Flood risk and corporate future orientation: Evidence from sea level rise risk

被引：11
|
作者：
Du, Qingjie [1 ]
Tsang, Albert [2 ]
Wang, Yang [3 ,4 ]
机构：
[1] Univ Birmingham, Birmingham Business Sch, Dept Finance, Birmingham, England
[2] Southern Univ Sci & Technol, SUSTech Business Sch, Shenzhen, Guangdong, Peoples R China
[3] Univ Sydney, Business Sch, Discipline Finance, Glebe, NSW, Australia
[4] Univ Sydney, Business Sch, Glebe, NSW, Australia
来源：
JOURNAL OF BUSINESS FINANCE & ACCOUNTING | 2024年 / 51卷 / 1-2期
关键词：
CSR; climate risk; flood risk; future orientation; media attention; sea level rise; SOCIAL-RESPONSIBILITY; STOCK RETURNS; NONFINANCIAL DISCLOSURE; CEO OVERCONFIDENCE; SHAREHOLDER VALUE; ANALYST COVERAGE; AGENCY COSTS; MANAGEMENT; PERFORMANCE; INVESTMENT;
D O I：
10.1111/jbfa.12703
中图分类号：
F8 [财政、金融];
学科分类号：
0202 ;
摘要：
We find that firms located in US counties with higher sea level rise (SLR) risk engage less in future-oriented activities, that is, lower corporate social responsibility performance, lower R&D investment and fewer patents granted than firms in counties with lower SLR risk. The effect is strengthened when media attention on climate change is high, when the firm has a high level of prior long-term investment and when the firm is managed by a young CEO and a CEO who has a greater tendency to avoid uncertainty, whereas it is weakened when the firm's CEO is near retirement and when the firm is geographically diversified. Overall, we document a negative relationship between flood risk exposure and corporate future orientation, suggesting that firms change their future-oriented attitude in response to concern over climate risks.
引用
收藏
页码：555 / 594
页数：40
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