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| DOI | 10.1111/fima.12451 |
| Temperature trend and corporate cash holdings | |
| 发表日期 | 2024 |
| ISSN | 0046-3892 |
| EISSN | 1755-053X |
| 英文摘要 | We examine the causal impact of climate uncertainty on companies' cash holdings using local temperature trends. We find a notable increase in cash reserves among companies in response to rising climate-related risks. We also identify two significant channels through which climate uncertainty influences firms' cash management: heightened environmental enforcement risk and increased physical risk. Furthermore, we observe that the positive effect of temperature trends on cash holdings is more pronounced for financially constrained firms and those with a lower level of environmental protection awareness. External financing through equity and debt issuance, as well as cost reduction strategies involving research and development and selling, general, and administrative activities, represent viable avenues for firms to bolster their cash reserves. However, financially constrained firms are less inclined to build up cash reserves through debt financing. Our findings underscore the precautionary nature of corporate cash policies and shed light on how temperature fluctuations can significantly shape corporate behavior. |
| 英文关键词 | cash holdings; climate (temperature) change; corporate governance; financial constraints |
| 语种 | 英语 |
| WOS研究方向 | Business & Economics |
| WOS类目 | Business, Finance |
| WOS记录号 | WOS:001189578600001 |
| 来源期刊 | FINANCIAL MANAGEMENT
 |
| 文献类型 | 期刊论文 |
| 条目标识符 | http://gcip.llas.ac.cn/handle/2XKMVOVA/291783 |
| 作者单位 | University of Bath; University College Dublin; University of Bath |
| 推荐引用方式 GB/T 7714 | . Temperature trend and corporate cash holdings[J],2024. |
| APA | (2024).Temperature trend and corporate cash holdings.FINANCIAL MANAGEMENT. |
| MLA | "Temperature trend and corporate cash holdings".FINANCIAL MANAGEMENT (2024). |
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