Climate Risk Disclosure and Corporate Labor Demand ——Evidence from China's A-share Listed Companies

In the process of promoting sustainable development, enterprises' active fulfillment of social responsibilities and proactive response to climate change constitute an important driving force for increasing corporate labor demand and boosting high-quality economic development. This paper employs text analysis methods to extract indicators from the annual reports of companies spanning 2010 to 2023, aiming to examine the impact of climate risk disclosure on corporate labor demand. It is found that corporate disclosure of climate risks can significantly enhance labor demand, with this enhancing effect being more pronounced in high-tech industry enterprises and those whose senior executives have overseas experience. The paper also conducts mechanism tests from two key impact channels: the green technology innovation effect and the production scale expansion effect. It is revealed that climate risk disclosure can effectively improve the level of green technology innovation and expand production scale, thereby promoting the growth of corporate labor demand. The conclusions of this paper provide a new perspective for enterprises to increase labor demand, affirm the positive impact of sustainable development on corporate growth, and point out that disclosing climate risks has crucial policy value in promoting enterprises' green transformation.