Flood risk and corporate future orientation: Evidence from sea level rise risk

Qingjie Du1; Albert Tsang2; YangWang3

2023

10.1111/jbfa.12703

Journal of Business Finance and Accounting   影响因子和分区

0306-686X

1468-5957

We find that firms located in US counties with higher sea level rise (SLR) risk engage less in future-oriented activities, that is, lower corporate social responsibility performance, lower R&D investment and fewer patents granted than firms in counties with lower SLR risk. The effect is strengthened when media attention on climate change is high, when the firm has a high level of prior long-term investment and when the firm is managed by a young CEO and a CEO who has a greater tendency to avoid uncertainty, whereas it is weakened when the firm's CEO is near retirement and when the firm is geographically diversified. Overall, we document a negative relationship between flood risk exposure and corporate future orientation, suggesting that firms change their future-oriented attitude in response to concern over climate risks.

CSR climate risk flood risk future orientation media attention sea level rise

SSCI

英语

其他

Business & Economics

Business, Finance

WOS:000993307300001

WILEY

人工提交

1.1Department of Finance, Birmingham Business School, University of Birmingham, Birmingham, UK
2.SUSTech Business School, Southern University of Science and Technology, Shenzhen, Guangdong, China
3.Discipline of Finance, University of Sydney Business School, The University of Sydney, Glebe, New SouthWales, Australia

Qingjie Du,Albert Tsang,YangWang. Flood risk and corporate future orientation: Evidence from sea level rise risk[J]. Journal of Business Finance and Accounting,2023.

Qingjie Du,Albert Tsang,&YangWang.(2023).Flood risk and corporate future orientation: Evidence from sea level rise risk.Journal of Business Finance and Accounting.

Qingjie Du,et al."Flood risk and corporate future orientation: Evidence from sea level rise risk".Journal of Business Finance and Accounting (2023).