Temperature Shocks and Establishment Sales

• 成果类型: Article
• 署名作者: Addoum, Jawad M.; Ng, David T.; Ortiz-Bobea, Ariel
• 署名单位: Cornell University
• 刊物名称: REVIEW OF FINANCIAL STUDIES
• ISSN/ISSBN: 0893-9454
• DOI: 10.1093/rfs/hhz126
• 发表日期: 2020
• 页码: 1331
• 关键词: climate-change; weather; fluctuations; impacts

摘要

Combining granular daily data on temperatures across the continental United States with detailed establishment data from 1990 to 2015, we study the causal impact of temperature shocks on establishment sales and productivity. Using a large sample yielding precise estimates, we do not find evidence that temperature exposures significantly affect establishment-level sales or productivity, including among industries traditionally classified as heat sensitive. At the firm level, we find that temperature exposures aggregated across firm establishments are generally unrelated to sales, productivity, and profitability. Our results support existing findings of a tenuous relation between temperature and aggregate economic growth in rich countries.