{"status":"ok","message-type":"work","message-version":"1.0.0","message":{"indexed":{"date-parts":[[2026,5,5]],"date-time":"2026-05-05T15:50:10Z","timestamp":1777996210896,"version":"3.51.4"},"reference-count":135,"publisher":"SAGE Publications","license":[{"start":{"date-parts":[[2025,9,27]],"date-time":"2025-09-27T00:00:00Z","timestamp":1758931200000},"content-version":"vor","delay-in-days":0,"URL":"https:\/\/creativecommons.org\/licenses\/by\/4.0\/"},{"start":{"date-parts":[[2025,9,27]],"date-time":"2025-09-27T00:00:00Z","timestamp":1758931200000},"content-version":"tdm","delay-in-days":0,"URL":"https:\/\/journals.sagepub.com\/page\/policies\/text-and-data-mining-license"}],"funder":[{"DOI":"10.13039\/501100006280","name":"Spanish Ministry of Science, Innovation and Universities","doi-asserted-by":"publisher","award":["PID2023-152671OB-I00"],"award-info":[{"award-number":["PID2023-152671OB-I00"]}],"id":[{"id":"10.13039\/501100006280","id-type":"DOI","asserted-by":"publisher"}]},{"DOI":"10.13039\/501100001871","name":"FCT - Funda\u00e7\u00e3o para a Ci\u00eancia e Tecnologia","doi-asserted-by":"publisher","id":[{"id":"10.13039\/501100001871","id-type":"DOI","asserted-by":"publisher"}]}],"content-domain":{"domain":["journals.sagepub.com"],"crossmark-restriction":true},"short-container-title":["BRQ Business Research Quarterly"],"published-print":{"date-parts":[[2026,1]]},"abstract":"<jats:p>This paper examines the relationship between a country\u2019s climate vulnerability and corporate default risk, utilizing a sample of 2,483 firms across 33 European countries. We find that higher country-level climate vulnerability (as measured by the ND-Gain index) is associated with an increased corporate default risk, as measured by the z-score. In addition, we identify that country-level corruption exacerbates the negative impact of climate vulnerability on corporate financial stability. Even firms with strong financial positions face heightened default risks, highlighting the pervasive threat of climate change. Corruption exacerbates this risk by undermining environmental governance, distorting resource allocation, and weakening climate adaptation strategies. Our results remain robust when considering alternative measures of climate vulnerability and default risk, varying model specifications, and addressing endogeneity using instrumental variables. This study emphasizes the critical interplay between climate vulnerability, governance, and corporate resilience, offering insights for policymakers and practitioners alike.<\/jats:p>\n                  <jats:p>\n                    <jats:bold>JEL CLASSIFICATION:<\/jats:bold>\n                    G30, G34, D73\n                  <\/jats:p>","DOI":"10.1177\/23409444251372631","type":"journal-article","created":{"date-parts":[[2025,9,27]],"date-time":"2025-09-27T07:45:55Z","timestamp":1758959155000},"update-policy":"https:\/\/doi.org\/10.1177\/sage-journals-update-policy","source":"Crossref","is-referenced-by-count":2,"title":["Climate Vulnerability and Firms\u2019 Default Risk: The Moderating Role of Country-Level Corruption"],"prefix":"10.1177","volume":"29","author":[{"ORCID":"https:\/\/orcid.org\/0000-0001-8184-3285","authenticated-orcid":false,"given":"Conrado Diego","family":"Garc\u00eda-G\u00f3mez","sequence":"first","affiliation":[{"name":"Department of Financial Economics and Accounting, University of Valladolid, Campus Duques de Soria, Soria, Spain"},{"name":"Center for Economics and Finance (CEF.UP), School of Economics and Management, University of Porto, Porto, Portugal"}]},{"given":"Ender","family":"Demir","sequence":"additional","affiliation":[{"name":"Department of Business and Economics, School of Social Sciences, Reykjavik University, Reykjavik, Iceland"},{"name":"Department of Business Administration, Faculty of Management and Economics, Tomas Bata University in Zlin, Zlin, Czech Republic"}]},{"ORCID":"https:\/\/orcid.org\/0000-0003-3053-3521","authenticated-orcid":false,"given":"Jos\u00e9 Mar\u00eda","family":"D\u00edez-Esteban","sequence":"additional","affiliation":[{"name":"Department of Economics and Business Administration, University of Burgos, Burgos, Spain"}]},{"ORCID":"https:\/\/orcid.org\/0000-0002-8862-5624","authenticated-orcid":false,"given":"Edmundo","family":"Lizarzaburu Bola\u00f1os","sequence":"additional","affiliation":[{"name":"Department of Management and Finance, ESAN University, Lima, Peru"}]}],"member":"179","published-online":{"date-parts":[[2025,9,27]]},"reference":[{"key":"e_1_3_3_2_1","doi-asserted-by":"crossref","unstructured":"Abbass K. Qasim M. Z. Song H. Murshed M. Mahmood H. Younis I. (2022). A review of the global climate change impacts adaptation and sustainable mitigation measures. Environmental Science and Pollution Research 29(28) 42539\u201342559. https:\/\/doi.org\/10.1007\/s11356-022-19718-6","DOI":"10.1007\/s11356-022-19718-6"},{"key":"e_1_3_3_3_1","doi-asserted-by":"crossref","unstructured":"Abinzano I. Corredor P. Martinez B. (2022). Measuring credit risk in family firms. BRQ Business Research Quarterly 25(3) 265\u2013282. https:\/\/doi.org\/10.1177\/2340944420941857","DOI":"10.1177\/2340944420941857"},{"key":"e_1_3_3_4_1","doi-asserted-by":"crossref","unstructured":"Addoum J. M. Ng D. T. Ortiz-Bobea A. (2023). Temperature shocks and industry earnings news. Journal of Financial Economics 150(1) 1\u201345. https:\/\/doi.org\/10.1016\/j.jfineco.2023.07.002","DOI":"10.1016\/j.jfineco.2023.07.002"},{"key":"e_1_3_3_5_1","doi-asserted-by":"crossref","unstructured":"Aguilera R. Duran P. Heugens P. P. M. A. R. Sauerwald S. Turturea R. VanEssen M. (2021). State ownership political ideology and firm performance around the world. Journal of World Business 56(1) Article 101113. https:\/\/doi.org\/10.1016\/j.jwb.2020.101113","DOI":"10.1016\/j.jwb.2020.101113"},{"key":"e_1_3_3_6_1","doi-asserted-by":"crossref","unstructured":"Aguinis H. Gottfredson R. K. Culpepper S. A. (2013). Best-practice recommendations for estimating cross-level