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...

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...