Climate‐Related Extreme Events, Firm Value and Stock Price Crashes
研究了伊朗上市公司中气候相关极端事件（如洪水、干旱、地震）对企业价值和股价崩盘风险的影响，发现极端事件会降低企业价值并增加崩盘风险，为受制裁且气候脆弱的新兴市场提供了实证证据。
ABSTRACT This study evaluated the correlation between Climate‐Related Extreme Events (CREE), firm value, and stock price crash risk, examining whether CREE affects firm value and crash risk. We analysed 142 companies listed on the Tehran Stock Exchange over 11 years (2012–2022) using the Generalized Least Squares (GLS) method with fixed effects. The findings show a significant negative correlation between CREE and firm value in the year following CREE, and a significant positive relationship between CREE and stock price crash risk. This research addresses an underexplored dimension in the literature by focusing on the direct, quantifiable impacts of climate‐induced natural disasters (floods, droughts, earthquakes) on stock market behaviour in a sanctions‐affected, climate‐vulnerable emerging economy (Iran). Unlike most prior studies emphasizing ESG performance or carbon emissions, this paper provides contextualized empirical evidence from a unique institutional setting characterized by state‐led economic structures, limited access to international financial markets, and high exposure to extreme weather events. The findings offer insights for similar contexts, particularly other emerging economies facing climate vulnerability and sanctions (e.g., Russia, Venezuela), while cautioning against direct generalization to developed or institutionally dissimilar emerging markets. The geographical focus on a Middle Eastern emerging market with distinct structural characteristics (sanctions, state ownership concentration, limited climate disclosure mandates) contributes novel contextual evidence to the climate‐finance literature, complementing prior research on developed Western economies. However, given Iran's unique institutional features, our findings should be interpreted as contextualized evidence rather than universally generalizable conclusions. The results suggest that CREE can decrease firm value and increase stock price crash risk, an important finding given that investors reward companies addressing environmental concerns with higher stock prices.