Asset Redeployability and Biodiversity Risk
研究发现，资产可重新部署性越高的企业，其面临的生物多样性风险越低，这一效应主要通过促进企业创新实现，且在治理结构完善、设有可持续发展委员会及社会责任水平高的企业中更为显著。
ABSTRACT We examine how asset redeployability influences a firm's exposure to biodiversity risk. Our empirical analysis provides robust evidence that firms possessing greater levels of redeployable assets exhibit significantly lower biodiversity risk. This negative relationship remains robust after addressing potential endogeneity concerns through rigorous econometric methods and comprehensive sensitivity analyses. Further, our mechanism analysis reveals that asset redeployability mitigates biodiversity risk primarily by fostering corporate innovation, suggesting that flexible assets empower firms to innovate and adopt environmentally sustainable practices more effectively. Additionally, the mitigating effect of asset redeployability on biodiversity risk is particularly pronounced in firms with strong corporate governance structures, a dedicated sustainability committee, and high levels of social responsibility. These results underscore the strategic importance of asset flexibility in enhancing corporate sustainability and ethical corporate practices.