How cheap talk in climate disclosures relates to climate initiatives, corporate emissions, and reputation risk

被引：22

作者：

Bingler, Julia Anna ^{[1
]}

Kraus, Mathias ^{[2
]}

Leippold, Markus ^{[3
,4
]}

Webersinke, Nicolas ^{[2
]}

机构：

[1] Univ Oxford, Oxford Smith Sch, Oxford, England

[2] FAU Erlangen Nuremberg, Inst Informat Syst, Lange Gasse 20, D-90403 Nurnberg, Germany

[3] Swiss Finance Inst SFI, Zurich, Switzerland

[4] Univ Zurich, Dept Banking & Finance, Plattenstr 14, CH-8032 Zurich, Switzerland

来源：

JOURNAL OF BANKING & FINANCE | 2024年 / 164卷

基金：

瑞士国家科学基金会;

关键词：

Corporate climate disclosures; Voluntary reporting; Commitments; Greenhouse gas emissions; Negative news coverage; Textual analysis; INSTITUTIONAL INVESTORS; INFORMATION-CONTENT; FIRM-VALUE; TRANSPARENCY; LEGITIMACY; LIABILITY; QUALITY;

D O I：

10.1016/j.jbankfin.2024.107191

中图分类号：

F8 [财政、金融];

学科分类号：

0202 ;

摘要：

Navigating the complex landscape of corporate climate disclosures and their real impacts is crucial for managing climate-related financial risks. However, current disclosures oftentimes suffer from imprecision, inaccuracy, and greenwashing. We introduce ClimateBert CTI , a deep learning algorithm, to identify climaterelated cheap talk in MSCI World index firms' annual reports. We find that only targeted climate engagement is associated with less cheap talk. Voluntary climate disclosures are associated with more cheap talk. Moreover, cheap talk correlates with increased negative news coverage and higher emissions growth. Hence, cheap talk helps assess climate initiatives' effectiveness and anticipate reputation and transition risk exposure.

引用

页数：17

共 85 条

[11] Cheap talk and cherry-picking: What ClimateBert has to say on corporate climate risk disclosures [J].