RT info:eu-repo/semantics/article
T1 How climate vulnerability affects IPO activity: evidence from OECD countries
A1 García Gómez, Conrado Diego
A1 Demir, Ender
A1 Díez Esteban, José María
K1 IPO
K1 Climate Vulnerability
K1 Climate Change
K1 Cambios climáticos-Aspectos económicos
K1 Climatic changes-Economic aspects
AB 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.
PB Elsevier
SN 0275-5319
YR 2026
FD 2026
LK https://hdl.handle.net/10259/12243
UL https://hdl.handle.net/10259/12243
LA eng
DS Repositorio Institucional de la Universidad de Burgos
RD 08-oct-2026