Environment
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INVITED EDITOR
Editorial from
Miguel Ferreira
Miguel Ferreira- BPI | Fundação “la Caixa” Chair in Responsible Finance | Nova SBE's Dean of Faculty and Research
December 9, 2022
13. Climate action

13. Climate action

Take urgent action to combat climate change and its impacts
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“How does Climate Change Affect Firm Sales? Identifying Supply Effects”

This is the title of the paper Miguel Ferreira presented at the 49th European Finance Association. Click here to read the abstract and access the paper!

The 49th European Finance Association Annual Meeting happened from the 24th until the 27th of August in Barcelona, Spain. It was organised by IESE Business School in Barcelona and there, Miguel Ferreira had his paper presented.  

If you want to read the paper you can do so in the following links:

“How Does Climate Change Affect Firm Sales? Identifying Supply Effects” by Miguel Ferreira

Abstract: We estimate the supply side effect of climate change on firm sales by exploiting variation in local temperature across suppliers of the same client. We find that suppliers experiencing a 1°C increase in average daily temperature decrease their sales by 2%. In addition, extreme hot and cold weather events lead to larger drops in sales. The effect is more pronounced among suppliers in manufacturing and heat-sensitive industries, which is consistent with lower labor productivity and labor supply when temperatures are higher. Financially constrained suppliers are more affected due to their lack of financial flexibility to adapt to changes in temperatures.

Miguel Ferreira
Miguel Ferreira- BPI | Fundação “la Caixa” Chair in Responsible Finance | Nova SBE's Dean of Faculty and Research
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