Employing a panel sample of 29,316 firms across 34 countries spanning 2006 to 2019, we investigate the impact of climate risk on firm-level investment efficiency. We find that climate risk significantly increases investment inefficiency, namely, the investment deviation from the expected optimal level. Cross-sectional analyses show that the increasing impact of climate risk on investment inefficiency can be mitigated by stronger country-level uncertainty avoidance and long-term orientation culture, while at the firm level, corporate operational risk and industry competition can magnify the impact of climate risk on investment inefficiency. Our results remain valid after considering various robustness tests and endogeneity concerns.

中文翻译：

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气候风险与投资效率

我们采用了 2006 年至 2019 年期间 34 个国家的 29,316 家公司的面板样本，调查了气候风险对公司层面投资效率的影响。我们发现，气候风险显着增加了投资效率低下，即投资偏离预期最优水平。横断面分析表明，气候风险对投资低效率日益增加的影响可以通过加强国家层面的不确定性规避和长期导向文化来缓解，而在公司层面，企业运营风险和行业竞争可以放大气候风险的影响投资效率低下的风险。在考虑各种稳健性测试和内生性问题后，我们的结果仍然有效。