期刊
FINANCE RESEARCH LETTERS
卷 51, 期 -, 页码 -出版社
ACADEMIC PRESS INC ELSEVIER SCIENCE
DOI: 10.1016/j.frl.2022.103414
关键词
Carbon risk; Credit risk; Climate change; Climate policy
Global efforts to mitigate climate change can create risks and opportunities for companies and investors. This study shows that companies' carbon-risk exposure and management significantly affect their credit-risk, and this relationship is moderated by the regulatory environment.
Global efforts to mitigate climate change can affect a company's business outlook thereby creating risks and opportunities for companies and investors. We investigate the relation between a company's carbon-risk and its credit-risk. Moreover, we highlight the importance of carbon-risk management and the role of the regulatory environment in this context. Using a global sample of corporate bonds, we show that both carbon-risk exposure and carbon-risk management signifi-cantly affect credit-risk while the regulatory environment moderates these relations. Our results are relevant for policy makers, investors and companies, especially those with a high carbon-risk exposure.
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