Climate Risk and Intra-Firm Wage Inequality

This replication package provides the data, code, and documentation necessary to reproduce the main empirical results of the paper “Climate Risk and Intra-Firm Wage Inequality.”
The paper examines how firm-level climate risk affects the internal distribution of compensation between executives and rank-and-file employees in Chinese A-share listed firms over the period 2010-2022. Using a text-based climate risk index constructed from annual reports, we document that higher climate risk is associated with a wider executive-employee pay gap, driven primarily by wage suppression rather than increases in executive pay. We further explore two mechanisms: (i) an executive leverage channel related to agency costs and managerial bargaining power, and (ii) a climate-induced labor substitution channel via automation and AI adoption.
The replication materials are organized to maximize transparency and facilitate independent verification of all statistical analyses reported in the main text and appendices.
The Data folder contains the fully matched firm-region-industry-year panel dataset used for all empirical analyses in the paper, as well as several auxiliary files that separately document the construction of core explanatory variables, dependent variables, control variables, mechanism variables, and heterogeneity-related variables.
Due to licensing and access restrictions, raw firm-level financial data and certain regional indicators from commercial databases cannot be redistributed. The replication package therefore provides the constructed variables used in the analysis, together with placeholder fields and detailed documentation that enable researchers with access to the original sources to reconstruct the full dataset.

本复现包提供了复现论文《Climate Risk and Intra-Firm Wage Inequality》（《气候风险与企业内部工资不平等》）主要实证结果所需的全部数据、代码与文档资料。本研究聚焦2010至2022年中国A股上市企业，考察企业层面气候风险对高管与普通雇员间薪酬内部分配格局的影响。本研究基于上市公司年报构建文本型气候风险指数，实证发现更高的气候风险会扩大高管与普通雇员间的薪酬差距，且该效应主要源于普通雇员薪资被抑制，而非高管薪酬提升。本研究进一步探讨了两类作用机制：其一为与代理成本、管理层议价能力相关的高管杠杆渠道；其二为依托自动化与人工智能（AI）应用形成的气候引致劳动力替代渠道。本复现材料的编排旨在最大化透明度，便于独立验证正文与附录中报告的所有统计分析结果。Data文件夹包含本论文所有实证分析所用的经完全匹配的企业-区域-行业-年度面板数据集，同时附带若干辅助文件，这些文件分别记录了核心解释变量、被解释变量、控制变量、机制变量与异质性相关变量的构建流程。受许可协议与数据获取权限限制，来自商业数据库的原始企业层面财务数据与部分区域指标无法进行二次分发。因此，本复现包仅提供分析中所用的已构建变量，同时附带占位字段与详细文档，供可获取原始数据源的研究人员重构完整数据集。