Full metadata record
| DC Field | Value | Language |
|---|---|---|
| dc.contributor | Department of Logistics and Maritime Studies | en_US |
| dc.contributor.advisor | Lo, Chris (LMS) | en_US |
| dc.contributor.advisor | Yeung, Andy (LMS) | en_US |
| dc.contributor.advisor | Cheng, T. C. E. (LMS) | en_US |
| dc.creator | Liang, Chen | - |
| dc.identifier.uri | https://theses.lib.polyu.edu.hk/handle/200/14210 | - |
| dc.language | English | en_US |
| dc.publisher | Hong Kong Polytechnic University | en_US |
| dc.rights | All rights reserved | en_US |
| dc.title | The impact of exogenous shocks on firm performance : three empirical studies | en_US |
| dcterms.abstract | In recent years, businesses have been confronted with unprecedented challenges arising from global disruptions such as public health crises, geopolitical instability, and climate change. These crises highlight the pressing need for a comprehensive reassessment of risk management frameworks. Despite the extensive literature on managing endogenous operational disruptions, existing studies have proven inadequate in addressing the increasingly complex and extreme nature of exogenous risks. Shocks such as extreme weather events, economic volatility, and regulatory changes are becoming more frequent and interconnected, often triggering cascading crises rather than isolated incidents. Consequently, companies must develop proactive strategies to navigate a broader spectrum of exogenous threats. Drawing on theoretical lenses such as the natural-resource-based view, prospect theory, resource dependence theory, and information processing theory, this thesis consists of three interrelated studies that aim to fill this gap by examining how these emerging exogenous risks impact firm operations and financial outcomes, while also proposing tailored strategies to mitigate these effects. A thorough exploration of these issues not only contributes to the theoretical foundation of strategies for addressing exogenous risks but also provides valuable insights for practitioners and policymakers. | en_US |
| dcterms.abstract | Study 1 examines the impact of extreme weather events on firm operational performance from the perspective of natural force risks and evaluates the effectiveness of three operational strategies in mitigating this impact. Utilizing panel data from 3,722 Chinese A-share listed firms between 2010 and 2020, and employing a staggered difference-in-differences (DID) approach, Study 1 identifies a significant negative causal effect of extreme weather shocks on firm labor productivity. Building on resource dependence theory and information processing theory, it further examines the moderating roles of operational slack, cash hedging, and digital technology. The results suggest that these buffering and bridging strategies can significantly mitigate this negative effect by stabilizing material flows, facilitating information processing efficiency, and enhancing financial flexibility, respectively. A series of robustness checks and supplementary analyses are conducted to validate the consistency and reliability of the findings. | en_US |
| dcterms.abstract | Study 2 delves into the impact of carbon emission risk on firms' financial performance from the perspective of transition risks. Drawing on the Natural Resource-Based View (NRBV), it examines how carbon risk influences firm value, utilizing a panel dataset comprising 691 firm-year observations from 298 unique firms between 2018 and 2022. The analysis reveals a significant negative relationship between carbon emission risk and firm value, supported by rigorous econometric techniques to strengthen causal inference. Furthermore, Study 2 investigates the moderating effects of three NRBV-aligned strategies: production efficiency, green innovation, and ESG performance. The results indicate that production efficiency and green innovation can effectively mitigate the adverse effects of carbon risk. However, while ESG performance does not exhibit a significant buffering effect across the full sample, further analysis indicates that firms with lower levels of greenwashing do benefit from ESG initiatives. Finally, Study 2 explores the motivations behind corporate carbon disclosure. While the market generally penalizes all carbon-emitting firms, the negative valuation effect is less severe for those that voluntarily disclose their emission information. This finding underscores the signaling role of carbon disclosure and provides insight into firms' motivations for transparency in managing transition risks. | en_US |
| dcterms.abstract | While conventional views typically posit a monotonic negative relationship between Economic Policy Uncertainty (EPU) and firm investment based on real options theory, emerging anecdotal evidence suggests that firms' innovation activities may not always be adversely affected by EPU. Grounded in prospect theory, Study 3 investigates the impact of EPU on firm innovation performance from the perspective of man-made policy risk. Utilizing a dataset comprising 11,769 firm-year observations from Chinese listed firms between 2000 and 2019, the study uncovers an inverted-U relationship between EPU and innovation performance. Building on the complementary asset view, it further investigates the moderating roles of organizational capabilities, particularly operational and marketing capabilities, in shaping this relationship. The results indicate that these capabilities enable firms to better navigate and even leverage the uncertainty associated with EPU, with higher capability levels amplifying the inverted U-shaped effect and shifting the turning point rightward. To ensure the robustness of the findings and address potential endogeneity concerns, a range of econometric techniques is employed, with results demonstrating consistency across multiple specifications. | en_US |
| dcterms.abstract | The theoretical contributions of this thesis are reflected in the following aspects. First, it broadens the scope of risk management literature by integrating a diverse range of exogenous risks into a unified framework. Second, the research highlights the heterogeneity of risks and emphasizes the need for tailored operational strategies. By recognizing that different types of risks require distinct management approaches, this thesis challenges the prevailing one-size-fits-all mindset in risk management research. Finally, the thesis employs advanced econometric methodologies to enhance the rigor of causal inferences, thereby improving the reliability of its findings. Through these contributions, this thesis offers valuable insights for both academics and practitioners in navigating the intricate and ever-evolving risks faced by firms in today's dynamic global landscape. | en_US |
| dcterms.extent | xi, 172 pages : color illustrations | en_US |
| dcterms.isPartOf | PolyU Electronic Theses | en_US |
| dcterms.issued | 2025 | en_US |
| dcterms.educationalLevel | Ph.D. | en_US |
| dcterms.educationalLevel | All Doctorate | en_US |
| dcterms.accessRights | open access | en_US |
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