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Does climate change affect firms’ innovative capacity in developing countries?
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Orientador(es)
Resumo(s)
We investigate the impact of climate change on firms’ investment in research
and development (R&D) in developing countries. The paper relies on two contrasting
hypotheses. In the first hypothesis, we speculate an optimistic situation
where climate change could induce firms to spend on R&D to both reduce their
environmental impact and curb the effects of future climate shocks. In the second
hypothesis, we propose a pessimistic scenario where climate change would reduce
firms’ incentives to invest in R&D. This second hypothesis would mainly be due
to tighter conditions for access to finance from lenders, given the increased uncertainty
about the firm’s future returns in the face of climate change. The empirical
results support the second scenario, small firms being more severely affected. Furthermore,
we examine the underlying mechanisms and identify financial access as
the key channel through which climate change reduces R&D investment.
Descrição
Palavras-chave
Climate change Firm innovation Developing Countries
Contexto Educativo
Citação
Bambe, Bao-We-Wal ... [et al.] (2024). "Does climate change affect firms’ innovative capacity in developing countries?". REM Working paper series, nº 0312/2024
Editora
ISEG – REM (Research in Economics and Mathematics)