This paper examines how physical climate exposure affects firm performance and global supply chains. We document that heat at supplier locations reduces the operating income of suppliers and their customers. Further, customers respond to perceived changes in suppliers’ exposure: when suppliers’ realized exposure exceeds ex ante expectations, customers are 7% more likely to terminate supplier relationships. Consistent with experience-based learning, this effect increases with signal strength and repetition and decreases with country-level climate adaptation. Subsequent replacement suppliers show a lower expected and realized but similar projected heat exposure. We find similar results for suppliers' exposure to floods.

中文翻译：

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全球供应链网络中的气候变化和适应

本文研究了物理气候暴露如何影响公司绩效和全球供应链。我们记录了供应商地点的热量降低了供应商及其客户的营业收入。此外，客户会对供应商风险敞口的感知变化做出反应：当供应商实现的风险敞口超出事前预期时，客户终止供应商关系的可能性会增加 7%。与基于经验的学习相一致，这种效应随着信号强度和重复而增强，并随着国家层面的气候适应而减弱。随后的替代供应商表现出较低的预期和实现的但相似的预计热暴露。我们发现供应商遭受洪水的情况也有类似的结果。