英文摘要 |
Using a sample of US publicly held companies spanning the period between 2000 and 2018, this study examines the effect of climate change risk on firms’ asymmetric cost reaction to sales changes (cost stickiness). We find that cost stickiness increases with climate change risk after we control for known determinants. We further split our sample into strong environmental management firms and weak environmental firms and find that the impact of climate change risk on cost stickiness is less profound for firms with better environmental management. Collectively, our results imply that firms retain slack resources when faced with higher climate change risk, but climate change risk is not the primary driver of cost stickiness when a company has better environmental management. |