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We examine the impact of firm‐level climate risk exposure (CRE) on the debt concentration choices of Chinese listed companies over the period 2010–2021. Our findings suggest that CRE prompts firms to choose debt structures with higher concentration, and this relationship holds true for both physical and transition risks. Further analysis reveals that this effect is more pronounced among firms with higher default risk, restricted access to capital, and lower accounting quality. Our findings remain solid to a battery of robustness tests. Collectively, our study sheds light on the economic consequences of through the lens of firms' debt concentration adjustments. [ABSTRACT FROM AUTHOR]

Under its climate regulation, the EU is expected to become the first continent with a net-zero emissions balance. We study the pricing of climate risks, physical and transition, within European markets. Using text-analysis, we construct two novel (daily) physical and transition risk indicators for the period 2005–2021 and two global climate risk vocabularies. Applying our climate risk indices to an asset pricing test framework, we document the emergence of economically significant transition and physical risk premia post-2015. From a firm-level analysis, using firms' GHG emissions, GHG emissions intensity, environmental, and ESG scores, we find that rises in transition (physical) risk are typically associated with an increase (decrease) in the return of green (brown) stocks. Firm-level information is used by investors to proxy firms' climate-risks exposure, especially for transition risk since 2015, whereas the sectoral classification appears to proxy firms' exposures to physical risk. From a country-level analysis emerges an intensified connection between European stock markets and climate risks post-2015, yet with some heterogeneity. Our results have important economic implications and show that investors demand compensation for their exposure to both climate risk types. Our novel climate risk vocabularies and indicators find several applications in identifying, measuring, and studying climate risks. [ABSTRACT FROM AUTHOR]

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This paper aims to assess the level of credit risk (from the perspective of default risk) among Polish households associated with the physical risks of climate change. In order to determine the potential impact of the physical risk of climate change on household credit risk, we conducted CAWI interviews with 1,006 borrowers residing in different Polish voivodeships (to account for heterogeneity of credit exposures to extreme weather events). According to these respondents, wildfires and storms in Poland are the greatest source of physical risk of climate change. In the event of a wildfire or storm, approximately 13% of borrowers would not be able to repay their loans while not being insured, which potentially increases banks’ credit risk and exposes banks to losses. However, we find that households underestimate the credit risk that could arise from a drought.

This paper aims to assess the level of credit risk (from the perspective of default risk) among Polish households associated with the physical risks of climate change. In order to determine the potential impact of the physical risk of climate change on household credit risk, we conducted CAWI interviews with 1,006 borrowers residing in different Polish voivodeships (to account for heterogeneity of credit exposures to extreme weather events). According to these respondents, wildfires and storms in Poland are the greatest source of physical risk of climate change. In the event of a wildfire or storm, approximately 13% of borrowers would not be able to repay their loans while not being insured, which potentially increases banks' credit risk and exposes banks to losses. However, we find that households underestimate the credit risk that could arise from a drought. [ABSTRACT FROM AUTHOR]

Using data from 41 countries, we provide novel empirical evidence that firms' cash holdings are positively associated with their climate change exposure. This evidence is robust to different model specifications and survives a battery of tests to ease concerns related to spurious correlation and omitted variable bias. Using the release of the Stern Review as an exogenous shock to climate change awareness, we show that this association becomes significantly stronger after the release of the Review and particularly so for firms with higher exposure to regulatory and transition risk dimensions of climate change as well as financially constrained firms. Overall, results fit consistently within the precautionary motive framework and suggest that firms hold more cash to safeguard against the adverse impact of climate change. [ABSTRACT FROM AUTHOR]

This study aims to (1) explore the extent to which Australian companies respond to regulatory, physical and market risks associated with climate change, and (2) examine the impact of stakeholder pressure and corporate governance structure on the extent of corporate response to these risks. We collected survey data from 120 top risk managers of Australian companies. Our analysis shows that companies respond to regulatory risks to a greater extent than to physical and market risks. With respect to the impact of stakeholder pressure, the results show that overall, pressure from government, non-governmental organisations, competitors, and the media are positively and significantly associated with companies' climate change risk responses. Disaggregated analyses show differences in how particular stakeholder groups' pressure affects the corporate response to physical risks. With respect to corporate governance structure, the results demonstrate that female representation on the board of directors and existence of a climate change risk committee facilitate companies' increased climate change risk response. [ABSTRACT FROM AUTHOR]

