The effects of extreme high temperature spells on financial performance
研究欧盟和英国企业发现，极端高温天气对销售资产比、税前利润率、资产回报率有曲线影响：在通常较热的地区或月份会降低绩效，在较冷的地区或月份反而提升绩效。
We examine EU and UK firms to investigate the impact of spells of extreme high temperature on three common financial performance measures: the ratio of sales-to-assets, pretax profit margin, and return on assets. Supporting our hypotheses, we find that spells of extreme high temperature have a curvilinear impact on financial performance. While extreme high temperature spells tend to degrade financial performance in regions or months with normally hotter conditions, the opposite effect is observed for extreme high temperature spells in regions or months with normally cooler conditions. Given our environmental context, where the standard temperature is about 16 °C, high temperature spells with maximums that well exceed that temperature have marked financial implications. We also find that spells in locations with maximum temperatures above 23 °C associate with smaller improvements in ESG scores and higher carbon emissions in the future, suggesting that managers’ actions to mitigate the risks of high temperature spells are limited at best. Our evidence of significant impacts of extreme temperature on firm performance but little action in response supports the view that managers need more guidance on how to measure the risks and opportunities of extreme weather events and the policies to manage them.