Cash-rich firms and carbon emissions
研究了美国企业现金持有量对二氧化碳排放的影响，发现现金充裕的企业碳排放更低，且这一效应在杠杆低、融资约束小的企业中更明显，原因在于这些企业更多使用可再生能源和进行减排投资。
We investigate whether corporate cash holdings affect carbon dioxide emissions. Using a sample of 5402 firm-years observations from 943 U.S. firms during 2007–2017, we find that carbon emissions are lower in firms with higher corporate cash holdings. The effect of cash holdings on carbon emissions is more pronounced in firms with low leverage and less financial constraints. Our channel analysis further unveils that renewable energy consumption and carbon abatement investment are higher in cash-rich firms, which transmit lower carbon emissions. Our findings are robust to different identification strategies and alternative measures of cash holdings and carbon emissions. Overall, our paper provides novel evidence on the role of corporate cash holdings in mitigating carbon emissions.