Table 1.

Difference of climate risks of foreign-owned/operated facilities.

	Model 1 - across country					Model 2 - within country
	Heat	Water	Floods	Sea level rise	Hurricanes/Typhoons	Heat	Water	Floods	Sea level rise	Hurricanes/Typhoons
Foreign	−0.023	−0.014	−0.244	−0.238	−0.569	−0.019	0.036	−0.059	−0.046	−0.013
	[0.059]	[0.026]	[0.024]***	[0.066]***	[0.043]***	[0.007]**	[0.013]**	[0.012]***	[0.033]	[0.009]
Controls
Cash	−0.449	−0.415	0.515	0.480	−0.369	−0.079	0.345	−0.018	0.299	−0.077
	[0.353]	[0.365]	[0.120]***	[0.348]	[0.436]	[0.034]**	[0.169]*	[0.022]	[0.150]*	[0.066]
Size	0.034	0.056	−0.017	−0.024	−0.053	−0.006	−0.004	0.008	0.041	0.004
	[0.009]***	[0.019]**	[0.008]*	[0.009]**	[0.021]**	[0.006]	[0.012]	[0.006]	[0.006]***	[0.003]
ROA	1.785	1.421	−1.216	−1.457	−0.936	−0.103	−0.299	−0.084	−0.057	−0.013
	[0.168]***	[0.328]***	[0.212]***	[0.140]***	[0.275]***	[0.196]	[0.208]	[0.121]	[0.146]	[0.040]
Leverage	0.096	−0.008	0.002	0.019	−0.186	0.019	0.140	0.016	0.016	0.011
	[0.190]	[0.110]	[0.119]	[0.116]	[0.247]	[0.026]	[0.030]***	[0.018]	[0.017]	[0.016]
Host country FE	N	N	N	N	N	Y	Y	Y	Y	Y
Industry FE	Y	Y	Y	Y	Y	Y	Y	Y	Y	Y
N	51084	50665	50196	51084	51084	51084	50665	50196	51084	51084
r2	0.071	0.143	0.191	0.083	0.155	0.953	0.764	0.557	0.522	0.928

The unit of analysis is firm-host country-industry. Standard errors are clustered at the industry level. Outcome variables are climate risk scores and are standardized to a mean of 0 and a standard deviation of 1.

***P < 0.01; **P < 0.05; *P < 0.1.