• xmlui.mirage2.page-structure.header.title
    • français
    • English
  • Help
  • Login
  • Language 
    • Français
    • English
View Item 
  •   BIRD Home
  • DRM (UMR CNRS 7088)
  • DRM : Publications
  • View Item
  •   BIRD Home
  • DRM (UMR CNRS 7088)
  • DRM : Publications
  • View Item
JavaScript is disabled for your browser. Some features of this site may not work without it.

Browse

BIRDResearch centres & CollectionsBy Issue DateAuthorsTitlesTypeThis CollectionBy Issue DateAuthorsTitlesType

My Account

LoginRegister

Statistics

Most Popular ItemsStatistics by CountryMost Popular Authors
Thumbnail - Request a copy

Climate risk and capital structure

Ginglinger, Edith; Moreau, Quentin (2019), Climate risk and capital structure, 9th Financial Engineering and Banking Society international Conference, 2019-05, Prague, Czech Republic

Type
Communication / Conférence
Date
2019
Conference title
9th Financial Engineering and Banking Society international Conference
Conference date
2019-05
Conference city
Prague
Conference country
Czech Republic
Metadata
Show full item record
Author(s)
Ginglinger, Edith
Dauphine Recherches en Management [DRM]
Moreau, Quentin
Abstract (EN)
We use new data measuring forward-looking physical climate risk at the firm level to examine the impact of climate risk on capital structure. We find that greater climate risk leads to lower leverage in the post-2015 period, i.e., after the Paris Agreement. Our results hold after controlling for firm characteristics known to determine leverage, including credit ratings and several fixed effects. Our evidence shows that the reduction in debt related to climate risk is shared between a demand effect (the firm’s optimal leverage decreases) and a supply effect (lenders, especially bankers, reduce their lending to companies with the greatest risk).
Subjects / Keywords
Capital Structure; Leverage; Credit Rating; Natural Disasters
JEL
Q54 - Climate; Natural Disasters and Their Management; Global Warming
G32 - Financing Policy; Financial Risk and Risk Management; Capital and Ownership Structure; Value of Firms; Goodwill

Related items

Showing items related by title and author.

  • Thumbnail
    Climate risk and capital structure 
    Ginglinger, Edith; Moreau, Quentin (2019) Communication / Conférence
  • Thumbnail
    Climate risk and capital structure 
    Ginglinger, Edith; Moreau, Quentin (2019) Communication / Conférence
  • Thumbnail
    Climate risk and capital structure 
    Ginglinger, Edith; Moreau, Quentin (2019) Communication / Conférence
  • Thumbnail
    Climate risk and capital structure 
    Ginglinger, Edith; Moreau, Quentin (2019) Communication / Conférence
  • Thumbnail
    Climate risk and capital structure 
    Ginglinger, Edith; Moreau, Quentin (2020) Communication / Conférence
Dauphine PSL Bibliothèque logo
Place du Maréchal de Lattre de Tassigny 75775 Paris Cedex 16
Phone: 01 44 05 40 94
Contact
Dauphine PSL logoEQUIS logoCreative Commons logo