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August 28, 2026Applied Economics

Climate risk and corporate resilience: text-based evidence from Chinese listed firms

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Authors

JLJiangcheng LiXWXu WuJLJiao Luo

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Overview

Empirical analysis reveals that higher climate risk disclosure reduces corporate resilience in listed firms, indicating that climate vulnerability suppresses risk-taking and adaptation.

Key Points

  • To examine the impact of climate risk exposure on corporate resilience and explore the moderating effects of leadership expertise, industry pollution levels, and green business practices.
  • Analyzed text-based climate-related disclosure intensity and corporate resilience metrics using data from Chinese A-share listed firms.
  • Tested cross-sectional heterogeneity across executive environmental backgrounds, industry carbon intensity, and levels of greenwashing versus green investment.
  • Conducted mechanism analyses assessing firm adaptive capacity, external monitoring intensity, and corporate risk-taking behavior.
  • Higher climate-related disclosure intensity is significantly negatively associated with corporate resilience.
  • The adverse association is more pronounced in firms with executives lacking environmental expertise and those operating in high-carbon, heavily polluting industries.
  • Greenwashing exacerbates the negative impact on resilience, whereas genuine green investment mitigates it by buffering adaptive capacity against heightened scrutiny and suppressed risk-taking.

Cite This Study

Li et al. (2026) studied this question.

synapsesocial.com/papers/6a91469ad15324a1df3aa4e1https://doi.org/10.1080/00036846.2026.2721551
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  1. 1Does Climate Risk Exacerbate Corporate Greenwashing Behaviour? Evidence From China2025
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  4. 4The impact of climate risk perception on corporate carbon emissions: textual analysis of Chinese listed firms2026
  5. 5The Impact of Climate Risk Information Disclosure on Corporate Financing Costs: Evidence From Textual Analysis of Listed Companies' Annual Reports2026 · 1 citations