Purpose

This study examines the evidence of the impact of climate change on the financial performance of basic materials companies in Vietnam.

Design/methodology/approach

The research sample includes eighty-two basic materials companies listed on the Vietnamese stock market from 2003 to 2022. This study used one-way and two-way fixed-effects feasible generalized least squares (FGLS) estimation methods.

Findings

Climate change, measured through variables including changes in temperature, average rainfall, greenhouse gas emissions and rising sea levels, has a negative impact on the financial performance of companies in this industry. The study also found that, with rising temperatures, the financial performance of steel manufacturing companies decreased less than that of coal mining and forestry companies, but increasing greenhouse gases and rising sea levels reduced the financial performance of steel companies. We did not find evidence of any difference in the impact of climate change on the financial performance of basic materials companies before and after the UN Climate Change Conference (COP 21). This is a new finding, which is consistent with empirical studies in Vietnam and different from previous studies in that it provides new evidence on the impact of climate change on the financial performance of basic materials companies in the Vietnamese market and cross-checks the impact of climate change by sector and over time.

Originality/value

To the best of our knowledge, this is one of the first articles on climate change and the financial performance of basic materials companies.

中文翻译：

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气候变化与基础材料公司的财务绩效：越南的经验证据

目的

本研究探讨了气候变化对越南基础材料公司财务业绩影响的证据。

设计/方法论/途径

研究样本包括2003年至2022年在越南股票市场上市的82家基础材料公司。本研究采用单向和双向固定效应可行广义最小二乘（FGLS）估计方法。

发现

通过温度变化、平均降雨量、温室气体排放和海平面上升等变量来衡量的气候变化对该行业公司的财务业绩产生负面影响。研究还发现，随着气温上升，钢铁制造企业的财务业绩下降幅度小于煤炭开采和林业企业，但温室气体的增加和海平面上升却降低了钢铁企业的财务业绩。我们没有发现联合国气候变化大会（COP 21）前后气候变化对基础材料公司财务业绩影响有任何差异的证据。这是一个新的发现，与越南的实证研究一致，但与以往的研究不同的是，它为气候变化对越南市场基础材料企业财务绩效的影响提供了新的证据，并交叉检验了气候变化对越南市场基础材料企业财务绩效的影响。按部门和时间段划分的气候变化。

原创性/价值

据我们所知，这是关于气候变化和基础材料公司财务业绩的第一篇文章。