Since the inception of the Task Force on Climate Related Financial Disclosures (TCFD) and its publication of a series of guidelines to instruct companies how to respond to climate change, physical and transition risks have become must‐know terms for businesses around the world. The development of various physical and transition risk assessment tools has become an urgent task for not only climate service companies but also for the scientific research community. Nevertheless, there is still an obvious gap between the contribution of the scientific research community and enterprise needs for clarification of the TCFD requirements. This article draws on interviews from representatives of more than a dozen related corporations and institutions in Taiwan, including private firms, research units, and industry associations, to understand and summarize their experience and expectations for the research community's contributions to TCFD alignment. The interview findings point out that physical risk assessment, transition risk assessment, data/information disclosure and integration, and policies and systems are the most concerned aspects of the interviewees. Based on these findings, the paper then provides suggestions for improvement by the research community, policy makers, and decision makers, including appropriate policies and systems, localized high‐quality climate services, and international competition, helping to effectively bridge the gap between daily research work and external expectations for the research results. [ABSTRACT FROM AUTHOR]

In the context of the rapid changes that have occurred in recent years, characterized by veritable 'black swans' such as the COVID-19 pandemic and extreme weather events that are occurring with increasing frequency, the issue of climate change has come into the focus of banking regulators and supervisors. Therefore banking institutions, if they are subject to the Single Supervisory Mechanism, have been called upon to develop (and, subsequently, to integrate into their business practices) methodologies for the identification, quantification and management of such risks, mainly under the profiles of: • Transition Risk, associated with policies undertaken by governments to foster climate change mitigation and adaptation; • Physical Risk, associated with the occurrence of extreme climatic events and its impact on the bank's assets. This paper analyzes one of the most significant hazards within the Physical Risk domain, which is Flood Risk. The measurement is focused on the prospective evolution of the flood events on a portfolio of mortgages secured by residential properties. The impact of this risk driver is subsequently reflected through the movement of appropriate transmission mechanisms on the LGD and PD parameters relating to the exposures in the scope. Finally, the effect on loan adjustments is provided, by recalculating the expected losses that result from the stressed projections. The flood risk projection is executed on a long-term timeframe, developing over 3 climate scenarios up to 2050. The choice of this hazard is due to its relevance in terms of frequency of events and harmfulness, a relevance that is confirmed by its inclusion in both the top-down climate stress testing exercises carried out by the ECB and in the bottom-up climate stress testing exercise promoted by the ECB itself in 2022 and carried out by the SSM Banks. A comprehensive simulation framework, structured as follows, is then presented: • a macro-climate scenario simulation engine; • the downscaling of these scenarios to obtain localized climate effects on individual properties; • the transmission of these effects into a depreciation formula for the individual property; • the LGD stress associated with the devaluation of the collateral property, and the PD stress that goes along with it, obtained by correlation.

The aviation industry is the center of gravity for tourism-dependent countries seeking to uplift their economic activities. The COVID-19 pandemic in the early part of 2020 threatened people and the air industry to the maximum extent. This paper investigated the sustainable air travel behavior of passengers under the risk knowledge path. The mediating role of risk perception, i.e., physical risk, psychological risk, and service quality, was also tested for the risk knowledge-air travel behavior association. We surveyed 339 travelers at six airports in Thailand from January to June 2021 to record their responses. We applied covariance–variance-based structural equation modeling (CB- SEM), and the study results revealed a direct e􀀀ect of risk knowledge with an indirect impact via risk perception paths on air travel behavior. This paper highlights knowledge as a remedial response to the perceptual makeup of air services sustainability. The study has solid managerial implications for aviation management in the design of ideal pathways for retaining air services during the current public emergency of COVID-19. [ABSTRACT FROM AUTHOR]

The aviation industry is the center of gravity for tourism-dependent countries seeking to uplift their economic activities. The COVID-19 pandemic in the early part of 2020 threatened people and the air industry to the maximum extent. This paper investigated the sustainable air travel behavior of passengers under the risk knowledge path. The mediating role of risk perception, i.e., physical risk, psychological risk, and service quality, was also tested for the risk knowledge-air travel behavior association. We surveyed 339 travelers at six airports in Thailand from January to June 2021 to record their responses. We applied covariance–variance-based structural equation modeling (CB-SEM), and the study results revealed a direct effect of risk knowledge with an indirect impact via risk perception paths on air travel behavior. This paper highlights knowledge as a remedial response to the perceptual makeup of air services sustainability. The study has solid managerial implications for aviation management in the design of ideal pathways for retaining air services during the current public emergency of COVID-19.

