Further analysis
| Variables | (1) | (2) | (3) |
|---|---|---|---|
| Substantive | Symbolic | Symbolic | |
| ClimateRisk | 0.229*** (14.51) | 0.878*** (16.70) | 0.850*** (7.28) |
| ClimateRisk² | −0.334*** (−15.01) | 0.049 (0.26) | |
| Controls | Yes | Yes | Yes |
| Constant | −0.060*** (−2.58) | 1.862*** (11.60) | 1.863*** (11.60) |
| Firm FE | Yes | Yes | Yes |
| Year FE | Yes | Yes | Yes |
| Observations | 43,309 | 43,309 | 43,309 |
| Adj. R-squared | 0.580 | 0.687 | 0.687 |
| Variables | (1) | (2) | (3) |
|---|---|---|---|
| Substantive | Symbolic | Symbolic | |
| ClimateRisk | 0.229 | 0.878 | 0.850 |
| ClimateRisk² | −0.334 | 0.049 (0.26) | |
| Controls | Yes | Yes | Yes |
| Constant | −0.060 | 1.862 | 1.863 |
| Firm | Yes | Yes | Yes |
| Year | Yes | Yes | Yes |
| Observations | 43,309 | 43,309 | 43,309 |
| Adj. | 0.580 | 0.687 | 0.687 |
Firm-clustered robust t-statistics are reported in parentheses. Columns (2) and (3) use symbolic green disclosure as the dependent variable. ***, ** and * indicate statistical significance at the 1, 5 and 10% levels, respectively
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