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Business and climate change risk: a regional time series analysis

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  • Peter Romilly

    (University of Abertay Dundee, Dundee, Scotland)

Abstract

International business activity has to adapt to a number of new challenges, including higher temperatures and flood risks. The adaptation process will depend partly on the development of new forms of risk analysis for decision-making. This paper identifies statistically significant differences in regional temperature risk profiles, and develops climate change risk rankings for 11 regions of the globe. The methodology is based on a univariate time series analysis of regional mean temperatures, and takes into account the extent to which extreme temperature events cluster together, an important factor in weather-related risk analysis. The implications of the empirical results are discussed, with particular reference to the insurance and reinsurance markets. Journal of International Business Studies (2007) 38, 474–480. doi:10.1057/palgrave.jibs.8400266

Suggested Citation

  • Peter Romilly, 2007. "Business and climate change risk: a regional time series analysis," Journal of International Business Studies, Palgrave Macmillan;Academy of International Business, vol. 38(3), pages 474-480, May.
    • Handle: RePEc:pal:jintbs:v:38:y:2007:i:3:p:474-480
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    Citations

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    Cited by:

    1. Gutiérrez-López, Cristina & Castro, Paula & Tascón, María T., 2022. "How can firms' transition to a low-carbon economy affect the distance to default?," Research in International Business and Finance, Elsevier, vol. 62(C).
    2. Omaima A.G. Hassan & Peter Romilly, 2018. "Relations between corporate economic performance, environmental disclosure and greenhouse gas emissions: New insights," Business Strategy and the Environment, Wiley Blackwell, vol. 27(7), pages 893-909, November.
    3. Gail Whiteman & D. René de Vos & F. Stuart Chapin & Vesa Yli‐Pelkonen & Jari Niemelä & Bruce C. Forbes, 2011. "Business strategies and the transition to low‐carbon cities," Business Strategy and the Environment, Wiley Blackwell, vol. 20(4), pages 251-265, May.
    4. Federica Gasbarro & Francesco Rizzi & Marco Frey, 2016. "Adaptation Measures of Energy and Utility Companies to Cope with Water Scarcity Induced by Climate Change," Business Strategy and the Environment, Wiley Blackwell, vol. 25(1), pages 54-72, January.
    5. Jorge MONGAY, 2017. "Market Economies Potentialities and Cultural Clusters. A Global and Longitudinal Study," Expert Journal of Economics, Sprint Investify, vol. 5(1), pages 1-13.
    6. Georg Weinhofer & Timo Busch, 2013. "Corporate Strategies for Managing Climate Risks," Business Strategy and the Environment, Wiley Blackwell, vol. 22(2), pages 121-144, February.
    7. Kiridaran Kanagaretnam & Gerald Lobo & Lei Zhang, 2022. "Relationship Between Climate Risk and Physical and Organizational Capital," Management International Review, Springer, vol. 62(2), pages 245-283, April.
    8. Kolk, Ans, 2016. "The social responsibility of international business: From ethics and the environment to CSR and sustainable development," Journal of World Business, Elsevier, vol. 51(1), pages 23-34.
    9. Fabio Pizzutilo & Massimo Mariani & Alessandra Caragnano & Marianna Zito, 2020. "Dealing with Carbon Risk and the Cost of Debt: Evidence from the European Market," IJFS, MDPI, vol. 8(4), pages 1-10, October.
    10. Zhifang Zhou & Tao Zhang & Kang Wen & Huixiang Zeng & Xiaohong Chen, 2018. "Carbon risk, cost of debt financing and the moderation effect of media attention: Evidence from Chinese companies operating in high‐carbon industries," Business Strategy and the Environment, Wiley Blackwell, vol. 27(8), pages 1131-1144, December.
    11. Sanjay Patnaik, 2019. "A cross-country study of collective political strategy: Greenhouse gas regulations in the European Union," Journal of International Business Studies, Palgrave Macmillan;Academy of International Business, vol. 50(7), pages 1130-1155, September.
    12. Wettstein, Florian & Giuliani, Elisa & Santangelo, Grazia D. & Stahl, Günter K., 2019. "International business and human rights: A research agenda," Journal of World Business, Elsevier, vol. 54(1), pages 54-65.
    13. Juhyun Jung & Kathleen Herbohn & Peter Clarkson, 2018. "Carbon Risk, Carbon Risk Awareness and the Cost of Debt Financing," Journal of Business Ethics, Springer, vol. 150(4), pages 1151-1171, July.

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