Economic uncertainty and climate change exposure

Basit Öğe Kaydı
dc.authorid0000-0003-3684-6692
dc.authorid0000-0003-4034-269X
dc.authorid0000-0001-6701-4448
dc.contributor.authorDanisman, Gamze Ozturk
dc.contributor.authorBilyay-Erdogan, Seda
dc.contributor.authorDemir, Ender
dc.date.accessioned2026-04-04T18:55:35Z
dc.date.available2026-04-04T18:55:35Z
dc.date.issued2025
dc.departmentİstanbul Bilgi Üniversitesi
dc.description.abstractThis paper explores how economic uncertainty affects firms' climate change exposure. We use an extensive sample from 24 countries from 2002 to 2021. Employing a novel measure of firm-level climate change exposure developed by Sautner et al. (2023b), we empirically demonstrate that prior to the Paris Agreement in 2015, economic uncertainty leads to a decrease in climate change disclosures. However, after the Paris Agreement, our findings reveal a positive association between economic uncertainty and climate change exposure. The positive disclosure effect is primarily driven by higher climate-related opportunities and regulatory exposures. Our findings are robust when we employ alternative definitions for economic uncertainty, alternative samples, additional firm-level and country-level control variables, and alternative methodologies. We find that institutional and foreign ownership positively moderates the association between economic uncertainty and climate change exposure after the Paris Agreement. Further analysis investigates the moderating impact of country-level environmental performance indicators. We present novel empirical evidence suggesting that firms operating in countries with less climate vulnerability, higher readiness, more stringent environmental policies, superior climate protection performance, and higher environmental litigation risk tend to have higher climate change exposure in uncertain times.
dc.identifier.doi10.1016/j.jenvman.2024.123760
dc.identifier.doi10.1016/j.jenvman.2024.123760
dc.identifier.issn0301-4797
dc.identifier.issn1095-8630
dc.identifier.pmid39742763
dc.identifier.scopus2-s2.0-85213545382
dc.identifier.scopusqualityQ1
dc.identifier.urihttps://doi.org/10.1016/j.jenvman.2024.123760
dc.identifier.urihttps://hdl.handle.net/11411/10461
dc.identifier.volume373
dc.identifier.wosWOS:001421877600001
dc.identifier.wosqualityQ1
dc.indekslendigikaynakWeb of Science
dc.indekslendigikaynakScopus
dc.indekslendigikaynakPubMed
dc.language.isoen
dc.publisherAcademic Press Ltd- Elsevier Science Ltd
dc.relation.ispartofJournal of Environmental Management
dc.relation.publicationcategoryMakale - Uluslararası Hakemli Dergi - Kurum Öğretim Elemanı
dc.rightsinfo:eu-repo/semantics/closedAccess
dc.snmzKA_WoS_20260402
dc.snmzKA_Scopus_20260402
dc.subjectClimate Change
dc.subjectEconomic Uncertainty
dc.subjectParis Agreement
dc.subjectOwnership
dc.titleEconomic uncertainty and climate change exposure
dc.typeArticle

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