Using a dataset of listed Indian manufacturing firms for 2010–2020, the study examines their financial response to climate risks in the presence of banker‐directors. The results show that climate sensitivity and vulnerability exert a negative impact on firm leverage and cost whereas climate adaptation has relatively limited impact. These effects broadly resonate across firm ownership, although it differ across firm‐bank equity interlocks. The overall impact of these developments is manifest in a decline in investment. The findings suggest that policymakers need to be more responsive to firm‐bank interactions, as these can impact firm behavior and have real economic consequences.

中文翻译：

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银行家们是否履行了自己的职责？企业社会责任、环境问题和公司影响力

该研究使用 2010 年至 2020 年印度上市制造企业的数据集，考察了它们在银行家董事在场的情况下对气候风险的财务反应。结果表明，气候敏感性和脆弱性对企业杠杆和成本产生负面影响，而气候适应的影响相对有限。这些影响在企业所有制中广泛产生共鸣，尽管在企业银行股权联锁中存在差异。这些发展的总体影响表现为投资下降。研究结果表明，政策制定者需要对企业与银行的互动做出更多反应，因为这会影响企业行为并产生实际的经济后果。