气候变化风险与企业价值：来自中低收入经济体的证据

IF 7.4 2区经济学 Q1 BUSINESS, FINANCE

Finance Research Letters Pub Date : 2025-07-13 DOI:10.1016/j.frl.2025.107977

Ömer Tuğsal Doruk

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引用次数: 0

摘要

本研究利用跨国企业数据集考察了气候变化对中低收入经济体企业价值的影响。本研究采用两个新的企业层面的气候变化风险变量，从财务和物理两个维度探讨气候变化风险对企业价值的影响。结果表明，气候变化风险敞口通过过渡风险和物理风险两个渠道显著影响企业价值。同时，企业的ESG绩效确实缓解了气候变化暴露对企业价值的影响，而基于企业社会责任绩效的高管薪酬并未缓解气候变化暴露对企业价值的影响。这些发现对于不同的建模和变量选择都是稳健的。这项研究有望揭示气候变化风险与企业价值之间的关系，特别是在低收入和中等收入经济体。

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CLIMATE CHANGE EXPOSURE AND FIRM VALUE: EVIDENCE FROM LOW AND MIDDLE INCOME ECONOMIES

This study examines the impact of climate change exposure on firm value for low- and middle-income economies by utilizing cross-country firm-level dataset. This study employs two novel firm-level climate change exposure variables to explore the impact of climate change exposure on firm value in both financial and physical dimensions of it. The results show that climate change exposure significantly affects firm value through both transition and physical risk channels. At the same time, ESG performance of the firms does mitigate the effect of climate change exposure on the firm value, while corporate social responsibility performance based executive compensation does not mitigate the impact of climate change exposure on firm value. The findings are robust to different modeling and variable alternatives. This study is expected to sheds new light on the climate change exposure-firm value relationship, especially on the low and middle income economies.

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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

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