{"title":"公司特有的气候风险和市场估值","authors":"Henk Berkman , Jonathan Jona , Naomi Soderstrom","doi":"10.1016/j.aos.2024.101547","DOIUrl":null,"url":null,"abstract":"<div><p>In alignment with the call in Engle et al. (2020) to improve the measurement of firm-level climate risk exposure, we explore usefulness of a firm-specific measure based on 10-K disclosures of climate risk. We find that our measure has incremental explanatory power for firm valuation over climate risk-related measures currently used in the literature. Further, our measure is broadly available, which extends the span of questions related to firm-specific climate risk that can be investigated. Corroborating its usefulness, we find that relative to hedge portfolios based upon the other measures, the return on a hedge portfolio that is long (short) on firms with high (low) values of our climate risk measure has the strongest negative association with a US-news based measure of climate change concerns. By exploiting the broad climate-related disclosures in 10-Ks, our measure provides a tool to better understand valuation implications of climate risk for firms.</p></div>","PeriodicalId":48379,"journal":{"name":"Accounting Organizations and Society","volume":"112 ","pages":"Article 101547"},"PeriodicalIF":3.6000,"publicationDate":"2024-03-23","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":"0","resultStr":"{\"title\":\"Firm-specific climate risk and market valuation\",\"authors\":\"Henk Berkman , Jonathan Jona , Naomi Soderstrom\",\"doi\":\"10.1016/j.aos.2024.101547\",\"DOIUrl\":null,\"url\":null,\"abstract\":\"<div><p>In alignment with the call in Engle et al. (2020) to improve the measurement of firm-level climate risk exposure, we explore usefulness of a firm-specific measure based on 10-K disclosures of climate risk. We find that our measure has incremental explanatory power for firm valuation over climate risk-related measures currently used in the literature. Further, our measure is broadly available, which extends the span of questions related to firm-specific climate risk that can be investigated. Corroborating its usefulness, we find that relative to hedge portfolios based upon the other measures, the return on a hedge portfolio that is long (short) on firms with high (low) values of our climate risk measure has the strongest negative association with a US-news based measure of climate change concerns. By exploiting the broad climate-related disclosures in 10-Ks, our measure provides a tool to better understand valuation implications of climate risk for firms.</p></div>\",\"PeriodicalId\":48379,\"journal\":{\"name\":\"Accounting Organizations and Society\",\"volume\":\"112 \",\"pages\":\"Article 101547\"},\"PeriodicalIF\":3.6000,\"publicationDate\":\"2024-03-23\",\"publicationTypes\":\"Journal Article\",\"fieldsOfStudy\":null,\"isOpenAccess\":false,\"openAccessPdf\":\"\",\"citationCount\":\"0\",\"resultStr\":null,\"platform\":\"Semanticscholar\",\"paperid\":null,\"PeriodicalName\":\"Accounting Organizations and Society\",\"FirstCategoryId\":\"91\",\"ListUrlMain\":\"https://www.sciencedirect.com/science/article/pii/S0361368224000072\",\"RegionNum\":2,\"RegionCategory\":\"管理学\",\"ArticlePicture\":[],\"TitleCN\":null,\"AbstractTextCN\":null,\"PMCID\":null,\"EPubDate\":\"\",\"PubModel\":\"\",\"JCR\":\"Q1\",\"JCRName\":\"BUSINESS, FINANCE\",\"Score\":null,\"Total\":0}","platform":"Semanticscholar","paperid":null,"PeriodicalName":"Accounting Organizations and Society","FirstCategoryId":"91","ListUrlMain":"https://www.sciencedirect.com/science/article/pii/S0361368224000072","RegionNum":2,"RegionCategory":"管理学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":null,"EPubDate":"","PubModel":"","JCR":"Q1","JCRName":"BUSINESS, FINANCE","Score":null,"Total":0}
In alignment with the call in Engle et al. (2020) to improve the measurement of firm-level climate risk exposure, we explore usefulness of a firm-specific measure based on 10-K disclosures of climate risk. We find that our measure has incremental explanatory power for firm valuation over climate risk-related measures currently used in the literature. Further, our measure is broadly available, which extends the span of questions related to firm-specific climate risk that can be investigated. Corroborating its usefulness, we find that relative to hedge portfolios based upon the other measures, the return on a hedge portfolio that is long (short) on firms with high (low) values of our climate risk measure has the strongest negative association with a US-news based measure of climate change concerns. By exploiting the broad climate-related disclosures in 10-Ks, our measure provides a tool to better understand valuation implications of climate risk for firms.
期刊介绍：
Accounting, Organizations & Society is a major international journal concerned with all aspects of the relationship between accounting and human behaviour, organizational structures and processes, and the changing social and political environment of the enterprise.
求助内容：
应助结果提醒方式：
京公网安备 11010802042870号