interaction effects using multilevel modeling. Journal of Management 39(6) 1490\u20131528. https:\/\/doi.org\/10.1177\/0149206313478188","DOI":"10.1177\/0149206313478188"},{"key":"e_1_3_3_7_1","doi-asserted-by":"crossref","unstructured":"Aja-Eke D. Gillanders R. Jha C. K. (2025). Corruption and SDG 13: Climate action (SSRN scholarly paper no. 5086913). Social Science Research Network. https:\/\/papers.ssrn.com\/abstract=5086913","DOI":"10.2139\/ssrn.5086913"},{"key":"e_1_3_3_8_1","doi-asserted-by":"crossref","unstructured":"Akron S. Demir E. D\u00edez-Esteban J. M. Garc\u00eda-G\u00f3mez C. D. (2024). The moderating role of economic uncertainty via corruption on investment: Evidence from European firm level. European Journal of International Management 22(2) 230\u2013253. https:\/\/doi.org\/10.1504\/EJIM.2024.135936","DOI":"10.1504\/EJIM.2024.135936"},{"key":"e_1_3_3_9_1","doi-asserted-by":"crossref","unstructured":"Alam A. Banna H. Alam A. W. Bhuiyan Md B. U. Mokhtar N. B. (2024). Climate change and geopolitical conflicts: The role of ESG readiness. Journal of Environmental Management 353 Article 120284. https:\/\/doi.org\/10.1016\/j.jenvman.2024.120284","DOI":"10.1016\/j.jenvman.2024.120284"},{"key":"e_1_3_3_10_1","doi-asserted-by":"crossref","unstructured":"Ali A. Fan Z. (2024). The Role of Capital Expenditure Forecasts in Debt Contracting. Journal of Accounting Auditing & Finance 40(4) 1505\u20131552. https:\/\/doi.org\/10.1177\/0148558X241250107","DOI":"10.1177\/0148558X241250107"},{"key":"e_1_3_3_11_1","doi-asserted-by":"crossref","unstructured":"Ali S. Liu B. Su J. J. (2018). Does corporate governance quality affect default risk? The role of growth opportunities and stock liquidity. International Review of Economics & Finance 58 422\u2013448. https:\/\/doi.org\/10.1016\/j.iref.2018.05.003","DOI":"10.1016\/j.iref.2018.05.003"},{"key":"e_1_3_3_12_1","doi-asserted-by":"crossref","unstructured":"Almeida H. Campello M. Weisbach M. S. (2004). The cash flow sensitivity of cash. The Journal of Finance 59(4) 1777\u20131804. https:\/\/doi.org\/10.1111\/j.1540-6261.2004.00679.x","DOI":"10.1111\/j.1540-6261.2004.00679.x"},{"key":"e_1_3_3_13_1","unstructured":"Alogoskoufis S. Carbone S. Coussens W. Fahr S. Giuzio M. Kuik F. Parisi L. Salakhova D. Spaggiari M. (2021). Climate-related risks to financial stability. https:\/\/www.ecb.europa.eu\/press\/financial-stability-publications\/fsr\/special\/html\/ecb.fsrart202105_02~d05518fc6b.en.html?utm_source=chatgpt.com"},{"key":"e_1_3_3_14_1","doi-asserted-by":"crossref","unstructured":"Alonso M. Arnal J. Mesa-Toro A. Moreno A. (2024). Do corruption perceptions impact the pricing and access of Euro area corporations to bond markets? The European Journal of Finance 30(4) 370\u2013384. https:\/\/doi.org\/10.1080\/1351847X.2022.2112731","DOI":"10.1080\/1351847X.2022.2112731"},{"key":"e_1_3_3_15_1","doi-asserted-by":"publisher","DOI":"10.21314\/JCR.2018.243"},{"key":"e_1_3_3_16_1","doi-asserted-by":"crossref","unstructured":"Amin M. Motta V. (2023). The impact of corruption on SMEs\u2019 access to finance: Evidence using firm-level survey data from developing countries. Journal of Financial Stability 68 Article 101175. https:\/\/doi.org\/10.1016\/j.jfs.2023.101175","DOI":"10.1016\/j.jfs.2023.101175"},{"key":"e_1_3_3_17_1","doi-asserted-by":"crossref","unstructured":"Amir E. Guan Y. Livne G. (2007). The association of R&D and capital expenditures with subsequent earnings variability. Journal of Business Finance & Accounting 34(1\u20132) 222\u2013246. https:\/\/doi.org\/10.1111\/j.1468-5957.2006.00651.x","DOI":"10.1111\/j.1468-5957.2006.00651.x"},{"key":"e_1_3_3_18_1","doi-asserted-by":"crossref","unstructured":"Angbazo L. (1997). Commercial bank net interest margins default risk interest-rate risk and off-balance sheet banking. Journal of Banking & Finance 21(1) 55\u201387. https:\/\/doi.org\/10.1016\/S0378-4266(96)00025-8","DOI":"10.1016\/S0378-4266(96)00025-8"},{"key":"e_1_3_3_19_1","doi-asserted-by":"crossref","unstructured":"Az\u00f3car G. Billi M. Calvo R. Huneeus N. Lagos M. Sapiains R. Urquiza A. (2021). Climate change perception vulnerability and readiness: Inter-country variability and emerging patterns in Latin America. Journal of Environmental Studies and Sciences 11(1) 23\u201336. https:\/\/doi.org\/10.1007\/s13412-020-00639-0","DOI":"10.1007\/s13412-020-00639-0"},{"key":"e_1_3_3_20_1","doi-asserted-by":"crossref","unstructured":"Balasubramnian B. Palvia A. A. Patro D. K. (2019). Can the book-to-market ratio signal banks\u2019 earnings and default risk? Evidence around the great recession. Journal of Financial Services Research 56(2) 119\u2013143. https:\/\/doi.org\/10.1007\/s10693-018-0299-4","DOI":"10.1007\/s10693-018-0299-4"},{"key":"e_1_3_3_21_1","doi-asserted-by":"crossref","unstructured":"Ballester L. Gonz\u00e1lez-Urteaga A. Mart\u00ednez B. (2020). The role of internal corporate governance mechanisms on default risk: A systematic review for different institutional settings. Research in International Business and Finance 54 Article 101293. https:\/\/doi.org\/10.1016\/j.ribaf.2020.101293","DOI":"10.1016\/j.ribaf.2020.101293"},{"key":"e_1_3_3_22_1","doi-asserted-by":"crossref","unstructured":"Bao H. X. H. Cardoza R. (2023). Political institutions and corporate risk-taking: International evidence. International Review of Finance 23(4) 777\u2013793. https:\/\/doi.org\/10.1111\/irfi.12423","DOI":"10.1111\/irfi.12423"},{"key":"e_1_3_3_23_1","doi-asserted-by":"crossref","unstructured":"Beck T. Demirg\u00fc\u00e7-Kunt A. Maksimovic V. (2006). The influence of financial and legal institutions on firm size. Journal of Banking & Finance 30(11) 2995\u20133015. https:\/\/doi.org\/10.1016\/j.jbankfin.2006.05.006","DOI":"10.1016\/j.jbankfin.2006.05.006"},{"key":"e_1_3_3_24_1","doi-asserted-by":"crossref","unstructured":"Besley T. J. Roland I. A. Van Reenen J. (2020). The aggregate consequences of default risk: Evidence from firm-level data (Working paper no. 26686). National Bureau of