Three Essays on Climate Risk and Corporate Decision-Making: International Evidence on Accounting Conservatism, Inventory Stockpiling, and Agency Costs
気候リスクと企業意思決定に関する三つのエッセイ：会計保守主義、在庫積み増し、エージェンシーコストに関する国際的証拠 (AI 翻訳)
Yeboah Richard
🤖 gxceed AI 要約
日本語
本論文は、気候リスクが企業の会計保守主義、在庫積み増し、エージェンシーコストに与える影響を国際データで検証。気候リスクが高いほど会計保守主義が強まり、在庫が増加し、エージェンシーコストが低下することを発見。各国のガバナンスやESGパフォーマンス、市場競争、労働組合などの要因が効果を増幅する。
English
This thesis examines the impact of climate risk on corporate decision-making across three domains: accounting conservatism, inventory stockpiling, and agency costs. Using large international samples, it finds that climate risk is positively associated with conservatism and inventory, and negatively with agency costs. The effects are stronger under strong governance, good ESG performance, competitive markets, and strong labor unions.
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
日本企業にとっても、気候リスクが会計方針や在庫管理に影響を与える点は参考になる。特にSSBJ開示やESG評価が進む中、ガバナンスの強化が気候リスクへの適応を促進する示唆がある。
In the global GX context
This paper adds to the global literature on climate risk and corporate behavior, providing multi-country evidence that climate risk influences financial reporting, inventory, and governance. It highlights the role of country-level governance and stakeholder pressure, relevant for regulators and firms addressing climate disclosure and risk management.
👥 読者別の含意
🔬研究者:Provides robust international evidence on how climate risk affects accounting conservatism, inventory decisions, and agency costs, valuable for understanding corporate adaptation to physical and transition risks.
🏢実務担当者:Highlights that climate risk can drive more conservative reporting and inventory hoarding; firms should consider these impacts when evaluating risk exposure and financial planning.
🏛政策担当者:Suggests that strong governance and stakeholder scrutiny can mitigate agency costs from climate risk, reinforcing the need for disclosure requirements and regulatory oversight.
📄 Abstract（原文）
This thesis examines the impact of climate risk on corporate decision-making across three interrelated domains: accounting conservatism, inventory stockpiling, and agency costs. As climate risk emerges as a critical concern in accounting and finance - and as investors and stakeholders place growing emphasis on sustainability - this study advances the existing literature by offering empirical evidence drawn from large international samples.The first empirical chapter investigates how climate risk shapes financial reporting quality, specifically accounting conservatism. Using 20,232 observations across 44 countries from 2008 to 2021, the study finds that climate risk is positively associated with conservatism, with this relationship amplified among firms operating under strong country governance frameworks and those with superior ESG performance. The effect is particularly pronounced for firms in developed economies and environmentally sensitive industries.The second empirical chapter explores the relationship between climate risk and corporate inventory management. Drawing on 42,256 observations across 47 countries over the same period, the study finds that climate risk is positively associated with inventory stockpiling. Product market competition and strong labour unions each reinforce this relationship. Additional analyses reveal that inventory accumulation is more pronounced among firms with elevated agency problems and those in the growth and maturity stages of their life cycle.The third empirical chapter examines how climate risk exposure affects the manager-shareholder relationship. Using 43,729 observations across 33 countries from 2008 to 2020, the study finds that climate risk is negatively associated with agency costs, suggesting that heightened stakeholder scrutiny disciplines managerial behaviour. Analyst following, labour unions, and corporate transparency each moderate this relationship, while managerial entrenchment weakens it.Across all three chapters, findings are robust to a range of endogeneity-mitigation techniques, including quasi-natural experiments, instrumental variables, propensity score matching, and entropy balancing.
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