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<p>Using detailed information on millions of establishments owned by U.S. public firms from 1990 to 2012, we show that long-lasting rising temperatures incentivize local public firms to reorganize their operation network by cutting local employment and shutting down local establishments exposed to rising temperature. In addition, firms’ operational adjustments to rising temperatures are closely related to managerial attention to, belief in climate issues, and ownership by environmentally aware funds. Further analyses reveal that firms’ adaption behavior is mainly driven by the negative long-run effect of rising temperatures on local consumer demands. Overall, we provide large-sample evidence on firms’ operational adjustments in response to rising temperature.</p>

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How Firms Adapt to Rising Temperatures: Evidence from U.S. Establishments

  • 期刊论文

  • 发表日期：

    2025年8月26日

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  • Zuben Jin,
  • Frank Weikai Li,
  • Yupeng Lin,
  • Zilong Zhang

摘要

Using detailed information on millions of establishments owned by U.S. public firms from 1990 to 2012, we show that long-lasting rising temperatures incentivize local public firms to reorganize their operation network by cutting local employment and shutting down local establishments exposed to rising temperature. In addition, firms’ operational adjustments to rising temperatures are closely related to managerial attention to, belief in climate issues, and ownership by environmentally aware funds. Further analyses reveal that firms’ adaption behavior is mainly driven by the negative long-run effect of rising temperatures on local consumer demands. Overall, we provide large-sample evidence on firms’ operational adjustments in response to rising temperature.