Economic Research. https:\/\/doi.org\/10.3386\/w26686","DOI":"10.3386\/w26686"},{"key":"e_1_3_3_25_1","doi-asserted-by":"crossref","unstructured":"Bhamra H. S. Dorion C. Jeanneret A. Weber M. (2023). High inflation: Low default risk and low equity valuations. The Review of Financial Studies 36(3) 1192\u20131252. https:\/\/doi.org\/10.1093\/rfs\/hhac021","DOI":"10.1093\/rfs\/hhac021"},{"key":"e_1_3_3_26_1","doi-asserted-by":"crossref","unstructured":"Blundell R. Bond S. (2000). GMM Estimation with persistent panel data: An application to production functions. Econometric Reviews 19(3) 321\u2013340. https:\/\/doi.org\/10.1080\/07474930008800475","DOI":"10.1080\/07474930008800475"},{"key":"e_1_3_3_27_1","doi-asserted-by":"crossref","unstructured":"Blundell R. Bond S. Windmeijer F. (2001). Estimation in dynamic panel data models: Improving on the performance of the standard GMM estimator. In Baltagi B. H. Fomby T. B. Cater Hill R. (Eds.) Nonstationary panels panel cointegration and dynamic panels (Vol. 15 pp. 53\u201391). Emerald Group. https:\/\/doi.org\/10.1016\/S0731-9053(00)15003-0","DOI":"10.1016\/S0731-9053(00)15003-0"},{"key":"e_1_3_3_28_1","doi-asserted-by":"crossref","unstructured":"Bolton P. Kacperczyk M. (2021). Do investors care about carbon risk? Journal of Financial Economics 142(2) 517\u2013549. https:\/\/doi.org\/10.1016\/j.jfineco.2021.05.008","DOI":"10.1016\/j.jfineco.2021.05.008"},{"key":"e_1_3_3_29_1","doi-asserted-by":"crossref","unstructured":"Bond S. R. (2002). Dynamic panel data models: A guide to micro data methods and practice. Portuguese Economic Journal 1(2) 141\u2013162. https:\/\/doi.org\/10.1007\/s10258-002-0009-9","DOI":"10.1007\/s10258-002-0009-9"},{"key":"e_1_3_3_30_1","doi-asserted-by":"crossref","unstructured":"Boulton T. J. Cumming D. J. Zutter C. J. (2021). Climate change vulnerability and IPO underpricing around the world (SSRN scholarly paper no. 4112282). Social Science Research Network. https:\/\/doi.org\/10.2139\/ssrn.4112282","DOI":"10.2139\/ssrn.4112282"},{"key":"e_1_3_3_31_1","doi-asserted-by":"crossref","unstructured":"Capasso G. Gianfrate G. Spinelli M. (2020). Climate change and credit risk. Journal of Cleaner Production 266 Article 121634. https:\/\/doi.org\/10.1016\/j.jclepro.2020.121634","DOI":"10.1016\/j.jclepro.2020.121634"},{"key":"e_1_3_3_32_1","volume-title":"Breaking the tragedy of the horizon\u2013climate change and financial stability","author":"Carney M.","year":"2015","unstructured":"Carney M. (2015). Breaking the tragedy of the horizon\u2013climate change and financial stability. Speech Given at Lloyd\u2019s of London."},{"key":"e_1_3_3_33_1","doi-asserted-by":"crossref","unstructured":"Cathcart L. Dufour A. Rossi L. Varotto S. (2020). The differential impact of leverage on the default risk of small and large firms. Journal of Corporate Finance 60 Article 101541. https:\/\/doi.org\/10.1016\/j.jcorpfin.2019.101541","DOI":"10.1016\/j.jcorpfin.2019.101541"},{"key":"e_1_3_3_34_1","doi-asserted-by":"crossref","unstructured":"Cevik S. Jalles J. T. (2020). An apocalypse foretold: Climate shocks and sovereign defaults (IMF working papers 2020(231)). https:\/\/doi.org\/10.5089\/9781513560403.001.A001","DOI":"10.5089\/9781513560403.001"},{"key":"e_1_3_3_35_1","doi-asserted-by":"crossref","unstructured":"Cevik S. Miryugin F. (2022). Rogue waves: Climate change and firm performance (IMF working papers 2022(102)). https:\/\/doi.org\/10.5089\/9798400208171.001.A001","DOI":"10.5089\/9798400208171.001"},{"key":"e_1_3_3_36_1","doi-asserted-by":"crossref","unstructured":"Chalabi-Jabado F. Ziane Y. (2024). Climate risks financial performance and lending growth: Evidence from the banking industry. Technological Forecasting and Social Change 209 Article 123757. https:\/\/doi.org\/10.1016\/j.techfore.2024.123757","DOI":"10.1016\/j.techfore.2024.123757"},{"key":"e_1_3_3_37_1","unstructured":"Chan T. Ford L. Higham C. Pouget S. Setzer J. (2023). Corruption and integrity risks in climate solutions: An emerging global challenge (LSE policy report 10.23). https:\/\/www.lse.ac.uk\/granthaminstitute\/publication\/corruption-and-integrity-risks-in-climate-solutions\/"},{"key":"e_1_3_3_38_1","doi-asserted-by":"crossref","unstructured":"Chava S. Purnanandam A. (2010). Is default risk negatively related to stock returns? The Review of Financial Studies 23(6) 2523\u20132559. https:\/\/doi.org\/10.1093\/rfs\/hhp107","DOI":"10.1093\/rfs\/hhp107"},{"key":"e_1_3_3_39_1","doi-asserted-by":"crossref","unstructured":"Chen C. Lv L. Xu C. (2025). Forced or willing: A study of corporate ESG peer effects and value from the perspective of institutional isomorphism. BRQ Business Research Quarterly. Advance online publication. https:\/\/doi.org\/10.1177\/23409444251339767","DOI":"10.1177\/23409444251339767"},{"key":"e_1_3_3_40_1","volume-title":"University of Notre Dame global adaptation initiative-country index technical report","author":"Chen C.","year":"2024","unstructured":"Chen C., Noble I., Hellman J., Coffee J., Murillo M., Chawla N. (2024). University of Notre Dame global adaptation initiative-country index technical report. University of Notre Dame."