Text analysis of earnings calls found increasingly positive and less negative climate sentiment over time. Optimism about regulatory risk rose while physical-risk sentiment stayed stable; independent directors initially dampened optimism, but the association weakened.
Key findings
- Overall sentiment became more positive through rising optimism and falling negativity; regulatory-risk language improved, physical-risk language was stable, and the independent-board dampening association faded.
Why this matters globally
The findings matter to investors and regulators assessing climate disclosure and board oversight, especially when speech is compared with investment and environmental outcomes.
Thai researcher contribution
Chulalongkorn and Mahidol scholars contributed corporate-finance and governance expertise to international firm-level climate communication research.
Limitations to consider
The abstract omits sample, geography, period, model and controls. Algorithms may misread context, and curated earnings-call language is not climate performance, leaving greenwashing risk.