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Biodiversity risk as a financial threat: Evidence from AFHF sectors using QVAR networks

Author

Listed:
  • Liu, Jinglin
  • Xing, Xiaoyun
  • Chen, Guorong
  • Zhang, Yang

Abstract

This paper focuses on agriculture, forestry, animal husbandry, and fishery (AFHF) to analyze the impact of biodiversity risk on the financial performance of these sectors. Using quantile vector autoregressive model as well as complex network method, this paper draws the following conclusions. First, the impacts of biodiversity risk, economic policy, and climate policy uncertainty on the agriculture, forestry, animal husbandry, and fishery sectors vary at quantiles. Second, the spillover effects at all quantiles are time-varying, but external shocks significantly increase the spillover effects. Third, the results of node centrality, namely the HITS and PageRank, indicate that biodiversity risk always plays an authoritative role compared with economic policy uncertainty and climate policy uncertainty among the agriculture, forestry, animal husbandry, and fishery sectors.

Suggested Citation

  • Liu, Jinglin & Xing, Xiaoyun & Chen, Guorong & Zhang, Yang, 2026. "Biodiversity risk as a financial threat: Evidence from AFHF sectors using QVAR networks," Finance Research Letters, Elsevier, vol. 87(C).
    • Handle: RePEc:eee:finlet:v:87:y:2026:i:c:s1544612325022846
    DOI: 10.1016/j.frl.2025.109035
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    Keywords

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    JEL classification:

    • C32 - Mathematical and Quantitative Methods - - Multiple or Simultaneous Equation Models; Multiple Variables - - - Time-Series Models; Dynamic Quantile Regressions; Dynamic Treatment Effect Models; Diffusion Processes; State Space Models
    • G30 - Financial Economics - - Corporate Finance and Governance - - - General
    • Q54 - Agricultural and Natural Resource Economics; Environmental and Ecological Economics - - Environmental Economics - - - Climate; Natural Disasters and their Management; Global Warming

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