Board Governance and Firm Resilience to Climate Risk: Evidence From the Thailand Flood Crisis
Panel data comprising 1,060 firm-years from 421 non-financial Thai listed firms in 2010-2012 showed lower profitability during the 2011 flood and continued weakness in the following year. Board size had no unconditional direct effect, but interaction results suggested that larger boards partially cushioned profitability during the acute crisis only, not during recovery.