Corporate climate risk exposure and stock liquidity: New evidence based on heterogeneous environmental regulation

IF 6.9 2区经济学 Q1 BUSINESS, FINANCE

Research in International Business and Finance Pub Date : 2025-07-01 DOI:10.1016/j.ribaf.2025.103089

Yixin Qiu , Jinyu Chen , Qian Ding

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Abstract

The increasing climate risk brought by climate change to businesses is becoming a complex and important challenge faced by global firms. This study explores the relationship between corporate climate risk exposure (CCRE) and stock liquidity with a sample of Chinese A-share listed enterprises from 2011 to 2020. The results show that CCRE significantly reduces the stock liquidity. Specifically, compared with climate physical risk exposure (CPRE), climate transition risk exposure (CTRE) has a more pronounced negative impact on the stock liquidity. Moreover, government environmental regulation has a significantly positive moderating effect on the above negative relationship. Public environmental attention significantly positively moderates the relationship between CCRE, CTRE and stock liquidity, but the moderating effect in CPRE and stock liquidity is not significant. Furthermore, the joint moderating effect of heterogeneous environmental regulation positively moderates the negative relationship between CCRE, CPRE and stock liquidity. Additional analysis suggests that the negative effect of CCRE on stock liquidity further reduces firm performance. This paper provides clues for understanding the liquidity of micro entities in the capital market and provides practical suggestions for better coping with corporate climate risk.

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企业气候风险暴露与股票流动性：基于异质环境监管的新证据

气候变化给企业带来的日益增加的气候风险正成为全球企业面临的一个复杂而重要的挑战。本文以2011 - 2020年中国a股上市企业为样本，探讨了企业气候风险暴露与股票流动性的关系。结果表明，CCRE显著降低了股票流动性。具体而言，与气候物理风险暴露（CPRE）相比，气候转型风险暴露（cre）对股票流动性的负向影响更为显著。政府环境规制对上述负向关系具有显著的正向调节作用。公众环境关注显著正向调节cre、cre与股票流动性的关系，而CPRE与股票流动性的调节作用不显著。异质性环境调控的联合调节作用正向调节cre、CPRE与股票流动性的负向关系。进一步分析表明，CCRE对股票流动性的负面影响进一步降低了公司绩效。本文为理解资本市场微观主体的流动性提供了线索，并为更好地应对企业气候风险提供了切实可行的建议。

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

Research in International Business and Finance BUSINESS, FINANCE-

CiteScore

11.20

自引率

9.20%

发文量

240

期刊介绍： Research in International Business and Finance (RIBAF) seeks to consolidate its position as a premier scholarly vehicle of academic finance. The Journal publishes high quality, insightful, well-written papers that explore current and new issues in international finance. Papers that foster dialogue, innovation, and intellectual risk-taking in financial studies; as well as shed light on the interaction between finance and broader societal concerns are particularly appreciated. The Journal welcomes submissions that seek to expand the boundaries of academic finance and otherwise challenge the discipline. Papers studying finance using a variety of methodologies; as well as interdisciplinary studies will be considered for publication. Papers that examine topical issues using extensive international data sets are welcome. Single-country studies can also be considered for publication provided that they develop novel methodological and theoretical approaches or fall within the Journal''s priority themes. It is especially important that single-country studies communicate to the reader why the particular chosen country is especially relevant to the issue being investigated. [...] The scope of topics that are most interesting to RIBAF readers include the following: -Financial markets and institutions -Financial practices and sustainability -The impact of national culture on finance -The impact of formal and informal institutions on finance -Privatizations, public financing, and nonprofit issues in finance -Interdisciplinary financial studies -Finance and international development -International financial crises and regulation -Financialization studies -International financial integration and architecture -Behavioral aspects in finance -Consumer finance -Methodologies and conceptualization issues related to finance