气候信息披露中的廉价言论如何与气候倡议、企业排放和声誉风险相关联

IF 3.6 2区经济学 Q1 BUSINESS, FINANCE

Journal of Banking & Finance Pub Date : 2024-04-29 DOI:10.1016/j.jbankfin.2024.107191

Julia Anna Bingler , Mathias Kraus , Markus Leippold , Nicolas Webersinke

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引用次数: 0

摘要

了解企业气候信息披露的复杂情况及其实际影响，对于管理与气候相关的金融风险至关重要。然而，目前的信息披露往往存在不精确、不准确和 "洗绿 "的问题。我们引入了深度学习算法 ClimateBert CTI，以识别 MSCI 世界指数公司年度报告中与气候相关的廉价言论。我们发现，只有有针对性的气候参与才会减少廉价言论。而自愿性气候披露则与更多的廉价言论相关。此外，廉价言论与负面新闻报道的增加和排放量的增长相关。因此，"廉价言论 "有助于评估气候倡议的有效性，并预测声誉和转型风险。

本文章由计算机程序翻译，如有差异，请以英文原文为准。

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

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 climate-related 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.

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来源期刊

Journal of Banking & Finance Multiple-

CiteScore

6.40

自引率

5.40%

发文量

262

期刊介绍： The Journal of Banking and Finance (JBF) publishes theoretical and empirical research papers spanning all the major research fields in finance and banking. The aim of the Journal of Banking and Finance is to provide an outlet for the increasing flow of scholarly research concerning financial institutions and the money and capital markets within which they function. The Journal''s emphasis is on theoretical developments and their implementation, empirical, applied, and policy-oriented research in banking and other domestic and international financial institutions and markets. The Journal''s purpose is to improve communications between, and within, the academic and other research communities and policymakers and operational decision makers at financial institutions - private and public, national and international, and their regulators. The Journal is one of the largest Finance journals, with approximately 1500 new submissions per year, mainly in the following areas: Asset Management; Asset Pricing; Banking (Efficiency, Regulation, Risk Management, Solvency); Behavioural Finance; Capital Structure; Corporate Finance; Corporate Governance; Derivative Pricing and Hedging; Distribution Forecasting with Financial Applications; Entrepreneurial Finance; Empirical Finance; Financial Economics; Financial Markets (Alternative, Bonds, Currency, Commodity, Derivatives, Equity, Energy, Real Estate); FinTech; Fund Management; General Equilibrium Models; High-Frequency Trading; Intermediation; International Finance; Hedge Funds; Investments; Liquidity; Market Efficiency; Market Microstructure; Mergers and Acquisitions; Networks; Performance Analysis; Political Risk; Portfolio Optimization; Regulation of Financial Markets and Institutions; Risk Management and Analysis; Systemic Risk; Term Structure Models; Venture Capital.