In recent years, firms have faced multiple disruptions, including the growing impact of climate change. Extreme weather events, environmental degradation, and other climate-related risks increasingly threaten business operations and long-term sustainability. In response, companies are adopting a variety of mitigation strategies, such as increasing local investments to reinforce resilience or relocating assets and operations to areas less exposed to climate-related threats.

This thesis aims to investigate how foreign firms that have invested in Italy respond to climate risk through strategic decisions concerning the location of their investments. These responses may include increasing or decreasing existing investments, disinvesting entirely, or relocating operations to other regions perceived as less vulnerable to climate change.

The focus will be on multinational enterprises (MNEs) operating in Italy, with potential extensions to a broader European context. The research will explore the strategic rationale behind different relocation or reinforcement choices in the face of climate threats. The study will leverage data from the European Restructuring Monitor and the Climate Finance Observatory and employ econometric methods—including spatial econometrics—to analyze firm behavior.

The thesis will be developed in collaboration with three research groups: International Business, Entrepreneurship & Finance, and Regional Economics.