气候灾害对企业投资政策的影响

IF 2.9 3区 经济学 Q2 BUSINESS, FINANCE
Zhi-Yuan Feng , Chou-Wen Wang , Yu-Hong Lu
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引用次数: 0

摘要

近年来,极端天气事件频繁发生,造成了巨大的物质和经济损失。有大量的文献表明,过去的灾难经历如何改变个人未来的行为决定,导致他们做出不恰当的决定。鉴于此,本研究的主要课题是探讨企业在经历巨灾后是否会选择追求稳定和低风险。通过调查美国33次飓风和4次热带气旋对美国上市公司投资政策的影响,实证结果表明,位于灾区的公司在灾后减少了投资和资本支出。我们进一步对子样本分析、倾向得分匹配样本和排除与2008年全球金融危机相关的影响进行了若干稳健性检验。稳健性测试的证据保持一致,并推测公司在经历气候灾害后确实倾向于表现得更保守。
本文章由计算机程序翻译,如有差异,请以英文原文为准。
The impact of climatic disaster on corporate investment policy

Extreme weather events have been occurring in recent years with high frequency and resulting in enormous physical and monetary damages. There is a large strand of literature illustrating how past disaster experiences alter individuals’ behavioral decisions in the future, leading them to make inappropriate decisions. In view of this, the main topic of this research is to explore whether companies choose to pursue stability and low risk after experiencing catastrophes. By investigating the impact of 33 U.S. hurricanes and 4 tropical cyclones on U.S. public companies’ investment policies, the empirical results reveal that firms located in disaster regions reduce their investment and capital expenditures during the post-disaster period. We further implement several robustness tests regarding subsample analyses, the propensity-score matching sample, and excluding the impact associated with the 2008 global financial crisis. Evidence of the robustness tests remain consistent and conjecture that companies indeed are inclined to behave more conservatively after experiencing climatic disasters.

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来源期刊
CiteScore
7.30
自引率
4.80%
发文量
25
审稿时长
30 days
期刊介绍: International trade, financing and investments have grown at an extremely rapid pace in recent years, and the operations of corporations have become increasingly multinationalized. Corporate executives buying and selling goods and services, and making financing and investment decisions across national boundaries, have developed policies and procedures for managing cash flows denominated in foreign currencies. These policies and procedures, and the related managerial actions of executives, change as new relevant information becomes available. The purpose of the Journal of Multinational Financial Management is to publish rigorous, original articles dealing with the management of the multinational enterprise. Theoretical, conceptual, and empirical papers providing meaningful insights into the subject areas will be considered. The following topic areas, although not exhaustive, are representative of the coverage in this Journal. • Foreign exchange risk management • International capital budgeting • Forecasting exchange rates • Foreign direct investment • Hedging strategies • Cost of capital • Managing transaction exposure • Political risk assessment • International working capital management • International financial planning • International tax management • International diversification • Transfer pricing strategies • International liability management • International mergers.
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