Extreme weather exposure and corporate carbon emissions management: Evidence from forty countries

IF 2.9 3区经济学 Q2 BUSINESS, FINANCE Journal of Multinational Financial Management Pub Date : 2024-08-02 DOI:10.1016/j.mulfin.2024.100872

引用次数: 0

Abstract

Utilizing survey data for firms from 40 countries, we explore the impact of extreme weather exposure on corporate carbon emissions management. Our findings indicate that firms manage their carbon emissions better if they have suffered losses due to extreme weather events. These results persist after considering endogeneity concerns, including placebo tests, the Heckman two-stage method, propensity score matching, the instrumental variables approach, and other robustness tests. Cross-sectional analyses reveal that this impact is more pronounced for firms located in developed countries and in countries with superior climate protection and lower levels of carbon emissions. Furthermore, the effect of extreme weather exposure is more significant for firms with foreign ownership and political connections and those subject to an energy tax. Finally, improved management of carbon emissions accompanied by extreme weather exposure can lead to increased corporate capacity utilization and reduced production costs.

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极端天气风险与企业碳排放管理：来自四十个国家的证据

我们利用对 40 个国家企业的调查数据，探讨了极端天气对企业碳排放管理的影响。我们的研究结果表明，如果企业在极端天气事件中遭受了损失，那么它们会更好地管理碳排放。在考虑了内生性问题（包括安慰剂测试、赫克曼两阶段法、倾向得分匹配、工具变量法和其他稳健性测试）后，这些结果依然存在。横截面分析表明，这种影响对发达国家以及气候保护较好、碳排放水平较低的国家的企业更为明显。此外，极端天气对拥有外资所有权和政治关系的企业以及那些征收能源税的企业的影响更为显著。最后，在极端天气影响下改善碳排放管理可提高企业产能利用率，降低生产成本。

本文章由计算机程序翻译，如有差异，请以英文原文为准。

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来源期刊

Journal of Multinational Financial Management BUSINESS, FINANCE-

CiteScore

7.30

自引率

4.80%

发文量

审稿时长

30 days

期刊介绍： International trade, financing and investments have grown at an extremely rapid pace in recent years, and the operations of corporations have become increasingly multinationalized. Corporate executives buying and selling goods and services, and making financing and investment decisions across national boundaries, have developed policies and procedures for managing cash flows denominated in foreign currencies. These policies and procedures, and the related managerial actions of executives, change as new relevant information becomes available. The purpose of the Journal of Multinational Financial Management is to publish rigorous, original articles dealing with the management of the multinational enterprise. Theoretical, conceptual, and empirical papers providing meaningful insights into the subject areas will be considered. The following topic areas, although not exhaustive, are representative of the coverage in this Journal. • Foreign exchange risk management • International capital budgeting • Forecasting exchange rates • Foreign direct investment • Hedging strategies • Cost of capital • Managing transaction exposure • Political risk assessment • International working capital management • International financial planning • International tax management • International diversification • Transfer pricing strategies • International liability management • International mergers.

期刊最新文献

Editorial Board Sectoral responses to economic policy uncertainty and geopolitical risk in the US stock market Do cultural differences affect the share price puzzle? Extreme weather exposure and corporate carbon emissions management: Evidence from forty countries Global, local, or glocal? Unravelling the interplay of geopolitical risks and financial stress