文章预览
文献来源 innovation uncertainty (UNCERTAINTY_INNO) using a dummy variable that equals 1 if the firm does not consume renewable energy in year t and 0 otherwise. management and performance uncertainty (UNCERTAINTY_PERF) using the 5-year rolling standard deviation of the yearly change in total carbon emissions (i.e., the sum of Scope 1 and Scope 2 emissions). supply chain uncertainty (UNCERTAINTY_SUPPLY) is measured as the natural log of Scope 3 emissions in tons. managerial perception uncertainty (UNCERTAINTY_PERCP) based on the positive tone of voluntary carbon disclosures, calculated as the difference between the total positive tone and the total negative tone of text responses to the CDP annual survey. [We include the carbon risk section (Question 5.1, or Question 2.1 before 2011) and the carbon management section (Questions 5.1a, 5.1b, and 5.1c). As a result of aligning with the Task Force on Climate-Related Financial Disclosures, the carbon risk question moved to 2.3a after
………………………………