Resumen Introducción: Se realizaron estudios de las vibraciones que se generan en las plataformas metálicas industriales para prevenir la peligrosidad del riesgo en la salud de los trabajadores ex-puestos e identificar las áreas y puestos de trabajo que requieren de medidas de control especial desde la etapa de diseño. Objetivos: Analizar la peligrosidad que representa la propa-gación de las vibraciones generales en las plataformas metálicas industriales y valorar la distribución del riesgo según la potencia motora instalada en ellas. Métodos: Se emplearon tres dosímetros de vibración de la firma danesa Brüel & Kjaer, (Human Vibration Analyzer Type 4447) con el correspondiente acelerómetro triaxial tipo Sead Pad. Los estudios fueron evaluaciones de riesgo para un análi-sis comparado de estas vibraciones en las áreas de trabajo de tres diferentes plataformas metálicas industriales que incluyó procedimientos de ensayo-error para los ajustes necesarios en las mediciones de terreno. Resultados: La norma modificada de la ISO 2631-1,-2 apli-cada para la evaluación de las vibraciones generales sustituyó adecuadamente a la norma cubana NC 19-01-05 vigente, y permitió prevenir el riesgo de exposición a vibraciones no constantes y de impacto, así como los potenciales efectos nocivos generados por las ondas de choque que no se detectan con la metodología establecida en la norma cubana. Conclusión: La propagación de ondas de choque en estas plataformas dependió de la potencia de la maquinaria instalada y por tanto para el control del riesgo se requiere de un diseño adecuado para estas estructuras. Abstract Introduction: Studies of the vibrations generated in industrial metal platforms were carried out to prevent danger of risk to the health of exposed workers and to identify the areas and workstations that require special control measures from the design stage. Objectives: To analyze the danger posed by the propagation of general vibrations in industrial metal platforms and to assess the risk distribution according to the motor power installed in them. Methods: Three vibration dosimeters from the Danish firm Brüel & Kjaer (Human Vibration Analyzer Type 4447) were used, with the corresponding triaxial accelerometer of the Sead Pad type. The studies were risk assessments in view of a comparative analysis of these vibrations in the working areas of three different industrial metal platforms that included trial-error procedures for the necessary adjustments in the field measurements. Results: The modified standard ISO 2631-1, -2 applied to the assessment of general vibrations adequately replaced the currently valid Cuban standard NC 19-01-05, and allowed preventing the risk of exposure to nonconstant and impact vibrations, as well as the potential harmful effects generated by shock waves not detected with the methodology established in the Cuban standard. Conclusion: The propagation of shock waves in these plat-forms depended on the power of the installed machinery; therefore, in order to control the risk, an adequate design for these structures is required.

We assess physical risk associated with floods in Japan, using a dynamic stochastic general equilibrium (DSGE) model. We construct a model that incorporates transmission mechanism of floods and estimate the model using the data of flood-induced damage to capital stock and public infrastructure collected by the government in the last 40 years. The result of the analysis is threefold. First, a flood that reduces the private capital stock by about 0.1% as a direct effect causes GDP to fall by about 0.1% in the first period, with a gradual recovery to pre-flood level. Second, floods dampen GDP through multiple channels. From the supply side, a decline in capital stock inputs and total factor productivity (TFP) reduce GDP. From the demand side, the balance sheets of firms and financial intermediaries are impaired, resulting in disruptions to financial intermediation and depressing GDP. Based on our estimates, all these channels are quantitatively comparable in magnitude. Third, the quantitative impacts of flood shocks on GDP up to now have been minor compared to the standard structural shocks that are considered important in existing macroeconomic studies. However, according to the estimates that use the relationship between the key variables in our model together with climate change scenarios published by the Network for Greening the Financial System (NGFS), the impacts of these shocks could become somewhat larger in the future. [ABSTRACT FROM AUTHOR]

The article reviews the literature on the relationship between climate change and central bank policies. Central banks conduct monetary policy and are responsible for macroprudential supervision. The article focuses on the consequences of transition and physical risks for financial stability and price stability. It also asks what role central banks can play in slowing climate change and what implications climate change has for the future strategy and for the monetary policy framework of the Eurosystem. [ABSTRACT FROM AUTHOR]

