Abstract
We examine whether securities analysts differently view corporate environmental initiatives depending on whether they leverage environmental opportunities or address environmental risks. Building on stakeholder theory, specifically emerging work on the two-sidedness of firm-stakeholder relationships, we explore the question in the context of corporate Twitter accounts. By analyzing corporate environmental initiatives as mentioned in tweets and the validation they receive via retweets, we find that securities analysts favor environmental opportunity initiatives, while penalizing unnecessary investments to mitigate environmental risks. We further find that the results are amplified by analysts’ priors.
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