Flood risk and corporate future orientation: Evidence from sea level rise risk
研究发现，位于海平面上升风险较高地区的美国企业，其社会责任表现、研发投入和专利数量均较低，表明洪水风险会抑制企业的未来导向行为。
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. 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.