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The effect of board effectiveness, climate risk, and circular economy on corporate default risk: International evidence

取締役会の有効性、気候リスク、循環型経済が企業のデフォルトリスクに与える影響：国際的な証拠 (AI 翻訳)

Woraphon Wattanatorn

Review of Financial Economics📚 査読済 / ジャーナル2026-05-09#気候リスクOrigin: Global
DOI: 10.1002/rfe.70050
原典: https://doi.org/10.1002/rfe.70050

🤖 gxceed AI 要約

日本語

2003～2023年の65カ国23,516企業年データを用い、気候変動エクスポージャー、取締役会の有効性、循環型経済（CE）実践がデフォルトリスクに与える影響を分析。気候リスクはデフォルト確率を有意に高めるが、効果的な取締役会はそれを緩和し、CE実践（資源効率、排出削減など）は財務レジリエンスを強化する。エンドゲニティ対策として2SLSを採用。

English

Using 23,516 firm-year observations across 65 countries from 2003–2023, this study examines how climate change exposure, board effectiveness, and circular economy practices jointly affect corporate default risk. Climate risk significantly increases default likelihood, but effective boards moderate this negative impact, and the effect strengthens over time. Adoption of circular economy practices (resource efficiency, emissions reduction, product responsibility, environmental innovation) enhances financial resilience. Endogeneity is addressed via 2SLS.

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

日本の企業や規制当局にとって、気候リスクを信用リスク評価に組み込む重要性を示唆。TCFDやISSB開示が進む中、取締役会の気候ガバナンス強化が財務健全性に直結する点は参考になる。

In the global GX context

This paper provides cross-country evidence on how climate risk and governance interact to affect credit risk, relevant for global disclosure frameworks (TCFD, ISSB) and bank stress testing. It emphasizes the financial materiality of circular economy practices, supporting ESG integration in risk models.

👥 読者別の含意

🔬研究者:Provides a large-scale empirical test of the moderating role of board effectiveness on climate risk and default, with implications for credit risk modeling.

🏢実務担当者:Highlights the importance of board oversight of climate risks and circular economy adoption for improving financial resilience.

🏛政策担当者:Supports policies that mandate board-level climate governance and promote circular economy disclosure as part of financial stability.

📄 Abstract（原文）

Abstract This study investigates how climate change exposure, board effectiveness, and circular economy (CE) practices jointly influence corporate default risk, using 23,516 firm‐year observations from 65 countries (2003–2023). Employing panel regressions and 2SLS to address endogeneity, I find that climate risk significantly increases default likelihood. Effective boards reduce default risk and strongly moderate the negative impact of climate exposure, with this effect intensifying over time. Adoption of CE practices, including resource efficiency, emissions reduction, product responsibility, and environmental innovation, significantly enhances financial resilience. My findings highlight the critical value of integrating sustainability and governance into corporate risk models.

🔗 Provenance — このレコードを発見したソース

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