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    Por favor, use este identificador para citar o enlazar este ítem: https://hdl.handle.net/10259/12257

    Título
    Climate vulnerability and market volatility: evidence from European firms
    Autor
    Enríquez-Perales, Sarela
    García Gómez, Conrado Diego
    Díez Esteban, José MaríaAutoridad UBU Orcid
    Publicado en
    Finance Research Letters. 2026, V. 92, 109598, p. 1-13
    Editorial
    Elsevier
    Fecha de publicación
    2026
    ISSN
    1544-6123
    DOI
    10.1016/j.frl.2026.109598
    Résumé
    This study examines the association between country-level climate vulnerability and firm-level stock return volatility in Europe. Using panel data on 490 listed firms across 17 European countries from 2013 to 2022, we find that firms located in more climate-vulnerable countries exhibit significantly higher market volatility. The results are robust across alternative measures, fixed-effects specifications, and endogeneity checks. We further show that this relationship is amplified for financially constrained firms when constraints are measured using the Kaplan–Zingales index. Overall, the findings suggest that climate vulnerability primarily manifests as heightened market uncertainty and that financial frictions play a key role in transmitting macro-level climate risk to firm-level market volatility.
    Palabras clave
    Climate vulnerability
    Climate risk
    Stock return volatility
    Financial constraints
    Equity markets
    Europe
    Materia
    Cambios climáticos-Aspectos económicos
    Climatic changes-Economic aspects
    Empresas-Finanzas
    Business enterprises-Finance
    URI
    https://hdl.handle.net/10259/12257
    Versión del editor
    https://doi.org/10.1016/j.frl.2026.109598
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    Enriquez-frl_2026.pdf
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