Abstract
This paper examines whether a higher proportion of co-opted board members following a CEO's accession translates to greater climate change-related risk for the firm. Investigating 12,101 US-based firm-year observations from 2001 to 2014, we discover that firms with a higher level of co-opted directors face higher climate risk. This conclusion survives a battery of tests addressing reverse causality, omitted variable bias, and sample selection bias. We touch on this result's implications and offer further ideas for advancing the discourse.
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