},{"key":"e_1_3_3_41_1","doi-asserted-by":"crossref","unstructured":"Chen S. H\u00e4rdle W. K. Moro R. A. (2011). Modeling default risk with support vector machines. Quantitative Finance 11(1) 135\u2013154. https:\/\/doi.org\/10.1080\/14697680903410015","DOI":"10.1080\/14697680903410015"},{"key":"e_1_3_3_42_1","doi-asserted-by":"crossref","unstructured":"Corhay A. Tong J. (2025). Inflation risk and the finance-growth Nexus (SSRN scholarly paper no. 3795679). Social Science Research Network. https:\/\/doi.org\/10.2139\/ssrn.3795679","DOI":"10.2139\/ssrn.3795679"},{"key":"e_1_3_3_43_1","doi-asserted-by":"crossref","unstructured":"Cormier D. Ledoux M. Magnan M. Aerts W. (2010). Corporate governance and information asymmetry between managers and investors. Corporate Governance: The International Journal of Business in Society 10(5) 574\u2013589. https:\/\/doi.org\/10.1108\/14720701011085553","DOI":"10.1108\/14720701011085553"},{"key":"e_1_3_3_44_1","doi-asserted-by":"crossref","unstructured":"Darnall N. (2009). Regulatory stringency green production offsets and organizations\u2019 financial performance. Public Administration Review 69(3) 418\u2013434. https:\/\/doi.org\/10.1111\/j.1540-6210.2009.01989.x","DOI":"10.1111\/j.1540-6210.2009.01989.x"},{"key":"e_1_3_3_45_1","doi-asserted-by":"crossref","unstructured":"Demirg\u00fc\u00e7-Kunt A. Maksimovic V. (1998). Law finance and firm growth. The Journal of Finance 53(6) 2107\u20132137. https:\/\/doi.org\/10.1111\/0022-1082.00084","DOI":"10.1111\/0022-1082.00084"},{"key":"e_1_3_3_46_1","doi-asserted-by":"crossref","unstructured":"DiMaggio P. J. Powell W. W. (1983). The iron cage revisited: Institutional isomorphism and collective rationality in organizational fields. American Sociological Review 48(2) 147\u2013160. https:\/\/doi.org\/10.2307\/2095101","DOI":"10.2307\/2095101"},{"key":"e_1_3_3_47_1","doi-asserted-by":"crossref","unstructured":"Dittmar A. Mahrt-Smith J. (2007). Corporate governance and the value of cash holdings. Journal of Financial Economics 83(3) 599\u2013634. https:\/\/doi.org\/10.1016\/j.jfineco.2005.12.006","DOI":"10.1016\/j.jfineco.2005.12.006"},{"key":"e_1_3_3_48_1","doi-asserted-by":"crossref","unstructured":"Dubash N. K. (2021). Varieties of climate governance: The emergence and functioning of climate institutions. Environmental Politics 30(Suppl. 1) 1\u201325. https:\/\/doi.org\/10.1080\/09644016.2021.1979775","DOI":"10.1080\/09644016.2021.1979775"},{"key":"e_1_3_3_49_1","unstructured":"European Central Bank. (2022). Climate shocks can put financial stability at risk ECB\/ESRB report shows. https:\/\/www.ecb.europa.eu\/press\/pr\/date\/2022\/html\/ecb.pr220726~491ecd89cb.en.html?utm_source=chatgpt.com"},{"key":"e_1_3_3_50_1","unstructured":"European Environment Agency. (2024). Economic losses from weather- and climate-related extremes in Europe. https:\/\/www.eea.europa.eu\/en\/analysis\/indicators\/economic-losses-from-climate-related"},{"key":"e_1_3_3_51_1","doi-asserted-by":"crossref","unstructured":"Elvira-Lorilla T. Garcia-Rodriguez I. Romero-Merino M. E. Santamaria-Mariscal M. (2024). Country corruption and corporate cash holdings: The mediating effect of firm\u2019s anti-bribery policy. The European Journal of Finance 30(4) 385\u2013410. https:\/\/doi.org\/10.1080\/1351847X.2023.2175703","DOI":"10.1080\/1351847X.2023.2175703"},{"key":"e_1_3_3_52_1","doi-asserted-by":"crossref","unstructured":"Er S. T. Demir E. Garcia-Gomez C. D. (2024). Climate vulnerability and capital investments in tourism. Current Issues in Tourism 28(2) 176\u2013181. https:\/\/doi.org\/10.1080\/13683500.2024.2330681","DOI":"10.1080\/13683500.2024.2330681"},{"key":"e_1_3_3_53_1","doi-asserted-by":"crossref","unstructured":"Feng Q. Hu X. Deng X. Lu J. (2023). Anti-corruption campaign and capacity utilization of state-owned enterprises: Evidence from China\u2019s central committee inspection. Economic Analysis and Policy 80 319\u2013346. https:\/\/doi.org\/10.1016\/j.eap.2023.08.010","DOI":"10.1016\/j.eap.2023.08.010"},{"key":"e_1_3_3_54_1","doi-asserted-by":"crossref","unstructured":"Fern\u00e1ndez E. Iglesias-Antelo S. L\u00f3pez-L\u00f3pez V. Rodr\u00edguez-Rey M. Fernandez-Jardon C. M. (2019). Firm and industry effects on small medium-sized and large firms\u2019 performance. BRQ Business Research Quarterly 22(1) 25\u201335. https:\/\/doi.org\/10.1016\/j.brq.2018.06.005","DOI":"10.1016\/j.brq.2018.06.005"},{"key":"e_1_3_3_55_1","doi-asserted-by":"crossref","unstructured":"Fisman R. Svensson J. (2007). Are corruption and taxation really harmful to growth? Firm level evidence. Journal of Development Economics 83(1) 63\u201375. https:\/\/doi.org\/10.1016\/j.jdeveco.2005.09.009","DOI":"10.1016\/j.jdeveco.2005.09.009"},{"key":"e_1_3_3_56_1","doi-asserted-by":"crossref","unstructured":"Gallucci C. Santullli R. Modina M. Formisano V. (2023). Financial ratios corporate governance and bank-firm information: A Bayesian approach to predict SMEs\u2019 default. Journal of Management and Governance 27(3) 873\u2013892. https:\/\/doi.org\/10.1007\/s10997-021-09614-5","DOI":"10.1007\/s10997-021-09614-5"},{"key":"e_1_3_3_57_1","doi-asserted-by":"crossref","unstructured":"Garc\u00eda-G\u00f3mez C. D. Demir E. D\u00edez-Esteban J. M. Lizarzaburu Bola\u00f1os E. (2024). Corruption national culture and corporate investment: European evidence. The European Journal of Finance 30(4) 411\u2013429. https:\/\/doi.org\/10.1080\/1351847X.2022.2147443","DOI":"10.1080\/1351847X.2022.2147443"},{"key":"e_1_3_3_58_1","doi-asserted-by":"crossref","unstructured":"Garrido E. Gomez J. Maicas J. P. Orcos R. (2014). The institution-based view of strategy: How to measure it. BRQ Business Research Quarterly 17(2) 82\u2013101. https:\/\/doi.org\/10.1016\/j.brq.2013.11.001","DOI":"10.1016\/j.brq.2013.11.001"},{"key":"e_1_3_3_59_1","doi-asserted-by":"crossref","unstructured":"Ginglinger E. Moreau Q. (2023). Climate risk and capital structure. Management Science 69(12) 7492\u20137516. https:\/\/doi.org\/10.1287\/mnsc.2023.4952","DOI":"10.1287\/mnsc.2023.4952"},{"key":"e_1_3_3_60_1","doi-asserted-by":"crossref","unstructured":"Gopalakrishnan B. Mohapatra S. (2020). Insolvency regimes and firms\u2019 default risk under economic uncertainty and shocks. Economic Modelling 91 180\u2013197. https:\/\/doi.org\/10.1016\/j.econmod.2020.06.005","DOI":"10.1016\/j.econmod.2020.06.005"},{"key":"e_1_3_3_61_1","doi-asserted-by":"crossref","unstructured":"Gopalan S. Gupta B. Rajan R. S. (2023). Do climate risks influence foreign direct investment inflows to emerging and developing economies? Climate Policy 23(6) 722\u2013734. https:\/\/doi.org\/10.1080\/14693062.2023.2237479","DOI":"10.1080\/14693062.2023.2237479"},{"key":"e_1_3_3_62_1","doi-asserted-by":"crossref","unstructured":"Graham B. S. Hahn J. Poirier A. Powell J. L. (2015). Quantile regression with panel data (Working paper no. 