How Does Product Market Competition Influence Firm‐Level Climate Change Exposure?
研究了2001-2021年间1441家美国企业，发现市场竞争加剧会提高企业对气候变化的暴露程度，但拥有较大市场份额、高多元化和较少财务约束的企业风险较低；2015年巴黎协定后竞争与风险的正向关系更强，而有企业社会责任委员会的公司则较弱。
ABSTRACT This study examines the impact of product market competition on firm‐level exposure to climate change. Using a sample of 1441 US firms from 2001 to 2021, the findings indicate that climate change exposure increases with market competition. This suggests that competitive pressure drives firms to focus on core operations and cost‐cutting measures to maximize shareholder value. Further analysis reveals that firms operating in competitive markets are less exposed to climate change risks when they possess substantial market share, exhibit high diversification, and face fewer financial constraints. The results also suggest that the positive relationship between competition and climate change exposure is more pronounced following the 2015 Paris Agreement, though this effect is weaker among firms with a CSR committee on the board. These findings offer important insights for market participants, highlighting the need to balance short‐term competitive strategies with long‐term sustainability under competitive pressure.