Using data from 41 different countries including the United States, we provide novel empiricalevidence that firms increase their cash holdings as a response to climate risk. This effect is drivenby financially constrained firms and becomes significantly stronger after the release of the...

Recent global initiatives to reduce carbon emissions have increasingly exposed the carbon-emitting firms to regulatory and technological shocks. Given these shocks, we examine whether carbon emissions affect corporate cash holdings and find that carbon-emitting firms, on average, carry less...

Using daily data from 39 different economies, we provide evidence that Russian invasion of Ukraine negatively impacted the global financial markets. Our study has three major takeaways. First, the event increases overall market volatilities, and the escalated daily geopolitical risk (GPRD) helps...

The utility of corporate social responsibility (CSR), particularly during crisis times, has been a puzzle in the literature while climate change issues increasingly threaten corporate sustainability. Using a large sample of US firm-year observations from 2002 to 2018, we explore whether CSR...