Climate vulnerability and firms’ default risk: the moderating role of country-Level corruption

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dc.contributor.authorGarcía-Gómez, Conrado Diego
dc.contributor.authorDemir, Ender
dc.contributor.authorDíez-Esteban, José María
dc.contributor.authorLizarzaburu Bolaños, Edmundo
dc.date.accessioned2025-10-06T23:33:44Z
dc.date.issued2025-09-27
dc.description.abstractThis paper examines the relationship between a country’s 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.en_EN
dc.formatapplication/pdf
dc.identifier.citationGarcía-Gómez, C. D., Demir, E., Díez-Esteban, J. M., & Lizarzaburu Bolaños, E. (2025). Climate vulnerability and firms’ default risk: the moderating role of country-Level corruption. BRQ Business Research Quarterly, 23409444251372631. https://doi.org/10.1177/23409444251372631
dc.identifier.doihttps://doi.org/10.1177/23409444251372631
dc.identifier.urihttps://hdl.handle.net/20.500.12640/4642
dc.languageInglés
dc.language.isoeng
dc.publisherSage Publications
dc.publisher.countryUK
dc.relation.ispartofurn:issn:2340-9444
dc.relation.urihttps://journals.sagepub.com/doi/10.1177/23409444251372631
dc.rightshttps://purl.org/coar/access_right/c_abf2
dc.rightsAttribution 4.0 Internationalen
dc.rights.urihttps://creativecommons.org/licenses/by/4.0/
dc.subjectClimate vulnerabilityen_EN
dc.subjectDefault risken_EN
dc.subjectCorruptionen_EN
dc.subjectEuropeen_EN
dc.subjectVulnerabilidad climáticaes_ES
dc.subjectRiesgo de impagoes_ES
dc.subjectCorrupciónes_ES
dc.subjectEuropaes_ES
dc.subject.ocdehttps://purl.org/pe-repo/ocde/ford#5.02.04
dc.titleClimate vulnerability and firms’ default risk: the moderating role of country-Level corruptionen_EN
dc.typehttps://purl.org/coar/resource_type/c_6501
dc.type.otherArtículo
dc.type.versionhttp://purl.org/coar/version/c_970fb48d4fbd8a85
local.acceso.esanAcceso abierto
local.author.orcidhttps://orcid.org/0000-0002-8862-5624
oaire.citation.issue0
oaire.citation.startPage23409444251372600
oaire.citation.titleBRQ Business Research Quarterly
oaire.citation.volume0

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