Preparing for climate volatility: exploring the impact of climate risk on excess cash holdings

被引：0
|
作者：
Li, Bin [1 ]
Zhao, Qizi [2 ]
Shahab, Yasir [3 ]
Lu, Xiangqian [4 ]
机构：
[1] Xian Int Univ, Coll Business, Xian, Shaanxi, Peoples R China
[2] Xi An Jiao Tong Univ, Sch Econ & Finance, Xian, Shaanxi, Peoples R China
[3] Xijing Univ, Sch Accounting, Xian 710123, Shaanxi, Peoples R China
[4] Shanghai Quanyi Investment Co LTD, Finance Dept, Shanghai, Peoples R China
来源：
APPLIED ECONOMICS LETTERS | 2024年
关键词：
Climate risk; excess cash holdings; liquidity risk; China;
D O I：
10.1080/13504851.2024.2363292
中图分类号：
F [经济];
学科分类号：
02 ;
摘要：
We investigate the impact of climate risk on corporate excess cash holdings. We employ a unique climate risk index from 2014 to 2020 in China and find that climate risk is negatively associated with corporate excess cash holdings. We further find that this negative nexus is (a) weakened in state-owned firms, politically connected firms, and firms with high government subsidies and (b) strengthened in more financially constrained firms. Our findings suggest that climate risk aggravates the liquidity risk faced by firms, leading them into financial trouble and further impeding the development of listed firms.
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页数：7
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