Stock Market Reactions to Climate Risk Events: A Systematic Literature Review and Research Agenda
気候リスクイベントに対する株式市場の反応：系統的文献レビューと研究課題 (AI 翻訳)
Mario Schuster, Rainer Lueg
🤖 gxceed AI 要約
日本語
本研究は気候リスクイベントが企業価値に与える影響を、50のイベント研究の系統的レビューにより分析した。物理的リスクは負の異常収益をもたらす一方、移行リスクは炭素集約企業に罰則的、低炭素企業に報酬的な効果を持つ。投資家の過剰反応と顕著性バイアスの役割を強調し、今後の研究機会を提示する。
English
This systematic literature review analyzes 50 event studies on stock market reactions to climate risk events. Physical risk events predominantly cause negative abnormal returns, while transition risk events penalize carbon-intensive firms and reward low-carbon ones. The review highlights investor overreaction due to salience bias and identifies eight research opportunities.
Unofficial AI-generated summary based on the public title and abstract. Not an official translation.
📝 gxceed 編集解説 — Why this matters
日本のGX文脈において
日本の企業や投資家にとっても、気候リスクに対する市場の反応を理解することは重要である。特に、移行リスクが炭素集約企業に与える影響は、日本の重厚長大産業に示唆を与える。本レビューは、日本における気候リスク開示（TCFD/SSBJ）の実務にも関連する。
In the global GX context
This paper synthesizes event studies on climate risk across global markets, providing a theory-guided framework. It underscores the role of salience bias in investor reactions, relevant for TCFD/ISSB reporting and transition finance frameworks globally.
👥 読者別の含意
🔬研究者:Researchers can use the identified research opportunities to design studies on investor reactions to climate risk, especially regarding salience bias and event study methodology.
🏢実務担当者:Corporate sustainability teams can use the findings to understand how different climate risk events may impact stock prices, informing risk management and disclosure strategy.
🏛政策担当者:Regulators can note the evidence of market overreaction to climate risk events, which may inform disclosure requirements and investor protection policies.
📄 Abstract（原文）
As global warming intensifies, climate risks' impact on firm value has become a critical concern for academia and investors. This systematic literature review analyzes 50 event studies in this research field, classifying them by climate risk type. The analysis indicates that physical risk events predominantly result in negative abnormal stock returns for affected firms, whereas transition risk events tend to penalize the stock prices of carbon‐intensive firms and reward those of low‐carbon ones. The review's findings emphasize the role of investor overreaction, driven by salience bias, as a significant factor beyond traditional market efficiency considerations. Four propositions are derived, and eight research opportunities to address gaps in the understanding of stock market reactions to climate risk events are identified. This review encourages investors and firms alike to enhance climate risk management and advances research by synthesizing the current field through a theory‐guided organizing framework that considers a range of factors influencing investor responses to salient climate risks.
🔗 Provenance — このレコードを発見したソース
- semanticscholar https://doi.org/10.1002/bse.70773first seen 2026-06-29 08:18:10
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