Publication: Firm-level nature dependence
Firm-level nature dependence
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Garel, A., Romec, A., Sautner, Z., & Wagner, A. (2026). Firm-level nature dependence. Review of Finance, 30, 231–272. https://doi.org/10.1093/rof/rfaf069
Abstract
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We construct firm-level measures of dependence on ecosystem services (NatureDep scores) for 31,772 listed firms in 117 countries between 2010 and 2023, combining the ENCORE database with firm-level revenue information. The scores capture exposure to physical nature risks, with financial effects additionally depending on the deterioration of ecosystem services. NatureDep scores positively correlate with impact on biodiversity, are unrelated to nature-related actions disclosed in the CDP survey, are not reflected in firms’ corporate dis
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Garel, A., Romec, A., Sautner, Z., & Wagner, A. (2026). Firm-level nature dependence. Review of Finance, 30, 231–272. https://doi.org/10.1093/rof/rfaf069
