Generosity under environmental pressure: Climate change exposure and corporate philanthropy

IF 7.5 1区经济学 Q1 BUSINESS, FINANCE

International Review of Financial Analysis Pub Date : 2025-05-11 DOI:10.1016/j.irfa.2025.104336

Yuqiang Cao , Yunxin Liu , Meiting Lu , Yaowen Shan , Yanglan Zu

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Abstract

This study examines the impact of firm-specific climate change exposure on the corporate philanthropy activities of Chinese firms. Our results show that climate change exposure significantly promotes corporate philanthropic donations by mitigating external pressures, maintaining corporate reputations, and stabilizing stock prices. Heterogeneity analyses indicate that the positive effect of climate change exposure is more pronounced for small and young firms, non-state-owned enterprises, and firms with higher equity incentives. The effect is also stronger in contexts characterized by high industry concentration, climate sensitivity, and the strong regional influence of Confucianism. Further analysis suggests that corporate philanthropy is particularly driven by climate change exposure that is linked to positive sentiments and to the physical and regulatory aspects of climate change exposure. Overall, the findings provide new insights into how a firm strategically responds to its exposure to climate change through its philanthropic activities.

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环境压力下的慷慨：气候变化与企业慈善

本研究考察了企业气候变化风险对中国企业慈善活动的影响。我们的研究结果表明，气候变化风险敞口通过减轻外部压力、维护企业声誉和稳定股价显著促进企业慈善捐赠。异质性分析表明，气候变化风险对年轻的小型企业、非国有企业和股权激励较高的企业的积极影响更为明显。在产业集中度高、气候敏感、儒家思想地域影响力强的背景下，这种效应也更强。进一步的分析表明，企业慈善事业尤其受到气候变化风险的驱动，这与积极情绪以及气候变化风险的物理和监管方面有关。总体而言，研究结果为企业如何通过慈善活动战略性地应对气候变化风险提供了新的见解。

本文章由计算机程序翻译，如有差异，请以英文原文为准。

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来源期刊

International Review of Financial Analysis BUSINESS, FINANCE-

CiteScore

10.30

自引率

9.80%

发文量

366

期刊介绍： The International Review of Financial Analysis (IRFA) is an impartial refereed journal designed to serve as a platform for high-quality financial research. It welcomes a diverse range of financial research topics and maintains an unbiased selection process. While not limited to U.S.-centric subjects, IRFA, as its title suggests, is open to valuable research contributions from around the world.