气候物理风险与企业供应链弹性：投资者情绪和冒险行为如何影响供应链运营？

IF 6.9 2区经济学 Q1 BUSINESS, FINANCE

Finance Research Letters Pub Date : 2025-07-05 DOI:10.1016/j.frl.2025.107903

Xiao Guo , Rongxin Li

{"title":"气候物理风险与企业供应链弹性：投资者情绪和冒险行为如何影响供应链运营？","authors":"Xiao Guo , Rongxin Li","doi":"10.1016/j.frl.2025.107903","DOIUrl":null,"url":null,"abstract":"<div><div>Climate change poses a significant challenge to the normal functioning of supply chains. This study explores the impact using data from Chinese listed companies. Benchmark regressions indicate that escalating climate physical risks significantly reduce supply chain resilience. Mechanism analysis reveals that investor sentiment, managerial stock incentives, and corporate risk-taking behaviors can mitigate this suppressive effect. Furthermore, heterogeneity analysis shows that the disruptive impact of climate physical risks on supply chains is more pronounced in firms with low profitability and less analyst attention.</div></div>","PeriodicalId":12167,"journal":{"name":"Finance Research Letters","volume":"85 ","pages":"Article 107903"},"PeriodicalIF":6.9000,"publicationDate":"2025-07-05","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":"0","resultStr":"{\"title\":\"Climate physical risks and corporate supply chain resilience: How do investor sentiment and risk-taking behaviors influence supply chain operations?\",\"authors\":\"Xiao Guo , Rongxin Li\",\"doi\":\"10.1016/j.frl.2025.107903\",\"DOIUrl\":null,\"url\":null,\"abstract\":\"<div><div>Climate change poses a significant challenge to the normal functioning of supply chains. This study explores the impact using data from Chinese listed companies. Benchmark regressions indicate that escalating climate physical risks significantly reduce supply chain resilience. Mechanism analysis reveals that investor sentiment, managerial stock incentives, and corporate risk-taking behaviors can mitigate this suppressive effect. Furthermore, heterogeneity analysis shows that the disruptive impact of climate physical risks on supply chains is more pronounced in firms with low profitability and less analyst attention.</div></div>\",\"PeriodicalId\":12167,\"journal\":{\"name\":\"Finance Research Letters\",\"volume\":\"85 \",\"pages\":\"Article 107903\"},\"PeriodicalIF\":6.9000,\"publicationDate\":\"2025-07-05\",\"publicationTypes\":\"Journal Article\",\"fieldsOfStudy\":null,\"isOpenAccess\":false,\"openAccessPdf\":\"\",\"citationCount\":\"0\",\"resultStr\":null,\"platform\":\"Semanticscholar\",\"paperid\":null,\"PeriodicalName\":\"Finance Research Letters\",\"FirstCategoryId\":\"96\",\"ListUrlMain\":\"https://www.sciencedirect.com/science/article/pii/S1544612325011614\",\"RegionNum\":2,\"RegionCategory\":\"经济学\",\"ArticlePicture\":[],\"TitleCN\":null,\"AbstractTextCN\":null,\"PMCID\":null,\"EPubDate\":\"\",\"PubModel\":\"\",\"JCR\":\"Q1\",\"JCRName\":\"BUSINESS, FINANCE\",\"Score\":null,\"Total\":0}","platform":"Semanticscholar","paperid":null,"PeriodicalName":"Finance Research Letters","FirstCategoryId":"96","ListUrlMain":"https://www.sciencedirect.com/science/article/pii/S1544612325011614","RegionNum":2,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":null,"EPubDate":"","PubModel":"","JCR":"Q1","JCRName":"BUSINESS, FINANCE","Score":null,"Total":0}

引用次数: 0

摘要

气候变化对供应链的正常运作构成重大挑战。本研究使用中国上市公司的数据来探讨其影响。基准回归表明，不断升级的气候物理风险显著降低了供应链的复原力。机制分析表明，投资者情绪、管理层股票激励和企业风险承担行为可以缓解这种抑制效应。此外，异质性分析表明，气候物理风险对供应链的破坏性影响在低盈利能力和分析师关注较少的公司中更为明显。

本文章由计算机程序翻译，如有差异，请以英文原文为准。

查看原文本刊更多论文

Climate physical risks and corporate supply chain resilience: How do investor sentiment and risk-taking behaviors influence supply chain operations?

Climate change poses a significant challenge to the normal functioning of supply chains. This study explores the impact using data from Chinese listed companies. Benchmark regressions indicate that escalating climate physical risks significantly reduce supply chain resilience. Mechanism analysis reveals that investor sentiment, managerial stock incentives, and corporate risk-taking behaviors can mitigate this suppressive effect. Furthermore, heterogeneity analysis shows that the disruptive impact of climate physical risks on supply chains is more pronounced in firms with low profitability and less analyst attention.

求助全文

通过发布文献求助，成功后即可免费获取论文全文。去求助

来源期刊

Finance Research Letters BUSINESS, FINANCE-

CiteScore

11.10

自引率

14.40%

发文量

863

期刊介绍： Finance Research Letters welcomes submissions across all areas of finance, aiming for rapid publication of significant new findings. The journal particularly encourages papers that provide insight into the replicability of established results, examine the cross-national applicability of previous findings, challenge existing methodologies, or demonstrate methodological contingencies. Papers are invited in the following areas: Actuarial studies Alternative investments Asset Pricing Bankruptcy and liquidation Banks and other Depository Institutions Behavioral and experimental finance Bibliometric and Scientometric studies of finance Capital budgeting and corporate investment Capital markets and accounting Capital structure and payout policy Commodities Contagion, crises and interdependence Corporate governance Credit and fixed income markets and instruments Derivatives Emerging markets Energy Finance and Energy Markets Financial Econometrics Financial History Financial intermediation and money markets Financial markets and marketplaces Financial Mathematics and Econophysics Financial Regulation and Law Forecasting Frontier market studies International Finance Market efficiency, event studies Mergers, acquisitions and the market for corporate control Micro Finance Institutions Microstructure Non-bank Financial Institutions Personal Finance Portfolio choice and investing Real estate finance and investing Risk SME, Family and Entrepreneurial Finance