Climate risks and debt structure

IF 8 3区管理学 Q1 BUSINESS, FINANCE

British Accounting Review Pub Date : 2025-09-01 Epub Date: 2025-03-05 DOI:10.1016/j.bar.2025.101614

Bill B. Francis , Iftekhar Hasan , Chunxia Jiang , Zenu Sharma , Yun Zhu

引用次数: 0

Abstract

This paper examines the impact of climate risks on the debt structure of a sample of U.S. firms from 2002 through 2020. Climate risks—mainly physical, regulatory, and transition risks—are associated with a concentrated debt structure for the affected firms. However, when climate risks propagate through the channels of expected bankruptcy costs and sustainability, they are associated with a more diversified debt structure. Additionally, climate risks asymmetrically impact the relationship between access to finance and debt structure. Results from a quasi-natural experiment reaffirm the impact of climate risks on debt structure.

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气候风险和债务结构

本文考察了气候风险对2002年至2020年美国公司债务结构的影响。气候风险——主要是实物风险、监管风险和转型风险——与受影响企业的集中债务结构有关。然而，当气候风险通过预期破产成本和可持续性的渠道传播时，它们与更多样化的债务结构有关。此外，气候风险不对称地影响融资渠道与债务结构之间的关系。准自然实验的结果重申了气候风险对债务结构的影响。

本文章由计算机程序翻译，如有差异，请以英文原文为准。

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来源期刊

British Accounting Review BUSINESS, FINANCE-

CiteScore

8.60

自引率

3.90%

发文量

审稿时长

76 days

期刊介绍： The British Accounting Review*is pleased to publish original scholarly papers across the whole spectrum of accounting and finance. The journal is eclectic and pluralistic and contributions are welcomed across a wide range of research methodologies (e.g. analytical, archival, experimental, survey and qualitative case methods) and topics (e.g. financial accounting, management accounting, finance and financial management, auditing, public sector accounting, social and environmental accounting; accounting education and accounting history), evidence from UK and non-UK sources are equally acceptable.