21034). National Bureau of Economic Research. https:\/\/doi.org\/10.3386\/w21034","DOI":"10.3386\/w21034"},{"key":"e_1_3_3_63_1","doi-asserted-by":"crossref","unstructured":"Grover A. Kahn M. E. (2024). Firm adaptation to climate change (Working paper no. 32848). National Bureau of Economic Research. https:\/\/doi.org\/10.3386\/w32848","DOI":"10.3386\/w32848"},{"key":"e_1_3_3_64_1","doi-asserted-by":"crossref","unstructured":"Haas C. Kempa K. (2023). Low-carbon investment and credit rationing. Environmental and Resource Economics 86(1) 109\u2013145. https:\/\/doi.org\/10.1007\/s10640-023-00789-z","DOI":"10.1007\/s10640-023-00789-z"},{"key":"e_1_3_3_65_1","doi-asserted-by":"crossref","unstructured":"Harford J. Klasa S. Maxwell W. F. (2014). Refinancing risk and cash holdings. The Journal of Finance 69(3) 975\u20131012. https:\/\/doi.org\/10.1111\/jofi.12133","DOI":"10.1111\/jofi.12133"},{"key":"e_1_3_3_66_1","doi-asserted-by":"crossref","unstructured":"Hoque H. Andriosopoulos D. Andriosopoulos K. Douady R. (2015). Bank regulation risk and return: Evidence from the credit and sovereign debt crises. Journal of Banking & Finance 50 455\u2013474. https:\/\/doi.org\/10.1016\/j.jbankfin.2014.06.003","DOI":"10.1016\/j.jbankfin.2014.06.003"},{"key":"e_1_3_3_67_1","doi-asserted-by":"crossref","unstructured":"Hsiang S. M. Jina A. S. (2014). The causal effect of environmental catastrophe on long-run economic growth: Evidence from 6 700 cyclones (Working paper no. 20352). National Bureau of Economic Research. https:\/\/doi.org\/10.3386\/w20352","DOI":"10.3386\/w20352"},{"key":"e_1_3_3_68_1","doi-asserted-by":"crossref","unstructured":"Huang H. H. Kerstein J. Wang C. (2018). The impact of climate risk on firm performance and financing choices: An international comparison. Journal of International Business Studies 49(5) 633\u2013656. https:\/\/doi.org\/10.1057\/s41267-017-0125-5","DOI":"10.1057\/s41267-017-0125-5"},{"key":"e_1_3_3_69_1","doi-asserted-by":"crossref","unstructured":"Huang H. H. Kerstein J. Wang C. Wu F.(Harry) . (2022). Firm climate risk risk management and bank loan financing. Strategic Management Journal 43(13) 2849\u20132880. https:\/\/doi.org\/10.1002\/smj.3437","DOI":"10.1002\/smj.3437"},{"key":"e_1_3_3_70_1","doi-asserted-by":"crossref","unstructured":"Husted B. W. De Jesus Salazar J. (2006). Taking Friedman seriously: Maximizing profits and social performance. Journal of Management Studies 43(1) 75\u201391. https:\/\/doi.org\/10.1111\/j.1467-6486.2006.00583.x","DOI":"10.1111\/j.1467-6486.2006.00583.x"},{"key":"e_1_3_3_71_1","doi-asserted-by":"crossref","unstructured":"Hwang Y. Kim C.-B. Yu C. (2024). The effect of corruption on environmental quality: Evidence from a panel of CIS countries. Journal of the Knowledge Economy 15(1) 2836\u20132855. https:\/\/doi.org\/10.1007\/s13132-023-01236-6","DOI":"10.1007\/s13132-023-01236-6"},{"issue":"5","key":"e_1_3_3_72_1","first-page":"850","article-title":"A theory and test of credit rationing","volume":"59","author":"Jaffee D. M.","year":"1969","unstructured":"Jaffee D. M., Modigliani F. (1969). A theory and test of credit rationing. The American Economic Review, 59(5), 850\u2013872.","journal-title":"The American Economic Review"},{"issue":"2","key":"e_1_3_3_73_1","first-page":"323","article-title":"Agency costs of free cash flow, corporate finance, and takeovers","volume":"76","author":"Jensen M. C.","year":"1986","unstructured":"Jensen M. C. (1986). Agency costs of free cash flow, corporate finance, and takeovers. The American Economic Review, 76(2), 323\u2013329.","journal-title":"The American Economic Review"},{"key":"e_1_3_3_74_1","doi-asserted-by":"crossref","unstructured":"Jensen M. C. Meckling W. H. (1976). Theory of the firm: Managerial behavior agency costs and ownership structure. Journal of Financial Economics 3(4) 305\u2013360. https:\/\/doi.org\/10.1016\/0304-405X(76)90026-X","DOI":"10.1016\/0304-405X(76)90026-X"},{"key":"e_1_3_3_75_1","doi-asserted-by":"crossref","unstructured":"Johri A. Khan S. Sosa-Padilla C. (2022). Interest rate uncertainty and sovereign default risk. Journal of International Economics 139 Article 103681. https:\/\/doi.org\/10.1016\/j.jinteco.2022.103681","DOI":"10.1016\/j.jinteco.2022.103681"},{"key":"e_1_3_3_76_1","doi-asserted-by":"crossref","unstructured":"Kabir M. N. Rahman S. Rahman M. A. Anwar M. (2021). Carbon emissions and default risk: International evidence from firm-level data. Economic Modelling 103 Article 105617. https:\/\/doi.org\/10.1016\/j.econmod.2021.105617","DOI":"10.1016\/j.econmod.2021.105617"},{"key":"e_1_3_3_77_1","doi-asserted-by":"crossref","unstructured":"Kallandranis C. Anastasiou D. Drakos K. (2023). Credit rationing prevalence for Eurozone firms. Journal of Business Research 158 Article 113640. https:\/\/doi.org\/10.1016\/j.jbusres.2022.113640","DOI":"10.1016\/j.jbusres.2022.113640"},{"key":"e_1_3_3_78_1","doi-asserted-by":"crossref","unstructured":"Kaufmann D. Wei S.-J. (1999). Does \u201cgrease money\u201d speed up the wheels of commerce? (Working paper no. 7093). National Bureau of Economic Research. https:\/\/doi.org\/10.3386\/w7093","DOI":"10.3386\/w7093"},{"key":"e_1_3_3_79_1","doi-asserted-by":"crossref","unstructured":"Kiviet J. F. (2020). Testing the impossible: Identifying exclusion restrictions. Journal of Econometrics 218(2) 294\u2013316. https:\/\/doi.org\/10.1016\/j.jeconom.2020.04.018","DOI":"10.1016\/j.jeconom.2020.04.018"},{"key":"e_1_3_3_80_1","doi-asserted-by":"crossref","unstructured":"Kling G. Volz U. Murinde V. Ayas S. (2021). The impact of climate vulnerability on firms\u2019 cost of capital and access to finance. World Development 137 Article 105131. https:\/\/doi.org\/10.1016\/j.worlddev.2020.105131","DOI":"10.1016\/j.worlddev.2020.105131"},{"key":"e_1_3_3_81_1","doi-asserted-by":"crossref","unstructured":"Knittel N. Jury M. W. Bednar-Friedl B. Bachner G. Steiner A. K. (2020). A global analysis of heat-related labour productivity losses under climate change: Implications for