Climate governance actions, financing constraints, and green transformation of energy-intensive firms

IF 6.9 2区经济学 Q1 BUSINESS, FINANCE

Research in International Business and Finance Pub Date : 2025-07-01 DOI:10.1016/j.ribaf.2025.103041

Min Fan , Ruba Khalid Shira , Ahmed Imran Hunjra , Shikuan Zhao

引用次数: 0

Abstract

Climate governance actions are of great significance in promoting energy transition. We analyze impact of climate governance actions on green transformation of energy-intensive enterprises by using a double difference model. We find that green transformation of energy-intensive enterprises is significantly enhanced after implementation of the climate-adaptive city building pilot. Mechanism analysis shows that climate governance actions can promote green transformation by reducing financing constraints, mitigating supply chain risks and enhancing supply chain resilience. In addition, lower energy consumption intensity of enterprises located in non-resource cities or non-old industrial base cities, more significant effect of climate governance actions on green transformation of energy-intensive enterprises. Our paper contributes to climate policy and energy transition of energy-intensive enterprises in context of green transition.

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气候治理行动、融资约束与能源密集型企业的绿色转型

气候治理行动对促进能源转型具有重要意义。本文采用双差异模型分析了气候治理行动对高耗能企业绿色转型的影响。研究发现，实施气候适应性城市建设试点后，高耗能企业的绿色转型明显增强。机制分析表明，气候治理行动可以通过减少融资约束、缓解供应链风险和增强供应链弹性来促进绿色转型。此外，非资源型城市或非老工业基地城市的企业能耗强度越低，气候治理行动对高耗能企业绿色转型的影响越显著。本文对绿色转型背景下能源密集型企业的气候政策与能源转型有一定的借鉴意义。

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

Research in International Business and Finance BUSINESS, FINANCE-

CiteScore

11.20

自引率

9.20%

发文量

240

期刊介绍： Research in International Business and Finance (RIBAF) seeks to consolidate its position as a premier scholarly vehicle of academic finance. The Journal publishes high quality, insightful, well-written papers that explore current and new issues in international finance. Papers that foster dialogue, innovation, and intellectual risk-taking in financial studies; as well as shed light on the interaction between finance and broader societal concerns are particularly appreciated. The Journal welcomes submissions that seek to expand the boundaries of academic finance and otherwise challenge the discipline. Papers studying finance using a variety of methodologies; as well as interdisciplinary studies will be considered for publication. Papers that examine topical issues using extensive international data sets are welcome. Single-country studies can also be considered for publication provided that they develop novel methodological and theoretical approaches or fall within the Journal''s priority themes. It is especially important that single-country studies communicate to the reader why the particular chosen country is especially relevant to the issue being investigated. [...] The scope of topics that are most interesting to RIBAF readers include the following: -Financial markets and institutions -Financial practices and sustainability -The impact of national culture on finance -The impact of formal and informal institutions on finance -Privatizations, public financing, and nonprofit issues in finance -Interdisciplinary financial studies -Finance and international development -International financial crises and regulation -Financialization studies -International financial integration and architecture -Behavioral aspects in finance -Consumer finance -Methodologies and conceptualization issues related to finance