数字技术与经济金融前沿论坛（第39期）

摘要：

This study investigates whether firms use forward contracts with suppliers to hedge the climate-change-related risk in supply chains. We find that firms engage in more forward contracts following natural-disaster hits on their major suppliers, consistent with managers’ belief-updating about supply-chain climate risk and firms using operational hedging as an adaption strategy for increased climate risk, This effect increases with the severity of climate-change-related disasters, while it is insignificant for disasters not related to climate change. The duration ofthe effect is consistent with the persistence ofmanagers’ belief-updating over time. We further find that the effect is more pronounced when firms have no access to futures markets and when they hold greater bargaining power over their suppliers. Lastly, we find that operational hedging can mitigate the effect of climate risk on subsequent operating volatility. Overall, our study provides novel evidence on firms hedging behavior in response to increased supply-chain climate risk.

主讲人介绍：

辛显刚副教授现任香港中文大学会计学院副教授、博士生导师，香港中文大学会计学博士毕业。研究领域包括会计信息披露、非正式制度、公司治理的跨国传递和公司文化等，特别对跨国比较研究有深入探索。已在Journal of Financial Economics, The Accounting Review, Journal of Accounting Research, Contemporary Accounting Research 等顶尖学术期刊发表论文10余篇。