所属栏目:新金融/绿色金融/2025/2025年第04期

摘要

This study investigates how abnormally hot temperatures affect firms’ environmental behavior in China. We find that firms exposed to abnormally hot temperatures participate in more environmental engagement. We also find that this improvement effect is driven mainly by environmental concerns, including public concerns, CEOs, and governments. Our results remain intact after an array of robustness tests. Further analysis shows that the effect of abnormally hot temperatures on corporate environmental engagement is more pronounced in SOEs, heavily polluting firms, and firms located closer to local environmental protection agencies. Moreover, the positive impact of environmental engagement on firm value is stronger when firms are exposed to abnormally hot temperatures. Overall, this study sheds light on the potential stimulation of firms’ environmental actions by global warming, which is yet to be fully understood.
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Jiaxin Wang; Jingyi Zhuang; Chao Yan; Kam C. Chan Standing Up or Standing By: Abnormally Hot Temperature and Corporate Environmental Engagement (2025年04月18日) https://www.cfrn.com.cn/dzqk/detail/16228

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