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.