Weather Action: A Study on the Industry Peer Effects of Corporate Climate Risk Information Disclosure

Global climate change has elevated the strategic importance of corporate climate risk disclosure, yet the role of industry peer effects in shaping such disclosure remains underexplored. Grounded in social learning theory, this study proposes an “observation–imitation–reinforcement” framework and empirically tests it using panel data on Chinese listed firms from 2008 to 2022. The results document a robust positive peer effect in corporate climate risk disclosure. Specifically, firms first engage in active observational learning by following industry leaders. They then imitate peers driven by normative pressure, financing constraints, and managerial reputational concerns. Subsequently, successful emission reductions reinforce subsequent imitation, forming a dynamic feedback loop. Additional analyses indicate that this peer effect is weaker in high-tech sectors but stronger among central state-owned enterprises, heavy-polluting firms, and high-carbon industries. Moreover, peer-driven climate risk disclosure significantly reduces corporate carbon emissions, while prior emission reductions enhance firms' sensitivity to peer disclosure.