Does climate risk vulnerability affect the value of excess cash? International evidence

被引:0
|
作者
Guizani, Assil [1 ,6 ]
Nizar, Hamza [2 ]
Lakhal, Faten [3 ]
Hamza, Taher [2 ,4 ]
Benkraiem, Ramzi [5 ]
机构
[1] EDC Paris Business Sch, OCRE Res Lab, Paris, France
[2] Univ Paris Nanterre, CEROS, Nanterre, France
[3] Univ Carthage, PRESTIGE Labo, IHEC, Carthage, Tunisia
[4] Leonard Vinci Pole Univ, Res Ctr, Courbevoie, France
[5] EM Normandie Business Sch, Metis Lab, Le Havre, France
[6] Audencia Business Sch, Nantes, France
关键词
climate risk; corporate social responsibility; governance quality; investor protection; value of excess cash; CORPORATE GOVERNANCE; HOLDINGS; TESTS; SPECIFICATION; DETERMINANTS; INFORMATION; DISCLOSURE; DECISIONS; FINANCE; FIRMS;
D O I
10.1002/ijfe.3035
中图分类号
F8 [财政、金融];
学科分类号
0202 ;
摘要
In this paper, we investigate the impact of climate risk on the value of excess cash. Based on an international sample of 6468 firm-year observations from 2010 to 2019, the results show that climate risk vulnerability positively affects the value of excess cash. This suggests that investors may consider firms with excess cash to be better positioned to challenge extreme weather events by using cash reserves to cover up expenses and maintain operations. This positive effect is more pronounced for firms operating in countries with strong investor protection, for those with strong governance quality, and for those with high corporate social responsibility performance. However, it is less accentuated in the presence of financial constraints. Overall, our findings have significant practical implications for decision-makers, investors, and policymakers.
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页数:20
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