The impact of climate vulnerability on firms’ cost of capital and access to finance

•First systematic investigation of the effect of climate vulnerability on firms’ cost of capital and access to finance.•Theoretically, shows how climate vulnerability could affect firms’ cost of capital and access to finance.•Constructs new climate vulnerability index and uses panel instrumental var...

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Published in:	World development Vol. 137; p. 105131
Main Authors:	Kling, Gerhard, Volz, Ulrich, Murinde, Victor, Ayas, Sibel
Format:	Journal Article
Language:	English
Published:	Oxford Elsevier Ltd 01.01.2021 Elsevier Science Publishers Pergamon Press Inc
Subjects:	Access Access to finance Capital Climate change Climate effects Climate vulnerability Companies Cost of capital Costs Debt Environmental risk Finance Financial exclusion Global temperature changes Indexes Multivariate statistical analysis Panel data Structural equation modeling Structural models Vulnerability Access to finance Q54 O16 Climate vulnerability G32 Cost of capital Financial exclusion
ISSN:	0305-750X, 1873-5991
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Abstract	•First systematic investigation of the effect of climate vulnerability on firms’ cost of capital and access to finance.•Theoretically, shows how climate vulnerability could affect firms’ cost of capital and access to finance.•Constructs new climate vulnerability index and uses panel instrumental variable regressions to address endogeneity problems.•Use of comprehensive firm-level data in panel data regressions and structural equation models.•Sheds light on a hitherto under-appreciated cost of climate change for climate vulnerable developing economies. This article presents the first systematic investigation of the effects of climate-related vulnerability on firms’ cost of capital and access to finance and sheds light on a hitherto under-appreciated cost of climate change for climate vulnerable developing economies. We first show theoretically how climate vulnerability could affect firms’ cost of capital and access to finance. Apart from a possible impact on cost of debt and equity, which drive cost of capital, firms in countries with high exposure to climate risk might be more financially constrained. The latter results in low levels of debt relative to total assets or equity due to restricted access to finance. We then examine this issue empirically, using panel data of 15,265 firms in 71 countries over the period 1999–2017. We invoke panel data regressions and structural equation models, with firm-level data from the Thomson Reuters Eikon database and different measures of climate vulnerability based on the ND-GAIN climate vulnerability index. We construct a new climate vulnerability index and use panel instrumental variable regressions to address endogeneity problems. Our empirical findings suggest that climate vulnerability increases cost of debt directly and indirectly through its impact on restricting access to finance. However, we find limited evidence that climate vulnerability affects cost of equity. Our estimations suggest that the direct effect of climate vulnerability on the average increase in cost of debt from 1991 to 2017 has been 0.63%. In addition, the indirect effect through climate vulnerability’s impact on financial leverage has contributed an additional 0.05%.
AbstractList	This article presents the first systematic investigation of the effects of climate-related vulnerability on firms' cost of capital and access to finance and sheds light on a hitherto under-appreciated cost of climate change for climate vulnerable developing economies. We first show theoretically how climate vulnerability could affect firms' cost of capital and access to finance. Apart from a possible impact on cost of debt and equity, which drive cost of capital, firms in countries with high exposure to climate risk might be more financially constrained. The latter results in low levels of debt relative to total assets or equity due to restricted access to finance. We then examine this issue empirically, using panel data of 15,265 firms in 71 countries over the period 1999--2017. We invoke panel data regressions and structural equation models, with firm-level data from the Thomson Reuters Eikon database and different measures of climate vulnerability based on the ND-GAIN climate vulnerability index. We construct a new climate vulnerability index and use panel instrumental variable regressions to address endogeneity problems. Our empirical findings suggest that climate vulnerability increases cost of debt directly and indirectly through its impact on restricting access to finance. However, we find limited evidence that climate vulnerability affects cost of equity. Our estimations suggest that the direct effect of climate vulnerability on the average increase in cost of debt from 1991 to 2017 has been 0.63%. In addition, the indirect effect through climate vulnerability's impact on financial leverage has contributed an additional 0.05%. •First systematic investigation of the effect of climate vulnerability on firms’ cost of capital and access to finance.•Theoretically, shows how climate vulnerability could affect firms’ cost of capital and access to finance.•Constructs new climate vulnerability index and uses panel instrumental variable regressions to address endogeneity problems.•Use of comprehensive firm-level data in panel data regressions and structural equation models.•Sheds light on a hitherto under-appreciated cost of climate change for climate vulnerable developing economies. This article presents the first systematic investigation of the effects of climate-related vulnerability on firms’ cost of capital and access to finance and sheds light on a hitherto under-appreciated cost of climate change for climate vulnerable developing economies. We first show theoretically how climate vulnerability could affect firms’ cost of capital and access to finance. Apart from a possible impact on cost of debt and equity, which drive cost of capital, firms in countries with high exposure to climate risk might be more financially constrained. The latter results in low levels of debt relative to total assets or equity due to restricted access to finance. We then examine this issue empirically, using panel data of 15,265 firms in 71 countries over the period 1999–2017. We invoke panel data regressions and structural equation models, with firm-level data from the Thomson Reuters Eikon database and different measures of climate vulnerability based on the ND-GAIN climate vulnerability index. We construct a new climate vulnerability index and use panel instrumental variable regressions to address endogeneity problems. Our empirical findings suggest that climate vulnerability increases cost of debt directly and indirectly through its impact on restricting access to finance. However, we find limited evidence that climate vulnerability affects cost of equity. Our estimations suggest that the direct effect of climate vulnerability on the average increase in cost of debt from 1991 to 2017 has been 0.63%. In addition, the indirect effect through climate vulnerability’s impact on financial leverage has contributed an additional 0.05%.
ArticleNumber	105131
Audience	Trade Academic
Author	Volz, Ulrich Kling, Gerhard Ayas, Sibel Murinde, Victor
Author_xml	– sequence: 1 givenname: Gerhard surname: Kling fullname: Kling, Gerhard email: gerhard.kling@abdn.ac.uk organization: University of Aberdeen Business School, King’s College, Aberdeen AB24 3FX, UK – sequence: 2 givenname: Ulrich surname: Volz fullname: Volz, Ulrich email: uv1@soas.ac.uk organization: Centre for Sustainable Finance, SOAS University of London, Thornhaugh Street, London WC1H 0XG, UK – sequence: 3 givenname: Victor surname: Murinde fullname: Murinde, Victor email: vm10@soas.ac.uk organization: Centre for Sustainable Finance, SOAS University of London, Thornhaugh Street, London WC1H 0XG, UK – sequence: 4 givenname: Sibel surname: Ayas fullname: Ayas, Sibel email: ayassibel@gmail.com organization: School of Finance and Management, SOAS University of London, Thornhaugh Street, London WC1H 0XG, UK
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Copyright	2020 The Authors COPYRIGHT 2021 Elsevier Science Publishers Copyright Pergamon Press Inc. Jan 2021
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Snippet	•First systematic investigation of the effect of climate vulnerability on firms’ cost of capital and access to finance.•Theoretically, shows how climate... This article presents the first systematic investigation of the effects of climate-related vulnerability on firms' cost of capital and access to finance and...
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SubjectTerms	Access Access to finance Capital Climate change Climate effects Climate vulnerability Companies Cost of capital Costs Debt Environmental risk Finance Financial exclusion Global temperature changes Indexes Multivariate statistical analysis Panel data Structural equation modeling Structural models Vulnerability
Title	The impact of climate vulnerability on firms’ cost of capital and access to finance
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