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- W3162808077 abstract "This paper investigates the impact of climate change uncertainty (CCU) on supply chain financing. We find that firms significantly curtail trade credit during periods of high climate change uncertainty. By exploiting the staggered adoptions of state-level Climate Change Adaptation Plans (CCAP), which systematically bolster states’ effort in mitigating climate change, we show that firms offer significantly more trade credit following the adoptions of CCAP. Further analyses reveal that, while firms with environmental concerns and those operating in high-pollution industries offer less trade credit in general, they strategically extend more trade credit to customers during high CCU periods, implying their significant concern about their future sales due to the negative externality of their businesses. In addition, using interstate banking branching deregulation as an exogenous shock to firms’ access to bank credit, we conduct a triple-differences (DiDiD) analyses and document that the negative impact of climate risk on trade credit is less pronounced in states with more credit supply following the relaxations of interstate bank branching regulations. Our results are robust to an instrumental variable (IV) approach based on exogenous occurrences of major disasters in the US, propensity-score-matching (PSM) analyses, and the alternative measures of key variables. Collectively, our findings highlight that climate change, as a new yet increasingly prominent risk factor at the microeconomic level, can reshape the financial interactions along the supply chain." @default.
- W3162808077 created "2021-05-24" @default.
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- W3162808077 date "2021-05-07" @default.
- W3162808077 modified "2023-10-17" @default.
- W3162808077 title "Climate Change Uncertainty and Supply Chain Financing" @default.
- W3162808077 hasPublicationYear "2021" @default.
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