Replication for Risk-Shaped Cognitions

The replication dataset (data.dta) contains an unbalanced panel of Chinese listed firms from 2009 to 2021 and includes all variables required to construct the climate risk perception index, the three perception-bias measures, firm characteristics, carbon-risk indicators, and climate-sensitivity classifications. The dataset allows full replication of all tables and figures in “Risk-Shaped Cognition: How Climate-Risk Bias Influences Corporate M&A Decisions”, including baseline results, robustness checks, and heterogeneity analyses. All variables are derived from publicly available sources or standard databases, and detailed construction steps are provided in the Supplementary Material.

本复现数据集（data.dta）包含2009年至2021年中国上市公司的非平衡面板数据，涵盖构建气候风险感知指数（climate risk perception index）、三类感知偏差测度指标、企业特征变量、碳风险指标以及气候敏感性分类所需的全部变量。本数据集可完整复现《风险塑造的认知：气候风险偏差如何影响企业并购决策》（Risk-Shaped Cognition: How Climate-Risk Bias Influences Corporate M&A Decisions）一文中的全部表格与图形，包括基准结果、稳健性检验以及异质性分析内容。所有变量均源自公开可得的数据源或标准数据库，详细的变量构建步骤已在补充材料中提供。