Climate change and corporate culture of innovation: evidence from earnings conference calls

IF 2.1 Q2 BUSINESS, FINANCE
Viput Ongsakul, Pandej Chintrakarn, Pornsit Jiraporn, Pattanaporn Chatjuthamard
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引用次数: 0

Abstract

Purpose

Exploiting novel measures of climate change exposure and corporate culture generated by a powerful textual analysis of earnings conference calls, this study aims to explore the effect of firm-specific climate change exposure on corporate innovation through the lens of corporate culture.

Design/methodology/approach

The authors apply the standard regression analysis as well as a variety of sophisticated techniques, namely, propensity score matching, entropy balancing and an instrumental-variable analysis with multiple alternative instruments.

Findings

The authors find that more exposure to climate change risk results in more innovation, as indicated by a significantly stronger culture of innovation. The findings are consistent with the notion that firms more exposed to climate change risk are pressed to be more innovative to adapt to the numerous changes caused by climate change. Finally, the authors also find that the effect of firm-level exposure on innovation is considerably less pronounced during uncertain times.

Originality/value

The authors are among the first studies to take advantage of a novel measure of firm-specific exposure to climate change and investigate how climate change exposure influences an innovative culture. Since climate change is a timely issue, the findings offer important implication to several stakeholders, such as shareholders, executives and investors in general.

气候变化与企业创新文化:来自财报电话会议的证据
目的本研究通过对收益电话会议进行强大的文本分析,对气候变化风险和企业文化进行了新颖的测量,旨在从企业文化的角度探讨特定企业的气候变化风险对企业创新的影响。研究结果作者发现,气候变化风险暴露越多,创新就越多,这表现在创新文化明显更强。这些研究结果与以下观点一致,即面临气候变化风险越多的企业就越需要创新,以适应气候变化带来的诸多变化。最后,作者还发现,在不确定时期,企业层面的风险暴露对创新的影响要小得多。 原创性/价值 作者是首批利用新颖的企业特定气候变化风险暴露测量方法,研究气候变化风险暴露如何影响创新文化的研究者之一。由于气候变化是一个及时的问题,研究结果对股东、高管和投资者等利益相关者具有重要意义。
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来源期刊
Pacific Accounting Review
Pacific Accounting Review BUSINESS, FINANCE-
CiteScore
3.80
自引率
9.50%
发文量
36
期刊介绍: Pacific Accounting Review is a quarterly journal publishing original research papers and book reviews. The journal is supported by all New Zealand Universities and has the backing of academics from many universities in the Pacific region. The journal publishes papers from both empirical and theoretical forms of research into current developments in accounting and finance and provides insight into how present practice is shaped and formed. Specific areas include but are not limited to: - Emerging Markets and Economies - Political/Social contexts - Financial Reporting - Auditing and Governance - Management Accounting.
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