Supplementary information files for "Firm carbon risk exposure and financial stability"

Supplementary files for article "Firm carbon risk exposure and financial stability"This research investigates the influence of firm-level carbon risk on financial stability. Using a global sample of non-financial firms, we find that carbon risk negatively impacts financial stability. Financial constraints, corporate governance, and environmental innovation moderate this effect. The impact is stronger for firms with low R&D intensity and those in countries with high CO2 emissions, weak rule-of-law, low control of corruption, no carbon regulation, and low environmental regulation. Further tests show stronger effects in developing economies and in the post-global financial crisis and Paris Agreement periods. The findings highlight the need for tailored strategies to manage carbon risks.©The Author(s), CC-BY-NC-ND 4.0

论文《企业碳风险敞口与金融稳定性》补充材料
本研究考察企业层面碳风险敞口（carbon risk exposure）对金融稳定性的影响。基于全球非金融企业样本展开实证研究，本研究发现碳风险敞口会对金融稳定性产生负向影响。融资约束（financial constraints）、公司治理（corporate governance）与环境创新（environmental innovation）对该效应具有调节作用。对于研发强度（R&D intensity）较低的企业，以及位于二氧化碳排放水平较高、法治水平（rule-of-law）薄弱、腐败控制（control of corruption）能力不足、无碳监管（carbon regulation）且环境监管（environmental regulation）水平较低的国家的企业而言，该负向影响更为显著。进一步检验结果显示，在发展中经济体以及全球金融危机后与《巴黎协定》实施时期，该效应表现得更为突出。本研究结论凸显了制定针对性碳风险管理策略的必要性。©作者，CC-BY-NC-ND 4.0