1 option
Do Firms Mitigate Climate Impact on Employment? Evidence from US Heat Shocks / Viral V. Acharya, Abhishek Bhardwaj, Tuomas Tomunen.
- Format:
- Book
- Author/Creator:
- Acharya, Viral V.
- Series:
- Working Paper Series (National Bureau of Economic Research) no. w31967.
- NBER working paper series no. w31967
- Language:
- English
- Physical Description:
- 1 online resource: illustrations (black and white);
- Place of Publication:
- Cambridge, Mass. National Bureau of Economic Research 2023.
- Summary:
- How do firms mitigate the impact of rising temperatures on employment? Using establishment-level data, we show that firms operating in multiple counties in the United States respond to heat shocks by reducing employment in the affected locations and increasing it in unaffected locations, whereas single-location firms simply downsize. Workforce reallocation, aimed at preventing heat-related decline in labor productivity, is stronger among larger, financially stable firms with more ESG-oriented investors. The scale of this response increases with the severity of climate disasters and is aided by credit availability and competitive labor markets. Climate risk management by firms mitigates the impact of heat shocks on aggregate employment but induces a spatial redistribution of economic activity.
- Notes:
- Print version record
- December 2023.
The Penn Libraries is committed to describing library materials using current, accurate, and responsible language. If you discover outdated or inaccurate language, please fill out this feedback form to report it and suggest alternative language.