Corporate green transition and financial risk: Evidence from China's micro-enterprises

IF 7.4 2区经济学 Q1 BUSINESS, FINANCE

Finance Research Letters Pub Date : 2025-04-09 DOI:10.1016/j.frl.2025.107347

Fenfen Wang , Yu Zhang , Qingfeng Luo , Can Wang

引用次数: 0

Abstract

Amid growing resource and environmental challenges, corporate green transition (CGT) is crucial. Using micro-level firm data, this study examines the impact of CGT on corporate financial risk while analyzing its underlying mechanisms. Various robustness tests show that CGT significantly lowers financial risk. Mechanism analysis reveals that CGT lowers financial risk by reducing energy consumption intensity, enhancing environmental governance performance, and fostering green technological innovation. Heterogeneity studies show that CGT's effects on financial risk vary by region, industry, and property rights. This study provides empirical evidence for corporate risk management and green development.

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来源期刊

Finance Research Letters BUSINESS, FINANCE-

CiteScore

11.10

自引率

14.40%

发文量

863

期刊介绍： Finance Research Letters welcomes submissions across all areas of finance, aiming for rapid publication of significant new findings. The journal particularly encourages papers that provide insight into the replicability of established results, examine the cross-national applicability of previous findings, challenge existing methodologies, or demonstrate methodological contingencies. Papers are invited in the following areas: Actuarial studies Alternative investments Asset Pricing Bankruptcy and liquidation Banks and other Depository Institutions Behavioral and experimental finance Bibliometric and Scientometric studies of finance Capital budgeting and corporate investment Capital markets and accounting Capital structure and payout policy Commodities Contagion, crises and interdependence Corporate governance Credit and fixed income markets and instruments Derivatives Emerging markets Energy Finance and Energy Markets Financial Econometrics Financial History Financial intermediation and money markets Financial markets and marketplaces Financial Mathematics and Econophysics Financial Regulation and Law Forecasting Frontier market studies International Finance Market efficiency, event studies Mergers, acquisitions and the market for corporate control Micro Finance Institutions Microstructure Non-bank Financial Institutions Personal Finance Portfolio choice and investing Real estate finance and investing Risk SME, Family and Entrepreneurial Finance