Does climate risk vulnerability affect the value of excess cash? International evidence
基于2010-2019年6468个公司年样本的国际数据，研究发现气候风险脆弱性会提升超额现金的价值，投资者认为现金储备能帮助企业应对极端天气事件，这一效应在投资者保护强、治理质量高或企业社会责任表现好的公司中更显著。
Abstract In this paper, we investigate the impact of climate risk on the value of excess cash. Based on an international sample of 6468 firm‐year observations from 2010 to 2019, the results show that climate risk vulnerability positively affects the value of excess cash. This suggests that investors may consider firms with excess cash to be better positioned to challenge extreme weather events by using cash reserves to cover up expenses and maintain operations. This positive effect is more pronounced for firms operating in countries with strong investor protection, for those with strong governance quality, and for those with high corporate social responsibility performance. However, it is less accentuated in the presence of financial constraints. Overall, our findings have significant practical implications for decision‐makers, investors, and policymakers.