Does climate risk shape firms’ accounting conservatism?

IF 5.4 2区经济学 Q1 BUSINESS, FINANCE

Journal of International Financial Markets Institutions & Money Pub Date : 2024-11-19 DOI:10.1016/j.intfin.2024.102081

Rong Ding , Gady Jacoby , Mingzhi Liu , Tingting Wang , Zhenyu Wu

引用次数: 0

Abstract

We study how climate risk shapes accounting conservatism with data collected from 47 countries. The results suggest that firms that are exposed to higher climate risk use more conditional conservatism, but less unconditional conservatism in their financial reporting. Furthermore, the effect of climate risk on both unconditional conservatism and conditional conservatism is significantly strengthened, both statistically and economically, in well-governed countries. We also find that in countries with higher uncertainty avoidance, the effect of climate risk on unconditional conservatism is significantly enhanced but the effect on conditional conservatism is significantly weakened. Our findings, which are robustly supported by a number of sensitivity checks, enrich the emerging literature on the socio-economic impact of climate risk.

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气候风险是否影响公司的会计保守主义？

我们利用从 47 个国家收集的数据研究了气候风险如何影响会计保守主义。结果表明，面临较高气候风险的公司在财务报告中会采用更多的有条件保守主义，但较少采用无条件保守主义。此外，在治理完善的国家，气候风险对无条件保守主义和有条件保守主义的影响在统计学和经济学上都显著增强。我们还发现，在不确定性规避程度较高的国家，气候风险对无条件保守主义的影响明显增强，但对有条件保守主义的影响明显减弱。我们的研究结果得到了大量敏感性检验的有力支持，丰富了有关气候风险对社会经济影响的新兴文献。

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 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.