气候风险披露是否影响股票流动性？

IF 6.9 2区经济学 Q1 BUSINESS, FINANCE

Research in International Business and Finance Pub Date : 2025-08-01 DOI:10.1016/j.ribaf.2025.103130

Shaohai Lei , Yilan Chen , Dehua Xia

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引用次数: 0

摘要

本研究在公司-季度层面实证检验了气候风险披露对股票流动性的影响。使用5161的面板数据 U.S.本文采用双向固定效应（TWFE）模型来估计公司层面气候风险披露对股票流动性的因果影响。我们的研究结果表明，气候风险披露显著提高了当前和后续季度的股票流动性。这些结果在不同的模型规格、样本变化和周期中仍然是健壮的。具体而言，与机会风险和实物风险相关的披露对当前股票流动性的影响更为显著，而监管风险披露对未来股票流动性的影响更为实质性。此外，信息透明度高、积极应对气候变化的企业会放大气候风险披露对股票流动性的积极影响。这些发现强调了企业气候风险披露在塑造市场动态和改善流动性方面的关键作用。

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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Does climate risk disclosure affect stock liquidity?

This study empirically examines the effects of climate risk disclosure on stock liquidity at the firm-quarter level. Using panel data from 5161 U.S. listed firms from 2007 to 2022, we employ a two-way fixed effects (TWFE) model to estimate the causal impact of firm-level climate risk disclosure on stock liquidity. Our findings reveal that climate risk disclosure significantly enhances stock liquidity in the current and subsequent quarters. These results remain robust across various model specifications, sample variations, and periods. Specifically, disclosures related to opportunity and physical risks have a more pronounced effect on current stock liquidity, while regulatory risk disclosures exert a more substantial influence on future stock liquidity. Furthermore, firms with greater information transparency and proactive commitment to climate change amplify the positive effects of climate risk disclosure on stock liquidity. These findings highlight the critical role of corporate climate risk disclosure in shaping market dynamics and improving liquidity.

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来源期刊

Research in International Business and Finance BUSINESS, FINANCE-

CiteScore

11.20

自引率

9.20%

发文量

240

期刊介绍： Research in International Business and Finance (RIBAF) seeks to consolidate its position as a premier scholarly vehicle of academic finance. The Journal publishes high quality, insightful, well-written papers that explore current and new issues in international finance. Papers that foster dialogue, innovation, and intellectual risk-taking in financial studies; as well as shed light on the interaction between finance and broader societal concerns are particularly appreciated. The Journal welcomes submissions that seek to expand the boundaries of academic finance and otherwise challenge the discipline. Papers studying finance using a variety of methodologies; as well as interdisciplinary studies will be considered for publication. Papers that examine topical issues using extensive international data sets are welcome. Single-country studies can also be considered for publication provided that they develop novel methodological and theoretical approaches or fall within the Journal''s priority themes. It is especially important that single-country studies communicate to the reader why the particular chosen country is especially relevant to the issue being investigated. [...] The scope of topics that are most interesting to RIBAF readers include the following: -Financial markets and institutions -Financial practices and sustainability -The impact of national culture on finance -The impact of formal and informal institutions on finance -Privatizations, public financing, and nonprofit issues in finance -Interdisciplinary financial studies -Finance and international development -International financial crises and regulation -Financialization studies -International financial integration and architecture -Behavioral aspects in finance -Consumer finance -Methodologies and conceptualization issues related to finance