How does climate risk matter for corporate green innovation? Empirical evidence from heavy-polluting listed companies in China

Frontiers in Energy Research

Energy Research

Shixian Ling¹  Hongfu Gao² 

[1] Business School, Shandong University, Weihai, China;School of Economics and Finance, Xi’an Jiaotong University, Xi’an, Shaanxi, China;

关键词: climate risk;    heavy-polluting companies;    corporate green innovation;    panel regression;    fintech;   

DOI  :  10.3389/fenrg.2023.1177927

 received in 2023-03-02, accepted in 2023-05-25,  发布年份 2023

来源: Frontiers

【 摘 要 】

Chinese heavy-polluting companies have been facing enormous challenges in responding to climate risk and energy transformation. This paper uses panel regression model and investigates the impact of climate risk on corporate green innovation in Chinese heavy-polluting listed companies from 2011 to 2020. The empirical results show that climate risk adversely affects green innovation in heavy-polluting companies, and this effect persists throughout a series of robustness and endogeneity tests. Climate risk may affect corporate green innovation through decreasing R&D investment, lowing resource allocation efficiency and increasing company risk. Climate risk has a greater negative impact on mid-western, state-owned and large-size heavy-polluting companies, but can be mitigated by the development of green finance, digital finance and marketization. These findings may help heavy-polluting companies fully utilize existing resources, policies, and channels for green innovation and mitigate climate risks.

【 授权许可】

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