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| DOI | 10.1016/j.aos.2024.101547 |
| Firm-specific climate risk and market valuation | |
| 发表日期 | 2024 |
| ISSN | 0361-3682 |
| EISSN | 1873-6289 |
| 起始页码 | 112 |
| 卷号 | 112 |
| 英文摘要 | In alignment with the call in Engle et al. (2020) to improve the measurement of firm-level climate risk exposure, we explore usefulness of a firm-specific measure based on 10-K disclosures of climate risk. We find that our measure has incremental explanatory power for firm valuation over climate risk-related measures currently used in the literature. Further, our measure is broadly available, which extends the span of questions related to firmspecific climate risk that can be investigated. Corroborating its usefulness, we find that relative to hedge portfolios based upon the other measures, the return on a hedge portfolio that is long (short) on firms with high (low) values of our climate risk measure has the strongest negative association with a US-news based measure of climate change concerns. By exploiting the broad climate-related disclosures in 10-Ks, our measure provides a tool to better understand valuation implications of climate risk for firms. |
| 英文关键词 | Climate risk; Market valuation; CSR; Textual analysis; Disclosure |
| 语种 | 英语 |
| WOS研究方向 | Business & Economics |
| WOS类目 | Business, Finance |
| WOS记录号 | WOS:001218327800001 |
| 来源期刊 | ACCOUNTING ORGANIZATIONS AND SOCIETY
 |
| 文献类型 | 期刊论文 |
| 条目标识符 | http://gcip.llas.ac.cn/handle/2XKMVOVA/291911 |
| 作者单位 | University of Auckland; University of New Mexico; University of Melbourne |
| 推荐引用方式 GB/T 7714 | . Firm-specific climate risk and market valuation[J],2024,112. |
| APA | (2024).Firm-specific climate risk and market valuation.ACCOUNTING ORGANIZATIONS AND SOCIETY,112. |
| MLA | "Firm-specific climate risk and market valuation".ACCOUNTING ORGANIZATIONS AND SOCIETY 112(2024). |
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