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Firm-level climate change exposure and firm efficiency

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  • Hoang, Khanh
  • Pham, Linh
  • Ha, Oanh Kieu
  • Nghiem, Hoa Xuan

Abstract

This paper investigates the nexus between firm-level climate change exposure and firm efficiency using a sample of firms from the United States during 2001–2022. We use a wide range of measurements from financial data, textual data, and secondary measures generated from Data Envelopment Analysis to measure firm-level climate change exposure and firm efficiency. We find that exposure to climate change risk hurts firm efficiency, regardless of the firms’ emission nature. Our empirical evidence shows that such a detrimental effect does not come from physical climate change risks but rather from the climate transition risk, thus corroborating the significant impact of the transition from a “grey” economy to a lower-carbon one on corporate outcomes. Moreover, financial constraints worsen this effect, while asset redeployment, vertical integration, and market concentration mitigate the negative impact of climate change risk on firm-level efficiency. Interestingly, high-efficiency firms generally are affected more than low-efficiency firms.

Suggested Citation

  • Hoang, Khanh & Pham, Linh & Ha, Oanh Kieu & Nghiem, Hoa Xuan, 2025. "Firm-level climate change exposure and firm efficiency," International Review of Economics & Finance, Elsevier, vol. 101(C).
    • Handle: RePEc:eee:reveco:v:101:y:2025:i:c:s1059056025003831
    DOI: 10.1016/j.iref.2025.104220
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