Firm-level Climate Change Exposure and Corporate Cash Holdings: Evidence from Asian Countries

被引：0
|
作者：
Le, Huong [1 ]
Nguyen, Oanh Thi Kim [1 ]
Tran, Thuy Anh Thi [1 ]
Phan, Trung Bao [1 ]
Tran, Nguyen Trong [2 ]
机构：
[1] Vietnam Natl Univ, Int Sch, Hanoi, Vietnam
[2] Acad Policy & Dev, Nam An Khanh, Hanoi, Vietnam
来源：
JOURNAL OF EMERGING MARKET FINANCE | 2025年
关键词：
Climate change exposure; climate change risk; cash holdings; IMPACTS; RISKS; COST;
D O I：
10.1177/09726527241312977
中图分类号：
F8 [财政、金融];
学科分类号：
0202 ;
摘要：
This study investigates the correlation between climate change exposure and corporate cash holdings. Using climate change data exposed at the firm level of 804 unique firms between 2002 and 2022 in six Asian countries (Japan, Korea, China, Singapore, India, and Hong Kong), this study provides empirical evidence that firms reserve more cash in response to their exposure to climate change. Additionally, we discover that firms with greater financial restrictions have a stronger positive link between cash hoarding and climate change risk. The evidence offered holds up well against different climate change dimensions and the sample before the COVID-19 pandemic.JEL Code: G32
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页数：25
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