Climate change uncertainty and corporate debt relationship: A quantile panel data analysis
研究了气候变化不确定性如何影响美国标普500企业的债务水平，发现气候风险增加企业债务，且影响因企业债务水平而异。
• This paper studies the relationship between climate risk uncertainty and corporate debt. • We show that uncertain climate risk impacts a firm’s capital structure. • Climate risk uncertainty increases corporate debt. • Firms react to climate risk uncertainty based on their levels of debt. Is there a link between climate change action and the corporate debt market? Climate concerns are affecting a growing number of firms, their capital demand and indebtedness, as their exposure to ecological transition and climate change risk can influence their capital cost, capital demand and therefore their corporate debt decisions. This study examines the impact of climate change risk/unertainty on corporate debt and tests further lead-lag effects. To this end, we rely on data related to US companies listed on the S&P500 over the period 1990–2024, focusing on a large sample over a timeline characterized by different episodes, crises, and tensions related to climate change. Accordingly, we define the relationship between US corporate debt and climate change uncertainty using linear and nonlinear specifications. Our results show that pressure linked to ecological transition and climate change risk has had a significant impact on US firms’ debt and their capital structure. However, it appears that the impact of climate risks varies depending on the quantile under consideration and therefore the level of firm’s debt, suggesting further evidence of asymmetry and nonlinearity.