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Corporate resilience and financial performance following climate-induced events: Evidence from the US


Corporate resilience and financial performance following climate-induced events: Evidence from the US

Tahmasebi, Farhad (2023) Corporate resilience and financial performance following climate-induced events: Evidence from the US. Masters thesis, Concordia University.

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This thesis examines the role of environmental, social, and governance (ESG) factors in providing firms with financial resilience to climate-induced events. Using the exhaustive NCEI and EM-DAT database of natural disasters and Refinitive and Bloomberg ESG scores from 2009 to 2019, I show that firms with higher ESG scores experience lower cumulative abnormal returns (CARs) and are then less resilient in terms of performance. This finding contrasts with prior studies that frequently find a positive relation between ESG ratings and corporate resilience. High ESG scores do not bring resilience to firms operating in primary affected states. However, in terms of volatility firms with higher post-ante ESG scores, return on assets (ROA), size, and Tobin’s q are less volatile and thus more resilient to the exogenous shocks of natural events, while undervalued firms are more volatile. The results are persistent across firms operating in various industries and primary affected states.

Divisions:Concordia University > John Molson School of Business > Finance
Item Type:Thesis (Masters)
Authors:Tahmasebi, Farhad
Institution:Concordia University
Degree Name:M. Sc.
Date:13 April 2023
Thesis Supervisor(s):Walker, Thomas
Keywords:ESG scores; natural disasters, financial performance, corporate resilience, climate change, volatility, stock price performance
ID Code:992185
Deposited By: Farhad Tahmasebi
Deposited On:15 Nov 2023 17:48
Last Modified:15 Nov 2023 17:48


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