The International Monetary Fund (IMF) has been tasked with quickly devising a climate change strategy that helps its members meet collective climate change and development goals while maintaining financial stability. In this paper, we develop an analytical framework of the 'macro-critical' nature of climate change and use that framework to examine the extent to which the IMF has incorporated the macro-economic aspects of climate change in recent years. We deploy textual analysis algorithms to perform a baseline analysis of the extent to which the IMF's main bilateral surveillance activities—Article IV reports and Financial Sector Assessment Programs (FSAPs)—have focused on climate risks between 2017 and 2021. We find that IMF surveillance activity has paid little and uneven attention to climate risks in Article IV reports, and even less so in FSAPs. However, recent Article IV and FSAP assessments have piloted climate risk analyses that present an opportunity to be expanded and incorporated systematically. The analytical framework, baseline analysis, and methodology will allow future analysts to monitor IMF climate performance over time. Key policy insights Multilateral institutions should analyze and incorporate 'macro-critical' climate risks to fiscal and financial systems in their policy frameworks toolkit. The IMF needs to rapidly fill this gap in the climate policy architecture through reforms to its surveillance, advisory, and lending functions. The IMF, as a safeguard of monetary and financial stability, should incorporate climate risks cohesively and comprehensively into its analysis, including spillover or the cross-border consequences of climate change, and reallocate its tools and resources to this end. This paper provides a method and baseline from which to evaluate the evolution of IMF policy toward incorporating climate risk into its bilateral surveillance toolkit, specifically Article IV exercises and FSAPs. [ABSTRACT FROM AUTHOR]

Introduction: The women healthcare workers, besides their role in the promotion, prevention, and protection of health for their patients, are exposed to different types of occupational risk at the workplace. The aim of this study was to explore the types of occupational risk encountered by the women healthcare workers and to assess the health and safety measures implemented for the women healthcare workers. Methods: A cross-sectional study was conducted among one hundred women healthcare workers in Aizawl district, Mizoram, India. A self-structured questionnaire was used to collect data on the respondents' demographic profile, workplace risks, and safety measures. The Work Safety Scale was used to measure the safety measures and was reframed to suit the study's context and person correlation was calculated. Results: The results show that women healthcare workers experience a greater number of physical risks at the workplace i.e., back pain, headache, eye problem, loss of appetite and needle syringe injuries which is followed by psychosocial (anxiety, insomnia, abuse by patients, low self-esteem and depression) and reproductive risks (irregular menstrual cycle, stillbirth, low birth weight and cervical cancer). The health and safety measures implemented for the healthcare workers are satisfied with an average mean score of 3.64. The study revealed that no clear regulations and recommendations on safety measures have been developed by healthcare settings. Conclusion: The study concluded that better regulation is needed, required to protect and safeguard the physical, psychological, and reproductive risks that women healthcare professionals encounter at the workplace.

While masks slow the transmission of COVID‐19, many resist wearing them. Extant public service messaging focuses on creating social norms around mask wearing. Drawing on protection motivation theory, we conduct a copy test to determine whether focusing on the physical risks or focusing on the social risks of contracting COVID‐19 is more persuasive in motivating mask wearing. We find that physical risk messaging is more persuasive than social risk messaging and find that the effect is partially mediated by fear of COVID‐19. The mediation is moderated by germ aversion. Specifically, we find people who are high in germ aversion respond to both physical and social risk messaging. However, people low in germ aversion respond only to physical risk messaging—and these are the people who are less likely to wear masks. Our findings offer public health agencies a fresh approach for encouraging those who are resistant to mask wearing to wear a mask. [ABSTRACT FROM AUTHOR]

This paper is a practical introduction to the nascent methodology of climate risk stress testing. After giving a general overview of the physical climate models that underlie climate risk projections, it discusses how a financial institution can leverage open-source physical risk data and climate models employed by the scientific and policy communities to perform both physical and transition risk stress tests. The paper develops two examples of physical risk stress testing: 1) a stress test of the effect of temperature increases on labour productivity; and 2) a stress test of the physical damage of hurricanes. The paper goes on to explain what transition risk is and then explores how models already in use by the climate policy community can serve as a foundation for transition risk stress testing. [ABSTRACT FROM AUTHOR]

