Using a large sample of US listed firms, we find that exposure to climate risk is negatively associated with working capital. This effect is accentuated in carbon-intensive industries and firms facing financial difficulties. These findings suggest that climate risk pressures firms to release unnecessary resources allocated to working capital, a result consistent with the disciplinary channel. (c) 2023 Elsevier B.V. All rights reserved.
Ahmad, M. F., Aktas, N., Croci, E., Climate risk and deployment of corporate resources to working capital, <<ECONOMICS LETTERS>>, 2023; 224 (March): N/A-N/A. [doi:10.1016/j.econlet.2023.111002] [https://hdl.handle.net/10807/230086]
Climate risk and deployment of corporate resources to working capital
Croci, Ettore
2023
Abstract
Using a large sample of US listed firms, we find that exposure to climate risk is negatively associated with working capital. This effect is accentuated in carbon-intensive industries and firms facing financial difficulties. These findings suggest that climate risk pressures firms to release unnecessary resources allocated to working capital, a result consistent with the disciplinary channel. (c) 2023 Elsevier B.V. All rights reserved.
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