ScholarWorks@중앙대학교

초록

By analyzing 19 715 firm-year observations from 2640 companies across 38 OECD member economies between 2002 and 2023, this study examines the effect of climate risk exposure on firm default risk. Our findings suggest that firms with higher climate risk exposure, as measured by physical risk and transition risk indicators, are more likely to default. We then explore how financial constraints influence this relationship and find that innovation mitigates the impact of climate risk on default risk. However, firms should prioritize green innovation instead of increasing overall research and development (R&D) investment. Moreover, the relationship between climate risk exposure and default risk varies depending on financial constraints, industry climate sensitivity, and regulatory stringency. Overall, our study provides practical insights for managers, policymakers, and investors, underscoring the importance of integrating climate risk into firm assessments, investment strategies, and green technology transitions.

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