Supply Chain Transmission of Hot Weather Shocks and Adaptive Behavior of Downstream Firms: An Empirical Study Based on Listed Companies in China

The evidences of temperature, supply chain, and adaptive procurement shift are matched observations from three databases. The weather data are from the National Meteorological Information Center[ The statistics agency branch of China Meteorological Administration. ]; the supply chain data are from China Stock Market & Accounting Research Database (CSMAR); and the trade volume data are from China Customs Database (CCD)[ Published by the General Administration of Customs of the People’s Republic of China. ]. We collect supplier-customer pairs from major suppliers disclosed in the semi-annual reports of China A-share listed companies and use the pairs as the basic observations. Eliminating irregular[ To be specific, we eliminate the pairs with missing values in key explained and explanatory variables; eliminate observations that violate basic accounting principles, such as samples with current assets, fixed assets or net fixed assets greater than total assets; eliminate companies in the financial industries; eliminate companies with ST or PT in the current year; and eliminate companies of negative age. We then match the customer firms in every supplier-customer pair with establishments in the China Customs Database. All pairs with customer firm’s imports data will be kept in the sample. ] data points, we obtain the max sample of 3480 observations spanning 2010 to 2016.