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.
引用
收藏
页数：7
相关论文
共 50 条
  • [41] Exploring the Dynamic Impact of Extreme Climate Events on Vegetation Productivity under Climate Change
    Xu, Hanqing
    Tan, Jinkai
    Li, Chunlan
    Niu, Yiying
    Wang, Jun
    FORESTS, 2023, 14 (04):
  • [42] The climate impact of excess food intake - An avoidable environmental burden
    Sundin, Niina
    Rosell, Magdalena
    Eriksson, Mattias
    Jensen, Carl
    Bianchi, Marta
    RESOURCES CONSERVATION AND RECYCLING, 2021, 174
  • [43] Exploring the nexus between CEO characteristics and the value of excess cash holdings through the lens of the resource-based view theory
    Guizani, Moncef
    Larabi, Chouayb
    CORPORATE GOVERNANCE-THE INTERNATIONAL JOURNAL OF BUSINESS IN SOCIETY, 2025, 25 (03): : 586 - 605
  • [44] Exploring east African climate change risk perceptions to inform effective climate services
    Steynor, A.
    Pasquini, L.
    CLIMATE SERVICES, 2023, 32
  • [45] Default risk in agricultural lending, the effects of commodity price volatility and climate
    Castro, Carlos
    Garcia, Karen
    AGRICULTURAL FINANCE REVIEW, 2014, 74 (04) : 501 - +
  • [46] Exploring together the emotional impact of the climate and nature crisis
    Smith, Richard
    BMJ-BRITISH MEDICAL JOURNAL, 2023, 383
  • [47] Exploring Impact of Climate Change on Poultry Production in Nigeria
    Osuji, Emeka Emmanuel
    Onyeneke, Robert Ugochukwu
    Nkwocha, Geoffrey Amanze
    Olaolu, Michael Olatunji
    AGRICULTURAL RESEARCH, 2024, 13 (03) : 613 - 621
  • [48] Measuring the impact of climate risk on renewable energy stock volatility: A case study of G20 economies
    Zhang, Li
    Liang, Chao
    Huynh, Luu Duc Toan
    Wang, Lu
    Damette, Olivier
    JOURNAL OF ECONOMIC BEHAVIOR & ORGANIZATION, 2024, 223 : 168 - 184
  • [49] Estimating the impact of climate change on credit risk
    Turnbull, Stuart M.
    JOURNAL OF RISK, 2023, 26 (01): : 1 - 25
  • [50] Impact of Climate Change on Snowmelt Erosion Risk
    Podhrazska, Jana
    Szturc, Jan
    Kucera, Josef
    Chuchma, Filip
    LAND, 2025, 14 (01)
12345