The impact of climate risk on corporate innovation: An international comparison

IF 2.9 3区经济学 Q2 BUSINESS, FINANCE

Journal of Multinational Financial Management Pub Date : 2024-06-19 DOI:10.1016/j.mulfin.2024.100870

Qu Deng , Garland Huang , Donghui Li , Shijie Yang

引用次数: 0

Abstract

Employing an international sample of 10,012 firms across 62 economies spanning 2005–2017, we show that climate risk is negatively associated with corporate innovation activities. This finding is consistent with increased managerial risk aversion when managers perceive higher climate risk, leading to lower innovativeness. Through risk-buffering mechanisms, the negative association is weaker when firms are not subject to financial constraints, when corporate governance is stronger, and when the economy is more developed. Through risk-sharing mechanisms, better equity market development, greater trade openness, and greater insurance coverage can help mitigate the negative impact of climate risk on corporate innovation. Further analyses suggest that firms respond to climate change by inventing more green patents. Our study has implications for how to motivate corporate innovation in high-climate-risk economies.

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气候风险对企业创新的影响：国际比较

通过对 2005-2017 年间 62 个经济体 10,012 家企业的国际样本进行分析，我们发现气候风险与企业创新活动呈负相关。当管理者认为气候风险较高时，管理者的风险规避就会增加，从而导致创新能力下降。通过风险缓冲机制，当企业不受财务约束、公司治理较强以及经济较发达时，负相关关系较弱。通过风险分担机制，更好的股票市场发展、更大的贸易开放度和更高的保险覆盖率有助于减轻气候风险对企业创新的负面影响。进一步的分析表明，企业会通过发明更多的绿色专利来应对气候变化。我们的研究对如何激励高气候风险经济体的企业创新具有启示意义。

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.