气候变化领域集成服务门户(CCPortal): Climate-Related Financial Risk: Insights from a Semisystematic Review of the Literature and Implications for Financial Reporting

CCPortal

DOI	10.1142/S1094406024500070
	Climate-Related Financial Risk: Insights from a Semisystematic Review of the Literature and Implications for Financial Reporting
	Griffin, Paul A.; Sun, Estelle Y.
发表日期	2024
ISSN	1094-4060
EISSN	2213-3933
英文摘要	SynopsisThe research problemThis paper provides a semisystematic review of the literature on climate-related financial risk, with particular emphasis on whether that risk is adequately priced by financial markets and the implications of that risk assessment for financial reporting.MotivationThis paper was motivated by a strong perception that financial markets have become increasingly exposed to the perils of climate change, and a concern for whether the rapid expansion of the literature on this topic sufficiently addresses financial markets' correct pricing of the uncertainties inherent in these perils. Our particular goals were to understand the expansion of this literature, identify the originating and influential works that may have spurred this expansion, and provide new directions for research.The research questionOur paper reviews the research on whether climate-related financial risk is adequately priced by the financial markets.Target populationWe examined a comprehensive sample of articles on climate-related financial risk published in the Financial Times' Top 50 (FT50) accounting, finance, management, and business ethics journals over three decades, ending in 2022. Our analysis of the evolution of knowledge on climate-related financial risk also includes studies in non-FT50 journals (prior works) that may have spurred subsequent work in FT50 journals; non-FT50 journals (derivative works) that are inspired by the studies in FT50 journals; and set of studies that are similar to those in FT50 journals in terms of the topic (similar works) published in an array of non-FT50 journals.Adopted methodologyWe conducted a semisystematic review of knowledge flow based on bibliographic coupling, cocitation, and direct citation.AnalysesWe reviewed FT50 articles to examine the topics, methods, samples, and results. We compared FT50 articles with non-FT50 articles to explore their respective number of publications and average citations over time. We also examined the extent to which the FT50 and non-FT50 journals included accounting papers and the extent to which the top 20 papers, based on their impact (defined as the number of times a paper was considered an influential work by the FT50 journal papers), included accounting papers.FindingsCompared to non-FT50 journals, we find that FT50 journals largely ignored climate-related financial risk until about 2010, and that the average citation of an FT50 publication was lower than a non-FT50 publication until around 2017. The fraction of FT50 and non-FT50 accounting journals publishing on climate-related financial risk remained low across all years. Moreover, the top 20 studies, based on their impact, included very few accounting papers. Our review of the content of the FT50 studies identifies traits of the literature that limit its generalizability, namely, a heavy emphasis on samples of U.S. corporations and the extensive use of association tests to develop the findings. Our review of the literature on the pricing effects of climate-related financial risk suggests that financial markets only partially price this risk and that fundamental questions relevant to policy remain unanswered.
英文关键词	Climate-related financial risk; association study; flow of knowledge; bibliographic coupling; Financial Times journals
语种	英语
WOS研究方向	Business & Economics
WOS类目	Business, Finance
WOS记录号	WOS:001223235800002
来源期刊	INTERNATIONAL JOURNAL OF ACCOUNTING
文献类型	期刊论文
条目标识符	http://gcip.llas.ac.cn/handle/2XKMVOVA/306638
作者单位	University of California System; University of California Davis; Boston University
推荐引用方式 GB/T 7714	Griffin, Paul A.,Sun, Estelle Y.. Climate-Related Financial Risk: Insights from a Semisystematic Review of the Literature and Implications for Financial Reporting[J],2024.
APA	Griffin, Paul A.,&Sun, Estelle Y..(2024).Climate-Related Financial Risk: Insights from a Semisystematic Review of the Literature and Implications for Financial Reporting.INTERNATIONAL JOURNAL OF ACCOUNTING.
MLA	Griffin, Paul A.,et al."Climate-Related Financial Risk: Insights from a Semisystematic Review of the Literature and Implications for Financial Reporting".INTERNATIONAL JOURNAL OF ACCOUNTING (2024).