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
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
Resumo
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
Versión del editor
Aparece en las colecciones
Documento(s) sujeto(s) a una licencia Creative Commons Attribution-NonCommercial-NoDerivatives 4.0 Internacional









