IPO firms, a BERT-based large language model to identify climate-related text in prospectuses, and econometric methods that address endogeneity, the authors find support for the proposed U-shaped relationship. The research further demonstrates that sender characteristics (underwriter reputation, customer concentration, and market orientation) and message characteristics (discretionary disclosure and message clarity) moderate the nonlinear relationship. Post-hoc analyses decomposing disclosure content reveal that climate risk disclosures damage valuations. In contrast, climate risk-management disclosures (governance, strategy, and metrics/targets) generate positive effects, suggesting that disclosure effectiveness depends on both volume and content composition. These effects persist in the long-term performance of firms. The findings provide actionable insights for firms developing disclosure strategies and policymakers encouraging climate-related communication.