From Ecological Degradation to Corporate Rigidity: How Biodiversity Risk Affects Cost Stickiness?
研究了2000-2023年美国上市公司中生物多样性风险如何降低成本粘性，通过降低管理者预期实现，对面临财务约束、代理问题较轻和市场竞争较弱的企业影响更显著。
ABSTRACT This study investigates the effect of biodiversity risk on corporate asymmetric cost behavior. Using a sample of US listed firms over the period 2000–2023, we find that biodiversity risk mitigates corporate cost stickiness. These results are robust to endogeneity concerns, as demonstrated through two‐stage least squares estimation, difference‐in‐differences analyses, propensity score matching, and entropy balancing. Mechanism analyses suggest that biodiversity risk reduces cost stickiness by lowering managerial expectations. Furthermore, cross‐sectional analyses show that the negative effect of biodiversity risk on cost stickiness is more pronounced among firms with greater financial constraints, less severe agency problems, and lower product market competition. Overall, these findings suggest that escalating environmental uncertainty, such as biodiversity risk, prompts firms to enhance operational flexibility and optimize their cost structures, thereby enabling them to better withstand ecological disruptions and maintain long‐term resilience.