This study examines whether the extreme weather events (EWEs) incurred at the headquarters of firms have an impact on their climate mitigation policies. I show that, controlling for county fixed effects, the annual number of EWEs at the headquarter counties of the largest public firms in the US significantly improves the subsequent ratings of their climate mitigation policies, with recent EWEs having a more pronounced impact. I also find that the EWEs at the neighboring counties do not have a similar effect, and provide some evidence that the impact of EWEs on climate ratings is stronger for weakly governed firms, and that some EWEs positively affect the likelihood of utility firms’ expressing a concern for climate risk through their SEC filings. These results support the idea that personal weather experiences can influence managerial belief in anthropogenic climate change which in turn affects corporate climate mitigation policies.

中文翻译：

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极端天气和企业气候缓解政策评级

本研究考察了公司总部发生的极端天气事件 (EWE) 是否对其气候减缓政策产生影响。我表明，在控制县固定效应的情况下，美国最大上市公司总部县的年度 EWE 数量显着提高了其气候减缓政策的后续评级，最近的 EWE 具有更明显的影响。我还发现邻近县的 EWEs 没有类似的影响，并提供了一些证据表明 EWEs 对治理薄弱的公司的气候评级的影响更大，并且一些 EWEs 积极影响公用事业公司表达的可能性通过提交给 SEC 的文件来关注气候风险。