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This study aims to investigate how a firm's management team's capacity to efficiently use its resources affects the firm's exposure to climate change. Specifically, the authors investigate the intriguing question – does managerial ability affect a firm's climate change exposure?

The authors use an unbalanced panel dataset of 4,230 US based firms listed on Compustat from 2002–2019 and test the hypothesis by panel regression analysis. To mitigate endogeneity concerns, difference-in-differences and instrumental variable approaches are used.

The baseline analysis shows a negative, statistically significant impact of managerial ability on climate change exposure. The findings hold after controlling for endogeneity using two-stage least squares regression and difference-in-differences tests. The authors find the negative effect is stronger for managers engaged in socially responsible activities, and after climate change issues receiving greater public awareness following the 2006 release of the Stern Review and the 2016 signing of the Paris Accord.

Motivated by the resource-based theory and the natural resource-based view of the firm model, the empirical results support the view that greater managerial ability protects the firm against environmental challenges through efficient use of firm resources. Compared with traditional climate change measures that are plagued by disclosure issues, the use of the Sautner, Van Lent, Vilkov and Zhang's machine learning based dataset utilizing earning conference calls provides stronger, robust findings that will be useful to management and investors in environmental performance assessments.

Motivated by the resource-based theory and the natural resource-based view of the firm model, the empirical results support the view that greater managerial ability protects the firm against environmental challenges through efficient use of firm resources. Compared with traditional climate change measures that are plagued by disclosure issues, the use of the machine learning based dataset utilizing earning conference calls provides stronger, robust findings that will be useful to management and investors in environmental performance assessments.

The purpose of this study is to investigate the impact of climate change on economic development in Bangladesh. More specifically, the research aims to figure out the influence of climate change on gross domestic product (GDP) growth rate related to different sectors such as agriculture, forest, water, health and infrastructure. It also attempts to explore the effect of climate change on the coastal economy of Bangladesh.

A set of statistical and econometric techniques, including descriptive and correlation analysis and time series regression model, was applied to address the objective of the research. Sector-wise time series economic data were collected from the World Bank for the period between 1971 and 2013. Climate data were received from the Bangladesh Agricultural Research Council online database for the period between 1948 and 2013.

The results from the statistical analysis show that climate variables such as temperature and rainfall have changed between 1948 and 2013 in the context of Bangladesh. The econometric regression analysis demonstrates that an increase by 1°C of annual mean temperature leads to a decrease in the GDP growth rate by 0.44 per cent on average, which is statistically significant at the 5 per cent level. On the other hand, the estimated coefficients of agriculture, industry, services, urbanization and export are positively associated with GDP growth rate, and these are statistically significant at the 1 per cent level. Sector-wise correlation analysis provides statistical evidence that climate change is negatively associated with various sectors, such as agriculture, forest, human health and arable land. In contrast, it has a positive relation to water access and electricity consumption. Analysis of coastal regions shows that climate change negatively affects the local economic sectors of the coastal zone of the country.

Although this study has received significant insight from the world-renowned research publication “The Economics of Climate Change: The Stern Review”, there is a dearth of research on the economic impact of climate change in the context of Bangladesh. The findings of the paper provide deep insight into and comprehensive views of policy makers on the impact of climate change on economic growth and various sectors in Bangladesh.

The aim of this paper is to demonstrate that the application of standard environmental accounting practices for estimating long‐term discount rates is likely to lead to the rejection of biodiversity‐sensitive projects that are in the greater societal good.

The authors combine estimates of marginal ecosystem damages from two forestry case studies, one local, one global, with ten different term structures of discount rates taken from both the academic literature and policy choices to calculate present values.

Standard environmental accounting approaches for estimating the long‐term discount rate result in the under‐valuation of projects that are sensitive to biodiversity conservation.

This paper is set within a full cost accounting (FCA) framework, and therefore has the limitations that generally follow from taking this approach to biodiversity problems. Recommended extensions include looking at broader ranges of biodiversity costs and benefits.

Unless environmental accountants engage with environmental economists over the issue of intergenerational discount rates, then it is likely that socially responsible managers will reject projects that are in the greater societal good.

The paper introduces both normative discount rates and declining discount rates to estimates of shadow environmental provisions within FCA and contrasts these with current environmental accounting practices. It also provides two detailed case studies that demonstrate the extent to which biodiversity‐sensitive investment choices are likely to be undervalued by managers who follow current accounting recommendations concerning the appropriate choice of discount rate.

