气候变化暴露、风险管理和企业社会责任:跨国证据

IF 2.9 3区 经济学 Q2 BUSINESS, FINANCE
William Mbanyele , Linda Tinofirei Muchenje
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引用次数: 6

摘要

我们使用国际公司层面的样本来研究气候变化风险如何影响企业的社会责任。利用一种新的企业层面的气候变化风险度量,我们发现企业在应对气候变化风险冲击时显著上调了企业社会责任标准。利用差异中的差异(DiD)方法和自然灾害冲击作为气候变化风险的似是而非的外生冲击,我们记录了在严重自然灾害后,受影响企业的企业社会责任绩效相对于未受影响的同行有所提高。此外,我们观察到,在《斯特恩评估》和《巴黎协定》发布后,企业社会责任绩效对气候变化风险的敏感性有所上升。此外,我们发现这种影响对于气候敏感行业的企业、拥有更多增长选择的企业、治理标准较高的企业以及竞争激烈的行业的企业更为明显。总体而言,我们的研究结果表明,气候变化的不确定性可以促使企业更多地投资于企业社会责任活动,以对冲监管风险和物理风险。
本文章由计算机程序翻译,如有差异,请以英文原文为准。
Climate change exposure, risk management and corporate social responsibility: Cross-country evidence

We examine how climate change risk impacts corporate social responsibility using an international firm-level sample. Exploiting a new firm-level measure of climate change risk, we find that firms significantly adjust their CSR standards upwards in response to climate change risk shocks. Using the difference in difference (DiD) approach and natural disaster shocks as plausibly exogenous shocks to climate change risk, we document an increase in CSR performance for affected firms relative to their unaffected peers after severe natural disasters. Additionally, we observe that the sensitivity of CSR performance to climate change risk jumps after the release of the Stern Review and the Paris Agreement. Furthermore, we find that this impact is more pronounced for firms in climate-sensitive sectors, firms with more growth options, firms with higher governance standards, and firms in highly competitive industries. Overall, our findings reveal that climate change uncertainty can trigger firms to invest more in CSR activities to hedge against regulatory and physical risks.

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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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