Climate-Related Risk, Corporate Finance, and Financial Stability
A Special Issue of Risks (ISSN 2227-9091).
Deadline for manuscript submissions: 15 January 2027 | Viewed by 349
Editor
Special Issue Information
Dear Colleagues,
Ecological degradation and climate-related challenges, such as desertification, cyclones, hurricanes, typhoons, droughts, rising sea levels, ocean warming, acidification, water shortages, coastal flooding, forest fires, species loss, and displacement, pose significant economic risks globally, particularly for firms. Consequently, capital markets are becoming more aware of corporate vulnerabilities to climate risks.
For instance, high-emitting companies struggle to access debt markets (Kacperczyk & Peydro, 2021; Huang et al., 2022). Firms with biodiversity risks face higher bankruptcy risks (Adamolekun, 2024). Companies exposed to climate risks also encounter higher capital costs (Agoraki et al., 2024). Evidence further shows that firms heavily affected by climate risk experience lower valuations during restructuring (Adamolekun & Kyiu, 2025). Additionally, climate risk exposure influences corporate capital structure decisions (Ginglinger & Moreau, 2023). The adoption of climate measures impacts various corporate outcomes (Adamolekun et al., 2025a; Adamolekun et al., 2025b).
Growing evidence suggests that ecological and climate challenges broadly threaten corporate financial stability. However, there is a knowledge gap regarding how climate risks impact different corporate outcomes. This Special Issue examines whether and how corporate exposure to climate change influences corporate financial performance.
Adamolekun, G. (2024). Firm biodiversity risk, climate vulnerabilities, and bankruptcy risk. Journal of International Financial Markets, Institutions and Money, 97, 102075.
Adamolekun, G., & Kyiu, A. (2025). Corporate carbon footprint and market valuation of restructuring announcements. Review of Quantitative Finance and Accounting, 64(2), 595-620.
Adamolekun, G., Ahmed, A., Kwansa, N. A., Lawal, R., & Sakariyahu, R. (2025a). Corporate Climate Risk and Membership of Emission Trading Schemes. Business Strategy and the Environment, 34(5), 6054–6077.
Adamolekun, G., Li, H., & Xu, B. (2025b). Carbon markets and firms’ perceived climate regulatory risk. Journal of Environmental Management, 393, 127050.
Agoraki, K. K., Giaka, M., Konstantios, D., & Negkakis, I. (2024). The relationship between firm-level climate change exposure, financial integration, cost of capital and investment efficiency Journal of International Money and Finance, 141, 102994.
Ginglinger, E., & Moreau, Q. (2023). Climate risk and capital structure. Management Science, 69(12), 7492–7516.
Huang, H. H., Kerstein, J., Wang, C., & Wu, F. (2022). Firm climate risk, risk management, and bank loan financing. Strategic Management Journal, 43(13), 2849–2880.
Kacperczyk, M. T., & Peydró, J. L. (2022). Carbon emissions and the bank-lending chann
Dr. Gbenga Adamolekun
Guest Editor
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Keywords
- firm climate vulnerability
- corporate outcomes
- climate finance
- corporate finance
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