Climate Change and Adaptation in Global Supply-Chain Networks

• 成果类型: Article
• 署名作者: Pankratz, Nora M. C.; Schiller, Christoph M.
• 署名单位: Federal Reserve System - USA; Federal Reserve System Board of Governors; Arizona State University; Arizona State University-Tempe
• 刊物名称: REVIEW OF FINANCIAL STUDIES
• ISSN/ISSBN: 0893-9454
• DOI: 10.1093/rfs/hhad093
• 发表日期: 2024
• 页码: 1729
• 关键词: temperature; shocks; linkages; risks

摘要

This paper examines how physical climate exposure affects firm performance and global supply chains. We document that heat at supplier locations reduces the operating income of suppliers and their customers. Further, customers respond to perceived changes in suppliers' exposure: when suppliers' realized exposure exceeds ex ante expectations, customers are 7% more likely to terminate supplier relationships. Consistent with experience-based learning, this effect increases with signal strength and repetition and decreases with country-level climate adaptation. Subsequent replacement suppliers show a lower expected and realized but similar projected heat exposure. We find similar results for suppliers' exposure to floods.Authors have furnished an , which is available on the Oxford University Press Web site next to the link to the final published paper online.