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August 29, 2026SustainabilityOpen Access

How Does Climate Risk Shape Firms to Green Investment? The Roles of External Stakeholder Attention and Internal Strategic Orientation

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Authors

HPHao PengXLXuexin LiuYZYunteng Zhao

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Overview

Longitudinal analysis reveals climate risk promotes green investment in publicly traded firms, indicating internal strategy and public scrutiny drive sustainable corporate growth.

Key Points

  • To investigate how firm-level climate risk exposure influences corporate green investment decisions and to uncover the underlying internal and external governance mechanisms.
  • Analyzed panel data from Chinese A-share listed firms spanning 2008 to 2024.
  • Constructed a firm-level climate risk index using computerized textual analysis of corporate annual reports.
  • Conducted mechanism and heterogeneity analyses examining internal green strategic orientation, external public green attention, ownership structure, and pollution intensity.
  • Firm-level climate risk is positively associated with corporate green investment.
  • The relationship is mediated by two channels: an internal governance mechanism (enhanced green strategic orientation) and an external governance mechanism (heightened public green attention).
  • The positive impact is more pronounced among state-owned enterprises, heavy-polluting firms, firms with negative media coverage, and firms situated in northern China, favoring structural green transformation over end-of-pipe treatments.

Cite This Study

Peng et al. (2026) studied this question.

synapsesocial.com/papers/6a9299c88e5d7d1fc0c11ef0https://doi.org/10.3390/su18178774
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Also Consider

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  4. 4From Risk Attention to Green Action: How Climate Risk Attention Affects Corporate Environmental Performance2026
  5. 5How do energy firms respond to climate risks? Theoretical Framework and Empirical Evidence from Chinese Listed Energy Firms2026