Germany\u2019s foreign trade. Climatic Change 160(2) 251\u2013269. https:\/\/doi.org\/10.1007\/s10584-020-02661-1","DOI":"10.1007\/s10584-020-02661-1"},{"key":"e_1_3_3_82_1","doi-asserted-by":"crossref","unstructured":"Koju L. Koju R. Wang S. (2019). Macroeconomic determinants of credit risks: Evidence from high-income countries. European Journal of Management and Business Economics 29(1) 41\u201353. https:\/\/doi.org\/10.1108\/EJMBE-02-2018-0032","DOI":"10.1108\/EJMBE-02-2018-0032"},{"key":"e_1_3_3_83_1","doi-asserted-by":"crossref","unstructured":"Kong D. Wang L. Wang M. (2017). Effects of anti-corruption on firm performance: Evidence from a quasi-natural experiment in China. Finance Research Letters 23 190\u2013195. https:\/\/doi.org\/10.1016\/j.frl.2017.05.011","DOI":"10.1016\/j.frl.2017.05.011"},{"key":"e_1_3_3_84_1","doi-asserted-by":"crossref","unstructured":"Kraus A. Litzenberger R. H. (1973). A state-preference model of optimal financial leverage. The Journal of Finance 28(4) 911\u2013922. https:\/\/doi.org\/10.2307\/2978343","DOI":"10.1111\/j.1540-6261.1973.tb01415.x"},{"key":"e_1_3_3_85_1","doi-asserted-by":"crossref","unstructured":"Kumari J. (2019). Investor sentiment and stock market liquidity: Evidence from an emerging economy. Journal of Behavioral and Experimental Finance 23 166\u2013180. https:\/\/doi.org\/10.1016\/j.jbef.2019.07.002","DOI":"10.1016\/j.jbef.2019.07.002"},{"key":"e_1_3_3_86_1","doi-asserted-by":"crossref","unstructured":"Kurer O. (1993). Clientelism corruption and the allocation of resources. Public Choice 77(2) 259\u2013273. https:\/\/doi.org\/10.1007\/BF01047869","DOI":"10.1007\/BF01047869"},{"key":"e_1_3_3_87_1","doi-asserted-by":"crossref","unstructured":"Kyriacou K. Liu S. Mase B. (2024). Corruption and insider trading. Journal of Corporate Finance 89 Article 102654. https:\/\/doi.org\/10.1016\/j.jcorpfin.2024.102654","DOI":"10.1016\/j.jcorpfin.2024.102654"},{"key":"e_1_3_3_88_1","doi-asserted-by":"crossref","unstructured":"Kythreotis A. P. Hannaford M. Howarth C. Bosworth G. (2024). Translating climate risk assessments into more effective adaptation decision-making: The importance of social and political aspects of place-based climate risk. Environmental Science & Policy 154 Article 103705. https:\/\/doi.org\/10.1016\/j.envsci.2024.103705","DOI":"10.1016\/j.envsci.2024.103705"},{"key":"e_1_3_3_89_1","doi-asserted-by":"crossref","unstructured":"Laeven L. Levine R. (2009). Bank governance regulation and risk taking. Journal of Financial Economics 93(2) 259\u2013275. https:\/\/doi.org\/10.1016\/j.jfineco.2008.09.003","DOI":"10.1016\/j.jfineco.2008.09.003"},{"key":"e_1_3_3_90_1","doi-asserted-by":"crossref","unstructured":"La Porta R. Lopez-de- Silanes F. Shleifer A. Vishny R. W. (1998). Law and finance. Journal of Political Economy 106(6) 1113\u20131155. https:\/\/doi.org\/10.1086\/250042","DOI":"10.1086\/250042"},{"key":"e_1_3_3_91_1","doi-asserted-by":"crossref","unstructured":"La Porta R. Lopez-De-Silanes F. Shleifer A. Vishny R. W. (1997). Legal determinants of external finance. The Journal of Finance 52(3) 1131\u20131150. https:\/\/doi.org\/10.1111\/j.1540-6261.1997.tb02727.x","DOI":"10.1111\/j.1540-6261.1997.tb02727.x"},{"key":"e_1_3_3_92_1","doi-asserted-by":"crossref","unstructured":"Lee C.-C. Wang C.-W. Thinh B. T. Xu Z.-T. (2022). Climate risk and bank liquidity creation: International evidence. International Review of Financial Analysis 82 Article 102198. https:\/\/doi.org\/10.1016\/j.irfa.2022.102198","DOI":"10.1016\/j.irfa.2022.102198"},{"key":"e_1_3_3_93_1","doi-asserted-by":"crossref","unstructured":"Lee C. M. C. Shleifer A. Thaler R. H. (1991). Investor sentiment and the closed-end fund puzzle. The Journal of Finance 46(1) 75\u2013109. https:\/\/doi.org\/10.1111\/j.1540-6261.1991.tb03746.x","DOI":"10.1111\/j.1540-6261.1991.tb03746.x"},{"key":"e_1_3_3_94_1","unstructured":"Li X. Tripe D. W. MAlone C. B. (2017). Measuring bank risk: An exploration of z-score. https:\/\/www.efmaefm.org\/0EFMSYMPOSIUM\/2017\/papers\/Measuring%20Bank%20Risk_An%20exploration%20of%20z-score.pdf"},{"key":"e_1_3_3_95_1","doi-asserted-by":"crossref","unstructured":"Li Y. Zhang B. Fan D. Li Z. (2021). Digital media control of corruption and emerging multinational enterprise\u2019s FDI entry mode choice. Journal of Business Research 130 247\u2013259. https:\/\/doi.org\/10.1016\/j.jbusres.2021.03.006","DOI":"10.1016\/j.jbusres.2021.03.006"},{"key":"e_1_3_3_96_1","doi-asserted-by":"crossref","unstructured":"Liu Y. Dong K. Jiang Q. (2023). Assessing energy vulnerability and its impact on carbon emissions: A global case. Energy Economics 119 Article 106557. https:\/\/doi.org\/10.1016\/j.eneco.2023.106557","DOI":"10.1016\/j.eneco.2023.106557"},{"key":"e_1_3_3_97_1","doi-asserted-by":"crossref","unstructured":"Liu Z. He S. Men W. Sun H. (2024). Impact of climate risk on financial stability: Cross-country evidence. International Review of Financial Analysis 92 Article 103096. https:\/\/doi.org\/10.1016\/j.irfa.2024.103096","DOI":"10.1016\/j.irfa.2024.103096"},{"key":"e_1_3_3_98_1","doi-asserted-by":"crossref","unstructured":"Lu C. Yang M. Xia X. (2023). Economic policy uncertainty and default risk: Evidence from China. Economic Analysis and Policy 79 821\u2013836. https:\/\/doi.org\/10.1016\/j.eap.2023.06.028","DOI":"10.1016\/j.eap.2023.06.028"},{"key":"e_1_3_3_99_1","doi-asserted-by":"crossref","unstructured":"Manzaneque M. Priego A. M. Merino E. (2015). Corporate governance effect on financial distress likelihood: Evidence from Spain. Revista De Contabilidad-Spanish Accounting Review 19(1) 111\u2013121. https:\/\/doi.org\/10.1016\/j.rcsar.2015.04.001","DOI":"10.1016\/j.rcsar.2015.04.001"},{"key":"e_1_3_3_100_1","doi-asserted-by":"crossref","unstructured":"Mauro P. (1995). Corruption and growth. The Quarterly Journal of Economics 110(3) 681\u2013712. https:\/\/doi.org\/10.2307\/2946696","DOI":"10.2307\/2946696"},{"key":"e_1_3_3_101_1","doi-asserted-by":"crossref","unstructured":"Mendoza R. U. Lim R. A. Lopez A. O. (2015). Grease or sand in the wheels of commerce? Firm level evidence on corruption and SMES. Journal of International Development 27(4) 415\u2013439. https:\/\/doi.org\/10.1002\/jid.3077","DOI":"10.1002\/jid.3077"},{"key":"e_1_3_3_102_1","doi-asserted-by":"crossref","unstructured":"M\u00e9on P.