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This research aims to examine whether corporate Twitter messages and tone have an effect on corporate stock return (RET) for the Saudi Stock Exchange "Tadawul". The study also investigates whether the association differs across large- and small-sized firms. We used a sample of 11,099 firm-daily observations for non-financial firms that were traded on the Saudi Stock Exchange "Tadawul" across the period 1 April 2020 to 31 December 2020. Using panel ordinary least square (OLS) and two-stage least square (2SLS), we found that corporate Twitter (currently renamed 'X') messages is positively and significantly associated with stock return (RET). The findings also suggest that the message tone increases the stock returns. Furthermore, our results show different effects of Twitter messages and tone on stock return across small- and large-sized firms. In addition, our findings show that Twitter tone is positively associated with RET when the firm is large in size. However, when the firm is small, Twitter messages has a stronger effect on RET. Our findings provide policy implications for regulators and investors. Regulators might monitor the information in accurate ways. Also, investors might start to show interest in Twitter channels to follow the firm's news. [ABSTRACT FROM AUTHOR]

The main objective of this study is to examine the influences of two novel characteristics of the foremost executive firm managers, i.e., the environmental and cultural values of CEOs, on corporate climate change performance. Employing a sample of firms listed in the FTSE250 covering the 2008–2018 period, we found that firms run by CEOs with environmentally friendly backgrounds and high 'green' cultural values are more inclined to aim for better (lower) greenhouse gas emissions. The findings hold after accounting for other relevant governance characteristics, accounting and market indicators, highly carbon-intensive industries, and potential endogeneity issues. Intriguingly, we also found that the effect of CEO environmental values is more pronounced than that of CEO cultural values. Our findings have implications for corporate management and regulators of climate change concerns and corporate environmental performance. That is, firm management is advised to assign CEOs with environmentally friendly backgrounds and high 'green' cultural values to lower greenhouse gas emissions. [ABSTRACT FROM AUTHOR]

Embracing corporate sustainability has emerged as a crucial strategy for companies to bolster their competitive edge and reputation. This research delves into the connection between environmental, social, and governance practices (ESG) and the cost of debt, as well as the moderating role of financial distress within this connection. By analyzing data from Saudi-listed firms between 2013 and 2021, we discovered that ESG practices have a notable negative impact on borrowing costs. This implies that organizations with increased transparency in their ESG disclosure gain access to external financial resources under more favorable terms. Additionally, we observed that the effect of ESG on the cost of debt is significantly and negatively moderated by the financial distress encountered by a firm. To bolster the credibility of these findings, dynamic generalized method of moments (GMM) models were utilized to address any potential endogeneity concerns, thereby enhancing the strength and resilience of the outcomes. The findings of this paper hold substantial value for investors, lenders, corporate management, and policymakers when considering the implementation and significance of a company's ESG practices. [ABSTRACT FROM AUTHOR]