Climate‐Related Extreme Events, Firm Value and Stock Price Crashes
Saeedeh Mehrabi, Mahmoud Lari Dashtbayaz, Taqi Abdul Redha Al Abdwani, Mahdi Salehi
🤖 gxceed AI 要約
日本語
気候関連極端事象（CREE）が企業価値と株価暴落リスクに与える影響を、テヘラン証券取引所上場142社の2012～2022年データで分析。CREE発生翌年に企業価値が有意に低下し、暴落リスクが上昇することを実証。制裁下の新興国特有の文脈で気候変動の財務影響を定量化した。
English
This study examines the impact of climate-related extreme events (CREE) on firm value and stock price crash risk using 142 Iranian firms from 2012 to 2022. It finds that CREE significantly reduce firm value and increase crash risk in the following year, providing empirical evidence from a sanctions-affected emerging economy.
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
日本では気候リスクの財務影響評価が重要視されるが、本論文は制裁下・気候脆弱な新興国の特殊文脈に基づく。直接の適用は難しいが、気候変動が資本市場に与える非線形的影響を考慮する参考事例となる。
In the global GX context
This paper complements the climate-finance literature by focusing on extreme event impacts in an emerging market with unique institutional features (sanctions, state ownership). It highlights the need for context-specific risk assessment, beyond conventional ESG frameworks, and may inform investors about tail risks in vulnerable economies.
👥 読者別の含意
🔬研究者:Provides empirical evidence on climate-related extreme events and stock market outcomes in an underexplored emerging market context.
🏢実務担当者:Highlights the financial risk of extreme events for firms in climate-vulnerable regions, relevant for risk management and disclosure.
🏛政策担当者:Suggests that climate adaptation policies may mitigate negative impacts on firm value and market stability in sanctions-affected economies.
📄 Abstract（原文）
This study evaluated the correlation between Climate‐Related Extreme Events (CREE), firm value, and stock price crash risk, examining whether CREE affects firm value and crash risk. We analysed 142 companies listed on the Tehran Stock Exchange over 11 years (2012–2022) using the Generalized Least Squares (GLS) method with fixed effects. The findings show a significant negative correlation between CREE and firm value in the year following CREE, and a significant positive relationship between CREE and stock price crash risk. This research addresses an underexplored dimension in the literature by focusing on the direct, quantifiable impacts of climate‐induced natural disasters (floods, droughts, earthquakes) on stock market behaviour in a sanctions‐affected, climate‐vulnerable emerging economy (Iran). Unlike most prior studies emphasizing ESG performance or carbon emissions, this paper provides contextualized empirical evidence from a unique institutional setting characterized by state‐led economic structures, limited access to international financial markets, and high exposure to extreme weather events. The findings offer insights for similar contexts, particularly other emerging economies facing climate vulnerability and sanctions (e.g., Russia, Venezuela), while cautioning against direct generalization to developed or institutionally dissimilar emerging markets. The geographical focus on a Middle Eastern emerging market with distinct structural characteristics (sanctions, state ownership concentration, limited climate disclosure mandates) contributes novel contextual evidence to the climate‐finance literature, complementing prior research on developed Western economies. However, given Iran's unique institutional features, our findings should be interpreted as contextualized evidence rather than universally generalizable conclusions. The results suggest that CREE can decrease firm value and increase stock price crash risk, an important finding given that investors reward companies addressing environmental concerns with higher stock prices.
🔗 Provenance — このレコードを発見したソース
- semanticscholar https://doi.org/10.1002/ijfe.70243first seen 2026-06-29 08:02:49
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