政策不确定性会影响非财务信息披露吗?来自气候变化相关信息的证据

IF 2.8 3区 经济学 Q2 BUSINESS, FINANCE International Journal of Finance & Economics Pub Date : 2023-09-24 DOI:10.1002/ijfe.2888
Cynthia Assaf, Mohammed Benlemlih, Imane El Ouadghiri, Jonathan Peillex
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引用次数: 0

摘要

我们研究了经济政策的不确定性与作为非财务信息代表的气候变化相关信息的发布之间的关系。我们认为,企业可能会披露气候变化相关信息以获得道德合法性,尤其是在不确定时期。利用 Baker、Bloom 和 Davis(2016 年)的政策不确定性测量方法和 CSRwire 平台的广泛数据集,我们提供了强有力的证据,证明政策不确定性与发布气候变化相关新闻正相关。我们的研究结果对政策不确定性的其他衡量标准和内生性控制都是稳健的。在一系列附加分析中,我们发现企业所处的行业及其环境绩效是解释气候相关信息发布的渠道。综上所述,我们的研究结果凸显了在政治不确定时期,气候变化相关信息在为企业提供道德合法性和在所有利益相关者之间建立信任方面可能发挥的作用。
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Does policy uncertainty affect non-financial disclosure? Evidence from climate change-related information

We examine the relationship between economic policy uncertainty and the release of climate change-related information as a representation of non-financial information. We argue that firms are likely to disclose their climate change-related information to gain ethical legitimacy, especially during uncertain times. Using the policy uncertainty measure from Baker, Bloom, and Davis (2016) and an extensive dataset from the CSRwire platform, we provide strong evidence that policy uncertainty is positively associated with releasing climate change-related news. Our findings are robust to alternative measures of policy uncertainty and when controlling for endogeneity. In a set of additional analyses, we show that the industries within which firms operate and their environmental performance are channels that explain the release of climate-related information. Taken together, our results highlight the role that climate change-related information may play in providing firms with ethical legitimacy and building trust among all stakeholders in times of political uncertainty.

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CiteScore
5.70
自引率
6.90%
发文量
143
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