From Ecosystem Threats to Balance Sheets: Biodiversity Risks Exposure and Corporate Cash Policies
研究中国上市公司如何因生物多样性风险而增加现金持有，发现债务成本高、高技能员工少的企业更显著，且风险承担高、依赖短期债务、绿色转型压力大的企业影响更强。
ABSTRACT This study investigates how firms strategically respond to biodiversity risk by examining their cash holding decisions. Using firm‐level data from China, we find that firm‐level biodiversity risk exposure significantly increases corporate cash holdings. This effect is more pronounced when firms have higher debt costs and fewer high‐skilled employees. Furthermore, cross‐sectional heterogeneity analysis reveals that the impact of firm‐level biodiversity risk exposure on cash holdings is more pronounced in firms with higher risk‐taking levels, greater reliance on short‐term debt, and stronger pressures for green transformation. These findings provide novel insights into how firms adapt their financial strategies in response to the global challenge of biodiversity loss, highlighting the interplay between environmental risks and corporate financial decision‐making.