2026-10-12T22:07:28Zhttps://riubu.ubu.es/oai/requestoai:riubu.ubu.es:10259/122572026-10-10T00:05:30Zcom_10259_7380com_10259_5086com_10259_2604col_10259_7381
Repositorio Institucional de la Universidad de Burgos
author
Enríquez-Perales, Sarela
author
García Gómez, Conrado Diego
author
Díez Esteban, José María
2026-10-09T08:05:44Z
2026-10-09T08:05:44Z
2026
1544-6123
https://hdl.handle.net/10259/12257
10.1016/j.frl.2026.109598
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.
spa
Attribution-NonCommercial-NoDerivatives 4.0 Internacional
Climate vulnerability
Climate risk
Stock return volatility
Financial constraints
Equity markets
Europe
Climate vulnerability and market volatility: evidence from European firms
info:eu-repo/semantics/article
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URL
https://riubu.ubu.es/bitstream/10259/12257/1/Enriquez-frl_2026.pdf
File
MD5
9371751150809d57401168e06ad11840
1164212
application/pdf
Enriquez-frl_2026.pdf