Flood risk and corporate future orientation: Evidence from sea level rise risk

IF 2.2 3区管理学 Q2 BUSINESS, FINANCE

Journal of Business Finance & Accounting Pub Date : 2023-05-25 DOI:10.1111/jbfa.12703

Qingjie Du, Albert Tsang, Yang Wang

引用次数: 0

Abstract

We find that firms located in US counties with higher sea level rise (SLR) risk engage less in future-oriented activities, that is, lower corporate social responsibility performance, lower R&D investment and fewer patents granted than firms in counties with lower SLR risk. The effect is strengthened when media attention on climate change is high, when the firm has a high level of prior long-term investment and when the firm is managed by a young CEO and a CEO who has a greater tendency to avoid uncertainty, whereas it is weakened when the firm's CEO is near retirement and when the firm is geographically diversified. Overall, we document a negative relationship between flood risk exposure and corporate future orientation, suggesting that firms change their future-oriented attitude in response to concern over climate risks.

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洪水风险与企业未来定位：海平面上升风险的证据

我们发现，与海平面上升（SLR）风险较低的国家相比，美国海平面上升（SLR）风险较高的国家的企业较少参与面向未来的活动，即较低的企业社会责任表现、较低的研发投资和较少的专利授权。当媒体对气候变化的关注度较高、企业之前的长期投资水平较高、企业由年轻的首席执行官和更倾向于回避不确定性的首席执行官管理时，这种效应就会增强；而当企业的首席执行官接近退休年龄和企业在地域上多元化时，这种效应就会减弱。总体而言，我们记录了洪水风险暴露与企业未来导向之间的负相关关系，这表明企业会因担心气候风险而改变其未来导向态度。

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 Business Finance & Accounting BUSINESS, FINANCE-

CiteScore

4.40

自引率

17.20%

发文量

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