Climate risk and deployment of corporate resources to working capital

Muhammad Farooq Ahmad, Nihat Aktas*, Ettore Croci

*Autore corrispondente per questo lavoro

Risultato della ricerca: Contributo in rivistaArticolo in rivistapeer review

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.
Lingua originaleEnglish
pagine (da-a)N/A-N/A
RivistaEconomics Letters
Volume224
DOI
Stato di pubblicazionePubblicato - 2023

Keywords

  • Carbon intensity
  • Climate risk
  • Financial difficulty
  • Working capital

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