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Do Firms Walk the Climate Talk?

Dzielinski, Michal; Eugster, Florian; Sjöström, Emma; Wagner, Alexander (2022). Do Firms Walk the Climate Talk? Swiss Finance Institute Research Paper 22-14, University of Zurich.

Abstract

Firms talk more about the climate on earnings conference calls when climate matters are more material for a firm, when there is greater shareholder pressure or when it is better prepared for climate-related disclosure. However, there is also large unexplained variation in climate talk. In a global sample, we find that climate talk is negatively related to the change in CO2 emissions in the years after the call. However, this does not hold in the US, individualistic cultures and cultures characterized by short-term horizons. In those settings, investors also react negatively to climate talk. Overall, these results suggest that firms walk the climate talk on average, but the credibility of such talk varies across firms.

Additional indexing

Item Type:Working Paper
Communities & Collections:03 Faculty of Economics > Department of Finance
Dewey Decimal Classification:330 Economics
Scope:Discipline-based scholarship (basic research)
Language:English
Date:4 November 2022
Deposited On:14 Aug 2023 13:17
Last Modified:27 May 2024 15:23
Series Name:Swiss Finance Institute Research Paper
Number of Pages:48
OA Status:Green
Free access at:Publisher DOI. An embargo period may apply.
Publisher DOI:https://doi.org/10.2139/ssrn.4021061
Other Identification Number:merlin-id:21956
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