Firm-level climate sentiments, climate politics and implied cost of equity capital
Katsiaryna Salavei Bardos; Dev R. Mishra; Hyacinthe Somé · 2025 · Journal of Corporate Finance
WASTE classifies this as Negative / Null Result Report · AI classification, approximate
The study found no significant effect — useful as a negative control or null benchmark for your own design.
Abstract
In a sample of U.S. firms, we find strong evidence that firms' implied cost of equity is decreasing in a novel proxy of firm-level climate change sentiments of earnings call participants, supporting prior literature that shows investors demand higher returns from their investments in brown firms and lower returns from that in green firms. This effect, however, is particularly pronounced for the firm-years headquartered in the states experiencing higher than median per-capita energy related CO2 emissions, those headquartered in climate related disaster intensive counties and those headquartered
Abstract by Katsiaryna Salavei Bardos; Dev R. Mishra; Hyacinthe Somé, Journal of Corporate Finance (2025) — licensed CC BY 4.0.
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Metadata source: OpenAlex · DOI 10.1016/j.jcorpfin.2025.102846