-G. Sekkat K. (2005). Does corruption grease or sand the wheels of growth? Public Choice 122(1) 69\u201397. https:\/\/doi.org\/10.1007\/s11127-005-3988-0","DOI":"10.1007\/s11127-005-3988-0"},{"key":"e_1_3_3_103_1","doi-asserted-by":"crossref","unstructured":"Merton R. C. (1974). On the pricing of corporate debt: The risk structure of interest rates. The Journal of Finance 29(2) 449\u2013470. https:\/\/doi.org\/10.2307\/2978814","DOI":"10.1111\/j.1540-6261.1974.tb03058.x"},{"key":"e_1_3_3_104_1","doi-asserted-by":"crossref","unstructured":"Molina C. A. (2005). Are firms underleveraged? An examination of the effect of leverage on default probabilities. The Journal of Finance 60(3) 1427\u20131459. https:\/\/doi.org\/10.1111\/j.1540-6261.2005.00766.x","DOI":"10.1111\/j.1540-6261.2005.00766.x"},{"key":"e_1_3_3_105_1","doi-asserted-by":"crossref","unstructured":"Nguyen D. N. Nguyen C. P. Dang L. P. X. (2022). Uncertainty and corporate default risk: Novel evidence from emerging markets. Journal of International Financial Markets Institutions and Money 78 Article 101571. https:\/\/doi.org\/10.1016\/j.intfin.2022.101571","DOI":"10.1016\/j.intfin.2022.101571"},{"key":"e_1_3_3_106_1","doi-asserted-by":"publisher","DOI":"10.1017\/CBO9780511808678"},{"key":"e_1_3_3_107_1","doi-asserted-by":"crossref","unstructured":"Opler T. Pinkowitz L. Stulz R. Williamson R. (1999). The determinants and implications of corporate cash holdings. Journal of Financial Economics 52(1) 3\u201346. https:\/\/doi.org\/10.1016\/S0304-405X(99)00003-3","DOI":"10.1016\/S0304-405X(99)00003-3"},{"key":"e_1_3_3_108_1","doi-asserted-by":"crossref","unstructured":"Paunov C. (2016). Corruption\u2019s asymmetric impacts on firm innovation. Journal of Development Economics 118 216\u2013231. https:\/\/doi.org\/10.1016\/j.jdeveco.2015.07.006","DOI":"10.1016\/j.jdeveco.2015.07.006"},{"key":"e_1_3_3_109_1","doi-asserted-by":"crossref","unstructured":"Pedersen L. H. Fitzgibbons S. Pomorski L. (2021). Responsible investing: The ESG-efficient frontier. Journal of Financial Economics 142(2) 572\u2013597. https:\/\/doi.org\/10.1016\/j.jfineco.2020.11.001","DOI":"10.1016\/j.jfineco.2020.11.001"},{"key":"e_1_3_3_110_1","doi-asserted-by":"crossref","unstructured":"Porta R. L. Lopez-de- Silanes F. Shleifer A. vishny robert w . (1998). Law and finance. Journal of Political Economy 106(6) 1113\u20131155. https:\/\/doi.org\/10.1086\/250042","DOI":"10.1086\/250042"},{"key":"e_1_3_3_111_1","doi-asserted-by":"crossref","unstructured":"Povitkina M. (2018). The limits of democracy in tackling climate change. Environmental Politics 27 411\u2013432. https:\/\/rsa.tandfonline.com\/doi\/abs\/10.1080\/09644016.2018.1444723","DOI":"10.1080\/09644016.2018.1444723"},{"key":"e_1_3_3_112_1","doi-asserted-by":"crossref","unstructured":"Ramos-Garc\u00eda D. L\u00f3pez-Mart\u00edn C. Arguedas-Sanz R. (2023). Climate transition risk in determining credit risk: Evidence from firms listed on the STOXX Europe 600 index. Empirical Economics 65(5) 2091\u20132114. https:\/\/doi.org\/10.1007\/s00181-023-02416-8","DOI":"10.1007\/s00181-023-02416-8"},{"key":"e_1_3_3_113_1","doi-asserted-by":"crossref","unstructured":"Sanstad A. H. Zhu Q. Leibowicz B. Larsen P. H. Eto J. H. (2020). Case studies of the economic impacts of power interruptions and damage to electricity system infrastructure from extreme events. https:\/\/escholarship.org\/uc\/item\/9zs9s1x0","DOI":"10.2172\/1725813"},{"key":"e_1_3_3_114_1","doi-asserted-by":"crossref","unstructured":"Sarkodie S. A. Ahmed M. Y. Owusu P. A. (2022). Global adaptation readiness and income mitigate sectoral climate change vulnerabilities. Humanities and Social Sciences Communications 9(1) 1\u201317. https:\/\/doi.org\/10.1057\/s41599-022-01130-7","DOI":"10.1057\/s41599-022-01130-7"},{"key":"e_1_3_3_115_1","doi-asserted-by":"crossref","unstructured":"Sautner Z. Van Lent L. Vilkov G. Zhang R. (2023). Firm-level climate change exposure. The Journal of Finance 78(3) 1449\u20131498. https:\/\/doi.org\/10.1111\/jofi.13219","DOI":"10.1111\/jofi.13219"},{"key":"e_1_3_3_116_1","doi-asserted-by":"crossref","unstructured":"Shear F. Ashraf B. N. Butt S. (2023). Sensing the heat: Climate change vulnerability and foreign direct investment inflows. Research in International Business and Finance 66 Article 102005. https:\/\/doi.org\/10.1016\/j.ribaf.2023.102005","DOI":"10.1016\/j.ribaf.2023.102005"},{"key":"e_1_3_3_117_1","doi-asserted-by":"crossref","unstructured":"Shleifer A. Vishny R. W. (1993). Corruption. The Quarterly Journal of Economics 108(3) 599\u2013617. https:\/\/doi.org\/10.2307\/2118402","DOI":"10.2307\/2118402"},{"key":"e_1_3_3_118_1","doi-asserted-by":"crossref","unstructured":"Simmonds P. G. (1990). The combined diversification breadth and mode dimensions and the performance of large diversified firms. Strategic Management Journal 11(5) 399\u2013410. https:\/\/doi.org\/10.1002\/smj.4250110506","DOI":"10.1002\/smj.4250110506"},{"key":"e_1_3_3_119_1","doi-asserted-by":"crossref","unstructured":"Stern N. (2008). The economics of climate change. American Economic Review 98(2) 1\u201337. https:\/\/doi.org\/10.1257\/aer.98.2.1","DOI":"10.1257\/aer.98.2.1"},{"key":"e_1_3_3_120_1","doi-asserted-by":"crossref","unstructured":"Stock J. H. Yogo M. (2002). Testing for weak instruments in linear IV regression (Working paper no. 284). National Bureau of Economic Research. https:\/\/doi.org\/10.3386\/t0284","DOI":"10.3386\/t0284"},{"key":"e_1_3_3_121_1","doi-asserted-by":"crossref","unstructured":"Sun Q. Xia J. (2022). Cash holdings capital structure and financing risk. Journal of Financial and Quantitative Analysis 57(2) 