Firms’ borrowing costs and neighbors’ flood risk

IF 6.5 1区经济学 Q1 BUSINESS

Small Business Economics Pub Date : 2024-05-18 DOI:10.1007/s11187-024-00932-0

Thomas Bassetti, Lorenzo Dal Maso, Valentina Pieroni

引用次数: 0

Abstract

This study examines whether Italian firms exposed to physical climate risks incur additional borrowing costs due to spatial spillovers. Using a sample of 419,040 firm-year observations from 2016 to 2019, we find a positive relationship between a firm’s cost of debt and its neighborhood’s average exposure to climate risk. According to our findings, the costs associated with neighborhood climate risk are as relevant as those associated with a firm’s direct risk, with small businesses being the only ones affected by spillover effects. These results may be explained by small enterprises’ lack of financial diversification, poor bargaining power, and strong reliance on credit from financial intermediaries.

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企业的借贷成本与邻居的洪水风险

本研究探讨了面临自然气候风险的意大利企业是否会因空间溢出效应而产生额外的借贷成本。利用 2016 年至 2019 年期间 419 040 个企业年观测样本，我们发现企业的债务成本与其所在社区的平均气候风险敞口之间存在正相关关系。根据我们的研究结果，与周边气候风险相关的成本与与企业直接风险相关的成本同样重要，只有小企业受到溢出效应的影响。造成这些结果的原因可能是小企业缺乏金融多样化、议价能力差以及严重依赖金融中介机构的信贷。

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

Small Business Economics Multiple-

CiteScore

14.10

自引率

9.40%

发文量

124

期刊介绍： Small Business Economics: An Entrepreneurship Journal (SBEJ) publishes original, rigorous theoretical and empirical research addressing all aspects of entrepreneurship and small business economics, with a special emphasis on the economic and societal relevance of research findings for scholars, practitioners and policy makers. SBEJ covers a broad scope of topics, ranging from the core themes of the entrepreneurial process and new venture creation to other topics like self-employment, family firms, small and medium-sized enterprises, innovative start-ups, and entrepreneurial finance. SBEJ welcomes scientific studies at different levels of analysis, including individuals (e.g. entrepreneurs'' characteristics and occupational choice), firms (e.g., firms’ life courses and performance, innovation, and global issues like digitization), macro level (e.g., institutions and public policies within local, regional, national and international contexts), as well as cross-level dynamics. As a leading entrepreneurship journal, SBEJ welcomes cross-disciplinary research. Officially cited as: Small Bus Econ