This chapter focusses on the links between economic ideas, sustainability and the circular economy. Economics begins with the view that all resources are scarce and careful and informed choices must be made to ensure resources are used efficiently and not wasted. Given the fundamental importance of markets to human resource allocation decisions, unless economic concepts, especially markets and prices, are used to help transition towards the circular economy, a sustainable economic growth process is unlikely to be achieved. Economists have long grappled with the problems of resource depletion, unsustainable growth and intergenerational equity. Their ideas and views about the interconnection between markets, the environment and resource use have been in existence for several centuries. While frequently overlooked, some of these ideas have important insights for sustainable development and the implementation of a circular economy. The chapter will consider how economic concepts could be used to help society transition to a circular economy. It will also argue that difficulties with the implementation of a circular economy lie less with the application of economic instruments, and more with the political and institutional constraints that reduce our ability to think creatively and innovatively about ‘cradle-to-cradle’ processes.

The purpose of this paper is to outline the cause of global warming, its trends and consequences as indicated by the International Panel on Climate Change. Sea‐level rise is one consequence of particular concern to Pacific Island states. It also reviews the views of economists about connections between economic growth and global warming.

International efforts, such as through the Kyoto protocol, to reduce greenhouse gas emissions and their atmospheric concentration are discussed and prospects for post‐Kyoto policies are considered. Ways are also examined of addressing the consequences of global warming for the Pacific Island states. How they will be affected and to what extent is discussed, together with their ability to cope with the emerging problem.

The paper finds that whereas the majority of economists did not foresee a conflict between economic growth and global warming, the possibility of such a conflict is now more widely recognized following the Stern Report. It is predicted that a significant reduction in global greenhouse gas emissions is unlikely to be achieved in the foreseeable future owing to conflicting national interest (a prisoners' dilemma problem) and because is will take time to develop new technologies which will reduce greenhouse gas emissions. However, payment for greenhouse gas emissions (for example, via tradable permits) will accelerate desirable technological advance. Both international political action and efforts to develop and use technologies that lower greenhouse gas emissions need to be pursued. Given current and likely increases in greenhouse gas emissions, continuing global warming in this century (and beyond) appears to be inevitable and consequently Pacific Island states will be adversely affected by sea‐level rise and climate change.

The paper emphasizes that Pacific Island states will suffer great hardship from global warming but are ill‐placed geographically, financially and administratively to prevent or adjust to the possible environmental disasters that await them. Nothing may save some from eventual environmental annihilation.

The purpose of this paper is to examine what the significant contributions to the intergenerational equity and social discount rate (SDR) literature have been over recent decades and presents what policy progress has been made as a result.

The approach has been that of a literature survey.

The paper observes that only when academics agree, however, they can influence policy, as one major policy change for SDR demonstrates.

Further research can analyse the application of SDRs in other jurisdictions.

A formal process of demonstrating academic consensus and its application to policy is recommended.

SDRs are extremely important for government decision making. Spreading knowledge about how SDRs are created and used is therefore of great social importance.

This paper could usefully be read by government officials, as well as academics, worldwide. It is a contribution to knowledge not just in its subject matter but also in analysing the frontier between academic knowledge and progress on the one hand, and government decision making on the other.

This paper discusses motorsport from the viewpoint of environmental sustainability amid growing concerns about the impact of human activity on the environment. It reviews the literature that positions motorsport in a global environmental context and explores the often used but rarely defined concept of sustainability. The author suggests that while motorsport is a significant sporting activity for economic and social reasons, there are considerable doubts as to whether it is currently managed and marketed in an environmentally sustainable way.

The purpose of this paper is to explore the relevance and implications of the issue of climate change to marketing communicators in both the private and public sectors, and some of the challenges involve in developing effective climate change communications.

This paper uses a combination of findings from secondary sources combined with some specific key insights drawn from primary research.

Effective communication on climate change which is capable of motivating changes in consumer behaviour (rather than simply raising awareness further) will depend upon: the relevance of climate change to consumers' lives and the relationship to their consumption behaviours being made clear; targeting strategies which take account of differences amongst key consumer segments; and developing a message which motivates rather than overwhelms consumers whilst avoiding any perceptions of “greenwashing”.

This paper explores a number of practical aspects of the challenges faced by commercial marketers seeking to engage with consumers about climate change, and it illustrates the potential for the transfer of knowledge and insight with social marketers working in the public sector.

The paper is original in its analysis of the multi‐faceted challenge of climate change as an important but challenging subject for marketing communications efforts, and in exploring the potential for the transfer of knowledge and insight between marketers in the public and private sectors.