Pressure‐Driven Cash Holdings Under Biodiversity Risk
研究发现面临较高生物多样性风险的企业会显著增加现金储备，这种预防性现金政策受内部CSR治理和外部机构压力的共同强化，现金主要来自削减可自由支配支出，有助于缓解风险、保持财务绩效和ESG承诺。
ABSTRACT This study examines how biodiversity risk affects corporate cash holdings and the mechanisms shaping this relationship. We find that firms facing higher biodiversity risk significantly increase cash reserves. Internal CSR governance and external institutional pressures both reinforce precautionary cash policies, highlighting the importance of internal capabilities and external pressures. The increase in cash is sourced primarily from reductions in discretionary spending rather than external financing. Higher cash reserves mitigate the adverse effects of biodiversity risk, helping firms preserve financial performance, mitigate uncertainty, and maintain ESG commitments. Overall, our results underscore the precautionary nature of corporate cash management under biodiversity pressures.