Firm biodiversity risk, climate vulnerabilities, and bankruptcy risk

IF 5.4 2区经济学 Q1 BUSINESS, FINANCE

Journal of International Financial Markets Institutions & Money Pub Date : 2024-11-04 DOI:10.1016/j.intfin.2024.102075

Gbenga Adamolekun

引用次数: 0

Abstract

This study examines the relationship between firms’ biodiversity risk, climate susceptibility, and bankruptcy risk. The findings indicate that firm exposure to biodiversity risk increases the likelihood of financial distress. Furthermore, we document that firms’ susceptibility to climate risk increases the likelihood of bankruptcy risk. We also demonstrate that financial constraints, growth opportunities, and membership in carbon-intensive industries can worsen or alleviate the bankruptcy implications of climate-related risk. Firms’ continent of operation is also an important consideration. The findings imply that severe climate-related vulnerabilities and firm biodiversity risk have profound consequences for corporate outcomes. This study sheds more light on how corporate financial outlook is impacted by ecological degradation and climate-related vulnerabilities.

查看原文本刊更多论文

企业生物多样性风险、气候脆弱性和破产风险

本研究探讨了企业的生物多样性风险、气候敏感性和破产风险之间的关系。研究结果表明，企业面临生物多样性风险会增加陷入财务困境的可能性。此外，我们还发现，企业对气候风险的敏感性增加了破产风险的可能性。我们还证明，财务限制、增长机会和碳密集型行业的成员资格会加剧或减轻气候相关风险的破产影响。企业的经营地域也是一个重要的考虑因素。研究结果表明，与气候相关的严重脆弱性和企业生物多样性风险会对企业结果产生深远影响。这项研究进一步揭示了企业财务前景如何受到生态退化和气候相关脆弱性的影响。

本文章由计算机程序翻译，如有差异，请以英文原文为准。

求助全文

约1分钟内获得全文求助全文

来源期刊

Journal of International Financial Markets Institutions & Money Multiple-

CiteScore

6.60

自引率

10.00%

发文量

142

期刊介绍： International trade, financing and investments, and the related cash and credit transactions, have grown at an extremely rapid pace in recent years. The international monetary system has continued to evolve to accommodate the need for foreign-currency denominated transactions and in the process has provided opportunities for its ongoing observation and study. The purpose of the Journal of International Financial Markets, Institutions & Money is to publish rigorous, original articles dealing with the international aspects of financial markets, institutions and money. 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. • International financial markets • International securities markets • Foreign exchange markets • Eurocurrency markets • International syndications • Term structures of Eurocurrency rates • Determination of exchange rates • Information, speculation and parity • Forward rates and swaps • International payment mechanisms • International commercial banking; • International investment banking • Central bank intervention • International monetary systems • Balance of payments.