2026-10-09T01:06:38Zhttps://riubu.ubu.es/oai/request

oai:riubu.ubu.es:10259/122432026-10-08T00:05:54Zcom_10259_7380com_10259_5086com_10259_2604col_10259_7381

00925njm 22002777a 4500 dc García Gómez, Conrado Diego author Demir, Ender author Díez Esteban, José María author 2026 This study investigates the effect of climate risk vulnerability on IPO activity across 28 OECD countries between 1995 and 2020. Using the ND-GAIN Climate Vulnerability Index, we find that greater climate vulnerability is associated with a decline in IPO activity in terms of the number of offerings and total proceeds. These findings suggest that elevated climate risks heighten financial uncertainty, discouraging firms from going public and dampening investor interest. Importantly, we show that this negative effect is lower in countries with higher levels of climate readiness. Among the six sectoral components of the index, only infrastructure shows a negative and significant relationship with IPO activity. Our results are robust to a range of model specifications, lagged analyses, and instrumental variable approaches. 0275-5319 https://hdl.handle.net/10259/12243 10.1016/j.ribaf.2025.103272 IPO Climate Vulnerability Climate Change How climate vulnerability affects IPO activity: evidence from OECD countries