When climate risk hits corporate value: The moderating role of financial constraints, flexibility, and innovation

IF 6.9 2区经济学 Q1 BUSINESS, FINANCE Finance Research Letters Pub Date : 2025-03-01 Epub Date: 2025-01-08 DOI:10.1016/j.frl.2025.106780

Mirza Muhammad Naseer, Yongsheng Guo, Xiaoxian Zhu

引用次数: 0

Abstract

This study examines the relationship between firms’ exposure to climate risk and their market value using global data from 2002 to 2022. A significant negative relationship between climate risk and firm value is identified, with geographic variation in impact severity. Asia faces the highest risk, followed by Europe, North America, and others. Policy events like the Stern Review and the Paris Agreement influence this relationship. Financial constraints exacerbate the negative effects of climate risk, while financial flexibility and R&D mitigate them. Firms in environmentally sensitive sectors and outside the United States are more vulnerable, and non-G20/non-OECD countries face greater climate challenges.

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当气候风险冲击企业价值：财务约束、灵活性和创新的调节作用

本研究利用2002年至2022年的全球数据，考察了企业面临的气候风险与其市场价值之间的关系。气候风险与企业价值之间存在显著的负相关关系，影响严重程度存在地理差异。亚洲面临的风险最高，其次是欧洲、北美和其他地区。《斯特恩评估》和《巴黎协定》等政策事件影响着这种关系。资金限制加剧了气候风险的负面影响，而资金灵活性和研发则缓解了这些负面影响。环境敏感行业和美国以外的企业更加脆弱，非g20 /非经合组织国家面临更大的气候挑战。

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

Finance Research Letters BUSINESS, FINANCE-

CiteScore

11.10

自引率

14.40%

发文量

863

期刊介绍： Finance Research Letters welcomes submissions across all areas of finance, aiming for rapid publication of significant new findings. The journal particularly encourages papers that provide insight into the replicability of established results, examine the cross-national applicability of previous findings, challenge existing methodologies, or demonstrate methodological contingencies. Papers are invited in the following areas: Actuarial studies Alternative investments Asset Pricing Bankruptcy and liquidation Banks and other Depository Institutions Behavioral and experimental finance Bibliometric and Scientometric studies of finance Capital budgeting and corporate investment Capital markets and accounting Capital structure and payout policy Commodities Contagion, crises and interdependence Corporate governance Credit and fixed income markets and instruments Derivatives Emerging markets Energy Finance and Energy Markets Financial Econometrics Financial History Financial intermediation and money markets Financial markets and marketplaces Financial Mathematics and Econophysics Financial Regulation and Law Forecasting Frontier market studies International Finance Market efficiency, event studies Mergers, acquisitions and the market for corporate control Micro Finance Institutions Microstructure Non-bank Financial Institutions Personal Finance Portfolio choice and investing Real estate finance and investing Risk SME, Family and Entrepreneurial Finance