Flood risk and corporate future orientation: Evidence from sea level rise risk
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 strength...
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| Veröffentlicht in: | Journal of business finance & accounting 2024-01, Vol.51 (1-2), p.555-594 |
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| container_title | Journal of business finance & accounting |
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| creator | Du, Qingjie Tsang, Albert Wang, Yang |
| description | 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. |
| doi_str_mv | 10.1111/jbfa.12703 |
| format | Article |
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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. 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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.</description><subject>Climate change</subject><subject>climate risk</subject><subject>Companies</subject><subject>CSR</subject><subject>flood risk</subject><subject>Future</subject><subject>future orientation</subject><subject>media attention</subject><subject>R&D</subject><subject>Research & development</subject><subject>Retirement</subject><subject>sea level rise</subject><subject>Social responsibility</subject><subject>Uncertainty</subject><issn>0306-686X</issn><issn>1468-5957</issn><fulltext>true</fulltext><rsrctype>article</rsrctype><creationdate>2024</creationdate><recordtype>article</recordtype><recordid>eNp9kMtOwzAQRS0EEqWw4QsssUNK8SNxbHalanmogg1I7CzHGUspaVzspFX_nrRBYsdsZjHnnpEuQteUTGg_d6vCmQllOeEnaERTIZNMZfkpGhFORCKk-DxHFzGuCCGMinyEXhe19yUOVfzCpimx9WHjg2kBu67tAmAfKmha01a-ucfzbVVCY_tj8GscweAatlAf4nB0XKIzZ-oIV797jD4W8_fZU7J8e3yeTZeJ5YrypCyYK1NqSqFoWRS5MtQIQ1kGeZpKrgpCHVOcuQJSA4IS61IrFcsKa3LDCB-jm8G7Cf67g9jqle9C07_UTDHGKM8I66nbgbLBxxjA6U2o1ibsNSX60Jc-9KWPffUwHmCwvqniHyolS4nMpOgROiC7qob9PzL98rCYDtofHJt3dg</recordid><startdate>202401</startdate><enddate>202401</enddate><creator>Du, Qingjie</creator><creator>Tsang, Albert</creator><creator>Wang, Yang</creator><general>Blackwell Publishing Ltd</general><scope>OQ6</scope><scope>AAYXX</scope><scope>CITATION</scope><scope>8BJ</scope><scope>FQK</scope><scope>JBE</scope><orcidid>https://orcid.org/0000-0001-8365-6520</orcidid><orcidid>https://orcid.org/0000-0003-3727-266X</orcidid></search><sort><creationdate>202401</creationdate><title>Flood risk and corporate future orientation: Evidence from sea level rise risk</title><author>Du, Qingjie ; Tsang, Albert ; Wang, Yang</author></sort><facets><frbrtype>5</frbrtype><frbrgroupid>cdi_FETCH-LOGICAL-c3913-db2fd41ad691dbb79a1a6a125e744839b01f2932fbe4ae610cf4c8925bca7a203</frbrgroupid><rsrctype>articles</rsrctype><prefilter>articles</prefilter><language>eng</language><creationdate>2024</creationdate><topic>Climate change</topic><topic>climate risk</topic><topic>Companies</topic><topic>CSR</topic><topic>flood risk</topic><topic>Future</topic><topic>future orientation</topic><topic>media attention</topic><topic>R&D</topic><topic>Research & development</topic><topic>Retirement</topic><topic>sea level rise</topic><topic>Social responsibility</topic><topic>Uncertainty</topic><toplevel>peer_reviewed</toplevel><toplevel>online_resources</toplevel><creatorcontrib>Du, Qingjie</creatorcontrib><creatorcontrib>Tsang, Albert</creatorcontrib><creatorcontrib>Wang, Yang</creatorcontrib><collection>ECONIS</collection><collection>CrossRef</collection><collection>International Bibliography of the Social Sciences (IBSS)</collection><collection>International Bibliography of the Social Sciences</collection><collection>International Bibliography of the Social Sciences</collection><jtitle>Journal of business finance & accounting</jtitle></facets><delivery><delcategory>Remote Search Resource</delcategory><fulltext>fulltext</fulltext></delivery><addata><au>Du, Qingjie</au><au>Tsang, Albert</au><au>Wang, Yang</au><format>journal</format><genre>article</genre><ristype>JOUR</ristype><atitle>Flood risk and corporate future orientation: Evidence from sea level rise risk</atitle><jtitle>Journal of business finance & accounting</jtitle><date>2024-01</date><risdate>2024</risdate><volume>51</volume><issue>1-2</issue><spage>555</spage><epage>594</epage><pages>555-594</pages><issn>0306-686X</issn><eissn>1468-5957</eissn><abstract>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. 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| ispartof | Journal of business finance & accounting, 2024-01, Vol.51 (1-2), p.555-594 |
| issn | 0306-686X 1468-5957 |
| language | eng |
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| source | Access via Wiley Online Library |
| subjects | Climate change climate risk Companies CSR flood risk Future future orientation media attention R&D Research & development Retirement sea level rise Social responsibility Uncertainty |
| title | Flood risk and corporate future orientation: Evidence from sea level rise risk |
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