Carbon risk and corporate investment: A cross-country evidence

被引：34

作者：

Dinh Hoang Bach Phan ^{[1
]}

Vuong Thao Tran ^{[2
]}

Ming, Tee Chwee ^{[3
]}

Anh Le ^{[2
]}

机构：

[1] La Trobe Univ, Dept Econ Finance & Mkt, Bundoora, Vic, Australia

[2] RMIT Univ, Sch Econ Finance & Mkt, Melbourne, Vic, Australia

[3] Univ Sains Malaysia, Sch Management, Gelugor, Malaysia

来源：

FINANCE RESEARCH LETTERS | 2022年 / 46卷

关键词：

Climate risk; Carbon emission; Corporate investment; Financial constraints; OIL PRICE UNCERTAINTY; CASH FLOW VOLATILITY; FINANCIAL CONSTRAINTS; SOCIAL-RESPONSIBILITY; POLITICAL UNCERTAINTY; EMISSIONS; COST; PERFORMANCE; ENTERPRISES; BUSINESS;

D O I：

10.1016/j.frl.2021.102376

中图分类号：

F8 [财政、金融];

学科分类号：

0202 ;

摘要：

This paper investigates the effect of carbon risk on corporate investment using data from 41 countries for the period 2002-2017. There is strong evidence showing that the impact of carbon risk on corporate investment is negative and statistically significant. Carbon risk also reduces investment inefficiency. We find that carbon-intensive firms are affected more severely compared to carbon-non-intensive ones. Further, the effect depends on the level of a firm's financial constraints, where it is stronger in firms with financial constraints measured by firm size, age, KZ index, and dividend payout policy. Our findings remain consistent in several robustness tests.

引用

页数：13

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