How does biodiversity risk exposure affect corporate regulatory intensity?

IF 6.9 2区经济学 Q1 BUSINESS, FINANCE

Finance Research Letters Pub Date : 2025-09-18 DOI:10.1016/j.frl.2025.108493

Thanh Tat Tran , Khanh Hoang , Thanh Ngo , Thang Xuan Nguyen , Hien Thi Thu Tran

引用次数: 0

Abstract

This paper investigates the impact of biodiversity risk on corporate regulatory intensity of firms in the United States during 2007-2020. Using text-based measures of biodiversity risk and regulatory intensity extracted from corporate disclosures and public media, we provide empirical evidence of a positive impact of biodiversity risk exposure on corporate regulatory intensity. The finding suggests that more corporate exposure to biodiversity risk increases the regulatory intensity and cost of regulatory compliance. Further empirical analysis suggests that the impact of biodiversity risk exposure on regulatory intensity is less pronounced in firms with headquarters located in states with poorer institutions, and in vertically integrated firms.

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生物多样性风险暴露如何影响企业监管强度？

本文研究了2007-2020年生物多样性风险对美国企业监管强度的影响。本文利用从企业信息披露和公众媒体中提取的基于文本的生物多样性风险和监管强度度量，提供了生物多样性风险暴露对企业监管强度的积极影响的实证证据。研究结果表明，企业面临的生物多样性风险越大，监管强度越大，合规成本越高。进一步的实证分析表明，生物多样性风险暴露对监管强度的影响在总部设在制度较差的州的公司和垂直整合的公司中不太明显。

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

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