790\u2013824. https:\/\/doi.org\/10.1017\/S002210902000099X","DOI":"10.1017\/S002210902000099X"},{"key":"e_1_3_3_122_1","doi-asserted-by":"crossref","unstructured":"Switzer L. N. Tu Q. Wang J. (2018). Corporate governance and default risk in financial firms over the post-financial crisis period: International evidence. Journal of International Financial Markets Institutions and Money 52 196\u2013210. https:\/\/doi.org\/10.1016\/j.intfin.2017.09.023","DOI":"10.1016\/j.intfin.2017.09.023"},{"key":"e_1_3_3_123_1","doi-asserted-by":"crossref","unstructured":"Tang D. Y. Yan H. (2010). Market conditions default risk and credit spreads. Journal of Banking & Finance 34(4) 743\u2013753. https:\/\/doi.org\/10.1016\/j.jbankfin.2009.05.018","DOI":"10.1016\/j.jbankfin.2009.05.018"},{"key":"e_1_3_3_124_1","first-page":"434","article-title":"State capacity and vulnerability to natural disasters","author":"Tol R. S. J.","year":"2022","unstructured":"Tol R. S. J. (2022). State capacity and vulnerability to natural disasters. Chapters, 434\u2013457.","journal-title":"Chapters"},{"key":"e_1_3_3_125_1","doi-asserted-by":"crossref","unstructured":"Tran Q. T. (2020). Corruption and corporate risk-taking: Evidence from emerging markets. International Journal of Emerging Markets 17(5) 1238\u20131255. https:\/\/doi.org\/10.1108\/IJOEM-08-2019-0602","DOI":"10.1108\/IJOEM-08-2019-0602"},{"key":"e_1_3_3_126_1","doi-asserted-by":"crossref","unstructured":"Wang M. Njangang H. (2025). The unexpected outcomes: How does climate finance affect corruption in developing countries? Journal of Environmental Management 389 Article 126065. https:\/\/doi.org\/10.1016\/j.jenvman.2025.126065","DOI":"10.1016\/j.jenvman.2025.126065"},{"key":"e_1_3_3_127_1","doi-asserted-by":"crossref","unstructured":"Williams T. A. Gruber D. A. Sutcliffe K. M. Shepherd D. A. Zhao E. Y. (2017). Organizational response to adversity: Fusing crisis management and resilience research streams. Academy of Management Annals 11(2) 733\u2013769. https:\/\/doi.org\/10.5465\/annals.2015.0134","DOI":"10.5465\/annals.2015.0134"},{"key":"e_1_3_3_128_1","doi-asserted-by":"crossref","unstructured":"Wing I. S. De Cian E. Mistry M. N. (2021). Global vulnerability of crop yields to climate change. Journal of Environmental Economics and Management 109 Article 102462. https:\/\/doi.org\/10.1016\/j.jeem.2021.102462","DOI":"10.1016\/j.jeem.2021.102462"},{"key":"e_1_3_3_129_1","unstructured":"Wolf M. J. Emerson J. W. Esty D. C. Sherbinin A. de Wendling Z. A. (2022). 2022 Environmental Performance Index (EPI) results. https:\/\/bvearmb.do\/handle\/123456789\/2828"},{"key":"e_1_3_3_130_1","doi-asserted-by":"crossref","unstructured":"Wu X. (2005). Corporate governance and corruption: A cross-country analysis. Governance 18(2) 151\u2013170. https:\/\/doi.org\/10.1111\/j.1468-0491.2005.00271.x","DOI":"10.1111\/j.1468-0491.2005.00271.x"},{"key":"e_1_3_3_131_1","doi-asserted-by":"crossref","unstructured":"Xhindole C. Tarquinio L. Sierra-Garc\u00eda L. (2025). Climate change and task force on climate-related financial disclosures (TCFD) reports: A comparison between Italy and Spain. Journal of Accounting &Amp; Organizational Change 21(7) 1\u201328. https:\/\/doi.org\/10.1108\/JAOC-05-2024-0172","DOI":"10.1108\/JAOC-05-2024-0172"},{"key":"e_1_3_3_132_1","doi-asserted-by":"crossref","unstructured":"Xu G. Zhang D. Yano G. (2017). Can corruption really function as \u201cprotection money\u201d and \u201cgrease money\u201d? Evidence from Chinese firms. Economic Systems 41(4) 622\u2013638. https:\/\/doi.org\/10.1016\/j.ecosys.2017.03.001","DOI":"10.1016\/j.ecosys.2017.03.001"},{"key":"e_1_3_3_133_1","doi-asserted-by":"crossref","unstructured":"Ye Y. Zhu J. Li B. Yang X. (2024). Extreme climate risks and corporate bond yield spreads: Evidence from China. Asia-Pacific Journal of Accounting & Economics 31(5) 697\u2013717. https:\/\/doi.org\/10.1080\/16081625.2023.2257242","DOI":"10.1080\/16081625.2023.2257242"},{"key":"e_1_3_3_134_1","doi-asserted-by":"crossref","unstructured":"Zeume S. (2017). Bribes and firm value. The Review of Financial Studies 30(5) 1457\u20131489. https:\/\/doi.org\/10.1093\/rfs\/hhw108","DOI":"10.1093\/rfs\/hhw108"},{"key":"e_1_3_3_135_1","doi-asserted-by":"crossref","unstructured":"Zhitao W. Xiang M. (2023). Financial mismatch on corporate debt default risk: Evidence from China. Pacific-basin Finance Journal 80 Article 102077. https:\/\/doi.org\/10.1016\/j.pacfin.2023.102077","DOI":"10.1016\/j.pacfin.2023.102077"},{"key":"e_1_3_3_136_1","doi-asserted-by":"crossref","unstructured":"Zhou D. Tawiah V. K. Alessa N. (2024). The impact of corruption on climate risk: An international evidence. Environmental Development 52 Article 101059. https:\/\/doi.org\/10.1016\/j.envdev.2024.101059","DOI":"10.1016\/j.envdev.2024.101059"}],"container-title":["BRQ Business Research Quarterly"],"original-title":[],"language":"en","link":[{"URL":"https:\/\/journals.sagepub.com\/doi\/pdf\/10.1177\/23409444251372631","content-type":"application\/pdf","content-version":"vor","intended-application":"text-mining"},{"URL":"https:\/\/journals.sagepub.com\/doi\/full-xml\/10.1177\/23409444251372631","content-type":"application\/xml","content-version":"vor","intended-application":"text-mining"},{"URL":"https:\/\/journals.sagepub.com\/doi\/pdf\/10.1177\/23409444251372631","content-type":"unspecified","content-version":"vor","intended-application":"similarity-checking"}],"deposited":{"date-parts":[[2026,4,28]],"date-time":"2026-04-28T13:39:39Z","timestamp":1777383579000},"score":1,"resource":{"primary":{"URL":"https:\/\/journals.sagepub.com\/doi\/10.1177\/23409444251372631"}},"subtitle":[],"short-title":[],"issued":{"date-parts":[[2025,9,27]]},"references-count":135,"alternative-id":["10.1177\/23409444251372631"],"URL":"https:\/\/doi.org\/10.1177\/23409444251372631","relation":{},"ISSN":["2340-9444","2340-9444"],"issn-type":[{"value":"2340-9444","type":"print"},{"value":"2340-9444","type":"electronic"}],"subject":[],"published":{"date-parts":[[2025,9,27]]},"article-number":"23409444251372631"}}