SSRN Electronic Journal,
Год журнала:
2023,
Номер
unknown
Опубликована: Янв. 1, 2023
This
paper
examines
how
directors'
and
officers'
liability
insurance
(D&O
insurance)
affects
corporate
carbon
emissions
in
the
manufacturing
industry.
It
shows
that
D&O
significantly
persistently
lowers
emission
intensity
of
firms.
The
identifies
two
channels
through
which
environmental
behaviors:
fostering
green
innovation
enhancing
internal
control.
Heterogeneity
analysis
finds
emission-reducing
effect
is
stronger
for
firms
regions
with
lax
regulation
poor
resource
endowment,
low
executive
compensation
high
ownership-control
divergence.
confirms
positive
role
providing
managerial
incentives
governance
reduction
offers
new
implications
evidence
energy
conservation
practices
Business Strategy and the Environment,
Год журнала:
2025,
Номер
unknown
Опубликована: Март 13, 2025
ABSTRACT
This
study
examines
the
relationships
between
carbon
emissions,
firm‐level
climate
change
exposure,
and
corporate
cash
reserves,
with
a
focus
on
whether
exposure
mediates
link
emissions
holdings.
Using
dataset
of
15,889
firm‐year
observations
from
2,537
firms
across
51
countries
during
period
2002
to
2021,
findings
reveal
partial
mediating
effect
relationship
reserves.
Specifically,
higher
risks
tend
exhibit
increased
as
reflected
in
earnings
conference
calls,
which
subsequently
leads
pattern
is
consistent
both
general
indicators
firm‐specific
vulnerabilities
regulatory
changes.
Furthermore,
results
remain
robust
after
addressing
endogeneity
concerns
through
difference‐in‐difference
estimations
based
Paris
Agreement
(COP21)
event.
These
insights
deepen
our
understanding
how
high‐carbon‐emitting
adjust
their
management
strategies
response
market
about
change.
Finance research letters,
Год журнала:
2023,
Номер
58, С. 104565 - 104565
Опубликована: Окт. 9, 2023
This
study
investigates
the
effect
of
participating
in
an
emissions
trading
scheme
(ETS)
on
firms'
future
cash
holdings.
Using
global
firm-level
data
from
different
continents,
our
findings
show
that,
notwithstanding
benefits
ETS,
its
membership
has
a
significant
impact
holding.
Additionally,
we
document
that
bankruptcy
risk,
firm
growth
potential,
corporation
tax,
and
financial
constraints
mitigate
ETS
corporate
Furthermore,
find
country
operations,
continent,
legal
origin
domiciled
influence
association
between
holdings
level.
The
results
are
robust
to
difference
differences
(DiD)
estimation
variety
econometric
specifications.
SSRN Electronic Journal,
Год журнала:
2023,
Номер
unknown
Опубликована: Янв. 1, 2023
This
study
investigates
the
impact
of
central
bank
digital
currency
(CBDC)
adoption
on
corporate
cash
holdings,
exploiting
China’s
e-CNY
staggered
pilot
as
an
exogenous
shock.
Our
results,
based
a
difference-in-differences
design,
show
that
firms
in
areas
significantly
reduce
their
holdings
after
e-CNY’s
introduction.
We
argue
this
is
because
lower
transaction
costs,
increased
transparency,
and
enhanced
traceability
firms’
operational,
precautionary,
agency
motives
to
hoard
excess
cash.
Additionally,
we
find
without
financing
privilege
(private
those
lacking
political
connections),
more
vulnerable
expropriation,
with
less
liquid
stocks,
experiencing
volatile
stock
returns
benefit
from
e-CNY.
Finally,
our
dynamic
model
suggests
facilitates
quicker
holding
adjustments
for
toward
target
levels.
pioneers
investigation
CBDC’s
economic
implications
sector,
highlighting
its
role
lowering
enhancing
traceability,
improving
financial
inclusivity.
