Biodiversity risk and firm efficiency

IF 7.4 2区经济学 Q1 BUSINESS, FINANCE

Finance Research Letters Pub Date : 2024-11-06 DOI:10.1016/j.frl.2024.106414

Yulin Li, Xiaohui Liu, Jean Canil, Chee Seng Cheong

引用次数: 0

Abstract

This study examines the impact of biodiversity risk exposure on firm efficiency. Analyzing 23,750 firm-year observations from 2001 to 2020, we identify a significant negative relationship between biodiversity risk and firm efficiency. Our research indicates that increased external financing needs and higher capital costs, driven by biodiversity risk, are key channels contributing to reduced firm efficiency. Firms with higher biodiversity risk exposure demonstrate lower efficiency, especially those with greater idiosyncratic volatility. These findings highlight the economic costs and operational challenges posed by biodiversity risk, offering new insights into its direct impact on firm efficiency.

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生物多样性风险和公司效率

本研究探讨了生物多样性风险对企业效率的影响。通过分析 2001 年至 2020 年的 23750 个企业年观测数据，我们发现生物多样性风险与企业效率之间存在显著的负相关关系。我们的研究表明，生物多样性风险导致的外部融资需求增加和资本成本上升是导致企业效率降低的主要原因。生物多样性风险较高的企业效率较低，特别是那些特异性波动较大的企业。这些发现凸显了生物多样性风险带来的经济成本和运营挑战，为了解生物多样性风险对企业效率的直接影响提供了新的视角。

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

Finance Research Letters BUSINESS, FINANCE-

CiteScore

11.10

自引率

14.40%

发文量

863

期刊介绍： Finance Research Letters welcomes submissions across all areas of finance, aiming for rapid publication of significant new findings. The journal particularly encourages papers that provide insight into the replicability of established results, examine the cross-national applicability of previous findings, challenge existing methodologies, or demonstrate methodological contingencies. Papers are invited in the following areas: Actuarial studies Alternative investments Asset Pricing Bankruptcy and liquidation Banks and other Depository Institutions Behavioral and experimental finance Bibliometric and Scientometric studies of finance Capital budgeting and corporate investment Capital markets and accounting Capital structure and payout policy Commodities Contagion, crises and interdependence Corporate governance Credit and fixed income markets and instruments Derivatives Emerging markets Energy Finance and Energy Markets Financial Econometrics Financial History Financial intermediation and money markets Financial markets and marketplaces Financial Mathematics and Econophysics Financial Regulation and Law Forecasting Frontier market studies International Finance Market efficiency, event studies Mergers, acquisitions and the market for corporate control Micro Finance Institutions Microstructure Non-bank Financial Institutions Personal Finance Portfolio choice and investing Real estate finance and investing Risk SME, Family and Entrepreneurial Finance