Climate change exposure and the takeover market: A text‐based analysis
Pongsapak Chindasombatcharoen,
Pattanaporn Chatjuthamard,
Pornsit Jiraporn
et al.
Abstract:We examine the impact of takeover vulnerability on firm‐specific climate change exposure using sophisticated text‐based metrics generated from machine learning algorithms and a measure of takeover vulnerability primarily derived from state takeover laws. Based on a large sample of more than 28,000 observations, our findings show that firms more vulnerable to hostile takeovers have higher exposure to physical climate risks, as managers focus on short‐term financial performance over long‐term risk mitigation. Th… Show more
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