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Climate Change Social Norms and Corporate Cash Holdings

Journal of business ethics, 2024-03, Vol.190 (3), p.661-683 [Peer Reviewed Journal]

The Author(s), under exclusive licence to Springer Nature B.V. 2023. Springer Nature or its licensor (e.g. a society or other partner) holds exclusive rights to this article under a publishing agreement with the author(s) or other rightsholder(s); author self-archiving of the accepted manuscript version of this article is solely governed by the terms of such publishing agreement and applicable law. ;ISSN: 0167-4544 ;EISSN: 1573-0697 ;DOI: 10.1007/s10551-023-05440-x

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  • Title:
    Climate Change Social Norms and Corporate Cash Holdings
  • Author: Zhang, Lei ; Kanagaretnam, Kiridaran ; Gao, Jing
  • Subjects: Business and Management ; Business Ethics ; Climate change ; Companies ; Counties ; Education ; Ethics ; Global warming ; Influence ; Management ; Original Paper ; Philosophy ; Quality of Life Research ; Robustness ; Social norms ; Social responsibility
  • Is Part Of: Journal of business ethics, 2024-03, Vol.190 (3), p.661-683
  • Description: We study the relationship between climate change social norms (CCSN) and corporate cash holdings for U.S. firms. We find that county-level CCSN is significantly positively associated with cash holdings. Our main finding is robust to a battery of robustness tests. In a subsample analysis, we find that firms have relatively low cash holdings in low CCSN counties even when faced with high climate risk. For such firms, the lack of cash buffer could be harmful to a broader set of stakeholders faced with heightened climate risk. We also show that cash holdings are a potential mechanism through which CCSN influences future environmental corporate social responsibility (CSR) performance. Overall, our study suggests that county-level CCSN has significant implications for corporate cash holdings.
  • Publisher: Dordrecht: Springer Netherlands
  • Language: English
  • Identifier: ISSN: 0167-4544
    EISSN: 1573-0697
    DOI: 10.1007/s10551-023-05440-x
  • Source: ProQuest One Psychology
    ProQuest Central
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