Biodiversity risk and seasoned equity offerings
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(Published version)
Date
2025
Authors
Liu, X.
Li, Y.
Krishnamurti, C.
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Journal article
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Economics Letters, 2025; 247(112214):112214-112214
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Abstract
This study explores the relationship between a firm’s exposure to biodiversity risk and its decision to undertake seasoned equity offerings (SEOs). Our results show that firms facing significant biodiversity risks are more likely to engage in SEOs, especially those with greater external financial needs. Additionally, firms with stronger managerial capabilities are better equipped to manage biodiversity risks by obtaining additional funding through SEOs. Our research adds to the corporate finance literature by emphasizing the influence of biodiversity risk on a firm’s external financing decisions.
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Copyright 2025 The Authors. (http://creativecommons.org/licenses/by/4.0/)
Access Condition Notes: This is an open access article under the CC BY license