Số 233 | Tháng 8/2025
Tác động của biến đổi khí hậu và đổi mới đến khả năng sinh lời: Vai trò của linh hoạt tài chính
Nguyễn Duy Sữu
Tóm tắt:
Bài viết xem xét tác động của biến đổi khí hậu (BĐKH) và đổi mới công ty (ĐMCT) đến khả năng sinh lời (KNSL) dưới vai trò của linh hoạt tài chính (LHTC). Nghiên cứu sử dụng mô hình hồi quy tuyến tính đa biến với các phương pháp ước lượng Pool-OLS, FEM, REM và cuối cùng là GMM. Kết quả nghiên cứu cho thấy BĐKH được đo lường bằng hiệu ứng nhà kính (GHG) và thay đổi lượng mưa (RAIN) có tác động ngược chiều đến KNSL, được phản ánh qua ROA và ROE. ĐMCT (INV) có tác động ngược chiều đến KNSL. Đòn bẩy tài chính (LEV) và tăng trưởng kinh tế (GDP) tác động cùng chiều đến KNSL. Quy mô công ty (SIZE) tác động ngược chiều đến KNSL. Ngoài ra, vai trò của LHTC (FF) trong ĐMCT có tác động cùng chiều đến KNSL. Kết quả nghiên cứu giúp cho nhà quản trị cũng như nhà đầu tư cân nhắc trong việc đưa ra quyết định liên quan đến giải pháp môi trường, ĐMCT và KNSL. Cho đến nay, chưa có nghiên cứu về biến đổi khí hậu và đổi mới công ty đến khả năng sinh lời dưới vài trò của linh hoạt tài chính tại Việt Nam. Bài viết cung cấp cơ sở thực tiển về mối quan hệ trên.
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Impact of Climate Change and Innovation on Profitability: The Moderating Effect of Financial Flexibility
Abstract:
The paper investigates the effects of climate change and corporate innovation on profitability, considering the influence of financial flexibility. The research utilises data collected from the financial statements of publicly listed companies between 2010 and 2023, complemented by macroeconomic data from the IMF. It employs multivariate linear regression models, including Pool-OLS, Fixed Effects Model (FEM), Random Effects Model (REM), and Generalised Method of Moments (GMM). The findings reveal that climate change, measured by the greenhouse gases (GHG) and changes in rainfall (RAIN), negatively impacts profitability, which is assessed through Return on Assets (ROA) and Return on Equity (ROE). Additionally, corporate innovation (INV) also has a negative effect on profitability. Conversely, financial leverage and economic growth have a positive influence on profitability, while firm size has a negative impact on it. Moreover, the role of financial flexibility (FF) in corporate innovation has a positive impact on profitability. These research results are valuable for managers and investors as they make decisions, particularly regarding environmental solutions, corporate innovation, and profitability. To date, there has been no study examining the relationship between climate change, corporate innovation, and profitability, with a focus on the role of financial flexibility in Vietnam. This paper provides a practical basis for the above relationship.