Attention to climate change and downside risk: Evidence from China

Xing Chen; Xian Chen; Longhao XuFenghua Wen

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Attention to climate change and downside risk: Evidence from China

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摘要

We explore the role of public climate attention, captured by the Baidu search volumeindex, in the downside risk. Using 45 keywords from five perspectives related to climatechange, we construct a public climate attention index in China. We find a positive andsignificant relationship between climate attention and downside risk at the market-leveland firm-level. Moreover, the risk-increase effect of climate attention becomes moreprominent for state-owned and high-carbon-emission firms. Further analysis shows thatexcellent sustainable performance can moderate the adverse effect of rising climateattention, while the major climate disasters exacerbate the effect. Overall, our findingsshed additional light on the important role of collective climate beliefs in corporate riskmanagement and investor decision-making.

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来源
《Risk analysis》 |2023年第5期|1011-1031|共21页
作者
Xing Chen; Xian Chen; Longhao XuFenghua Wen;
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作者单位

School of Business, Central South University,Changsha, Hunan, China, School of Finance, Shanghai Lixin University ofAccounting and Finance, Shanghai, China;

School of Business, Central South University,Changsha, Hunan, China;

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原文格式 PDF
正文语种英语
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关键词
climate attention; climate disasters; downside risk; ESG performance; risk management;

Attention to climate change and downside risk: Evidence from China

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