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| DOI | 10.1007/s11156-024-01247-7 |
| The scorching temperatures shock effect on firms' performance: a global perspective | |
| 发表日期 | 2024 |
| ISSN | 0924-865X |
| EISSN | 1573-7179 |
| 起始页码 | 62 |
| 结束页码 | 4 |
| 卷号 | 62期号:4 |
| 英文摘要 | The authors examined the possible adverse effect of hot temperature on firms' profitability and stock performance, using measures of various scorching temperature variables as exogenous indicators of firms' weather risk. The results show that scorching temperatures led to declines in the sample firms' earnings caused by changes in sales, expenses, and productivity. The more extreme the hot weather, the more the earnings declined. In further investigations, the authors found that this impact of scorching temperatures was heterogeneous over time and across sectors, geographical locations, and levels of economic development. The impact was most severe in low-latitude regions, especially tropical and subtropical countries from 2013 onward. It was also found that extremely hot temperatures negatively influenced the stock returns of individual firms. This effect, mediated by the firm's earnings, was especially strong for value stocks and small cap stocks. Our results also show that the firms' profitability and stock performance are exacerbated by the increases in global average temperatures and provide the direct evidences of the adverse impact of global warming on individual firms. Finally, weather uncertainty aggravated the volatility of earnings and stock returns. |
| 英文关键词 | Temperature shock; Scorching temperatures; Profitability; Earnings; Stock performance; Q54; F64; G00 |
| 语种 | 英语 |
| WOS研究方向 | Business & Economics |
| WOS类目 | Business, Finance |
| WOS记录号 | WOS:001190055100001 |
| 来源期刊 | REVIEW OF QUANTITATIVE FINANCE AND ACCOUNTING
 |
| 文献类型 | 期刊论文 |
| 条目标识符 | http://gcip.llas.ac.cn/handle/2XKMVOVA/294511 |
| 作者单位 | National Chung Cheng University; Fu Jen Catholic University |
| 推荐引用方式 GB/T 7714 | . The scorching temperatures shock effect on firms' performance: a global perspective[J],2024,62(4). |
| APA | (2024).The scorching temperatures shock effect on firms' performance: a global perspective.REVIEW OF QUANTITATIVE FINANCE AND ACCOUNTING,62(4). |
| MLA | "The scorching temperatures shock effect on firms' performance: a global perspective".REVIEW OF QUANTITATIVE FINANCE AND ACCOUNTING 62.4(2024). |
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