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Corporate sustainability reporting directive impact on risk framing and commitment specificity: Evidence from EURO STOXX 50

Karoline Bax et al.

Economics Letters2026https://doi.org/10.1016/j.econlet.2026.112835article
AJG 3ABDC A
Weight
0.50

Abstract

This paper examines how the European Union’s Corporate Sustainability Reporting Directive (CSRD) has altered the tone and credibility of corporate climate disclosures among EURO STOXX 50 firms. Using company sustainability reports from 2020 to 2024, we construct two textual indicators based on ClimateBERT and ClimateBERT C T I : (i) the Cheap Talk Index (CTI), which measures the prevalence of vague or aspirational language, and (ii) the Opportunity-Risk Index (OppRisk), which captures the balance between opportunity and risk framing (Bingler et al., 2024). Nonparametric comparisons of pre- and post-CSRD periods reveal a statistically significant rise in the CTI and decline in the OppRisk Index, indicating a shift toward increasingly more symbolic yet more risk-aware communication. These findings suggest that regulatory standardization may simultaneously encourage a riskier yet less opportunistic tone and incentivize more the use of generic, non-specific commitment language.

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https://doi.org/https://doi.org/10.1016/j.econlet.2026.112835

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@article{karoline2026,
  title        = {{Corporate sustainability reporting directive impact on risk framing and commitment specificity: Evidence from EURO STOXX 50}},
  author       = {Karoline Bax et al.},
  journal      = {Economics Letters},
  year         = {2026},
  doi          = {https://doi.org/https://doi.org/10.1016/j.econlet.2026.112835},
}

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Corporate sustainability reporting directive impact on risk framing and commitment specificity: Evidence from EURO STOXX 50

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Evidence weight

0.50

Balanced mode · F 0.40 / M 0.15 / V 0.05 / R 0.40

F · citation impact0.50 × 0.4 = 0.20
M · momentum0.50 × 0.15 = 0.07
V · venue signal0.50 × 0.05 = 0.03
R · text relevance †0.50 × 0.4 = 0.20

† Text relevance is estimated at 0.50 on the detail page — for your query’s actual relevance score, open this paper from a search result.