Two Hundred Eighty Characters of Environment: Relative Environmental Performance, Strategic Communication, and Firm Value
研究发现，相对排放强度恶化的企业会增加在X/Twitter上的环境沟通，试图寻求合法性，但资本市场对此行为给予折扣，反而奖励沟通与环境绩效改善一致的企业。
ABSTRACT Corporate environmental communication has become an essential aspect of modern business practices, as stakeholders increasingly demand transparency and accountability regarding sustainability efforts. Within this context, we examine whether firms use environmental communication on X/Twitter to offset weaker relative environmental performance and how financial markets value such communication. Combining text mining techniques with econometric analysis, we show that firms with deteriorating relative emission intensity increase their environmental communication, consistent with a legitimacy‐seeking strategy. However, our findings highlight that capital markets discount this behavior and instead reward firms whose communication is aligned with improvements in environmental performance.