There is growing recognition that natural disasters and severe weather-related events pose risks that can potentially and unintentionally affect the financial performance of the banking system. This study provides further indication that severe weather conditions have an impact on the financial performance of smaller banking units. The paper first constructs a regional quarterly rainfall damage index (RDI) based on data from weather stations across the country. A regional branch-level database from supervisory reports is then compiled based on 11,000 banking units from the Bangko Sentral’s (BSP) Branch Regional Information System (BRIS). Using the dynamic panel generalized method of moments (GMM), we find evidence of a deterioration in branch-level loan growth and loan quality as savings and time deposit liabilities contract and nonperforming loans surge following extreme rainfall events from 2014 to 2018. These are particularly evident in regions most vulnerable to severe rainfall episodes and to branches of universal and commercial banks as well as those of rural and cooperative banks. However, the overall negative impact on profitability seems to eventually taper off. These findings are robust across different specifications and alternative estimation methods such as fixed effects and panel vector autoregression estimations.

The health sector has undergone numerous changes in recent decades that have led to a number of new threats to the health of nurses, as well as new challenges that the field of occupational safety and health needs to overcome. Nursing is the largest of the healthcare professions that is, due to the nature of work, exposed to a large number of potentially dangerous situations and substances. Nursing is characterized by a high sense of personal satisfaction and achievement, but a dynamic work environment witch involving different employee profiles and highly specialized technology, can led to significant health risk, while healthcare sector need healthy nurses to provide quality care to patients. This paper will outline the most important critical points of nursing injury risk, which include various stressors associated with direct patient care such as ergonomic, biological, chemical, physical and psychosocial risks. For this review and analysis, we did a comprehensive literature search in Croatia, Europe and the world by searching the PubMed, Google Scholar, Elseviar, UpToDate and other keyword-based databases from 2000 to 2019. The literature review shows that the occupational safety and health of nurses is very complex and requires in-depth analysis and identification of risks and persons at risk, risk evaluation and prioritization, planning of preventive actions, implementation of actions, and documentation, monitoring and verification of results. [ABSTRACT FROM AUTHOR]

Among the numerous health benefits of fish consumption, perhaps the most recognized is the role of omega-3 fatty acids in the prevention of cardiovascular disease. Cardiovascular disease is prevalent in Hungary, which has the lowest fish consumption in Europe. Increasing fish consumption is the aim of most European countries and given the high incidence of cardiovascular disease in Hungary, it is of particular importance. A significant reduction of the VAT for fish in 1 January 2018 aimed to increase fish consumption in Hungary. However, despite reduced VAT, the price of fish in Hungary rose from 2017 to 2018. The aim of our research is to explore perceived risks that serve to exacerbate Hungarian consumers’ low fish consumption, and to measure their effects to identify potential strategies to most effectively increase fish consumption. We applied partial least squares structural equation modeling (PLS-SEM) to analyze responses provided by 1042 survey participants (collected with face-to-face interviews, using quota sampling in 2014) to explore variables of fish consumption associated with perceived risk including psychological, physical, social, and functional risks. Our model is the first one that applies detailed perceived risk categories to measure those effects on low fish consumption. The results indicate that psychological risk associated with negative past experiences have both a direct, and through functional risk, an indirect significant negative effect on fish consumption. Conversely, neither social nor physical risk impede Hungarian fish consumption. We conclude that the seafood industry could benefit from targeted interventions that seek to reduce functional risk-perception of the person responsible for preparing fish in the household.

During the last decade the techniques and tools of cyber attacks have become more sophisticated, the distinctions between actors and threats have become blurred and attack prospects more worrying. The informational threat can hit any type of civilian or military controls, fixed or mobile infrastructures, putting them down or greatly reducing their service capabilities with direct and indirect physical / economic impacts from tactical or local scale to strategic / national and international level. It has been shown that broad spectrum protection investments and particularly poorly prioritized ones are not efficient as oftentimes they are limited in scope by other operational requirements. So it is simply not possible to protect each property from each threat. The cyberdefense must be rooted on intelligence based on prioritized Risk Management and not on standardized audits and practice of indolent regulations, written a priori, or the biased advice of fear monger solutions sellers. RM offers ultimately support for operational decisions and protection (mitigation), provided that we want to define the level of acceptable risk reduction /mitigation and that we formulate measurable performance targets to achieve .