High‐temperature exposure risk, corporate performance and pricing efficiency of the stock market

Guojin Chen, Wenpeng Chen, Jiaqi Wang and Xiangqin Zhao

Accounting and Finance, 2023, vol. 63, issue 3, 3553-3583

Abstract: Using the daily temperature data of the national meteorological stations, we measure the high‐temperature exposure risk of Chinese A‐share listed enterprises, investigate the impact of high‐temperature exposure risk on corporate prime operating revenue and performance, and further discuss securities analysts' forecasts for this risk. We find that increased exposure to high temperature reduces corporate prime operating revenue, and the response of enterprises to high‐temperature risk will lead to a rise in management expenses and the deterioration of business performance. Further evidence suggests that securities analysts generally underestimate or ignore the impact of high‐temperature exposure risk, and our results are robust to different measures and samples.

Date: 2023
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