Firm-level real climate risk, institutional investors, and green innovation

IF 6.9 2区经济学 Q1 BUSINESS, FINANCE

Research in International Business and Finance Pub Date : 2025-09-29 DOI:10.1016/j.ribaf.2025.103155

Yuhui Wang, Zhen Huang, Ming Jia

引用次数: 0

Abstract

This paper examines how firm-level real climate risk affects its green innovation and how green institutional investors as well as long-term institutional investors impact this relationship using data for Chinese A-share listed firms in 2015–2022. We find that firm-level real climate risk facilitates its green innovation, and green institutional investors or long-term institutional investors strengthen this positive relationship. Our results demonstrate that the increasing firm-level real climate risk prompts institutional investors to intensify supervision and governance over firms, thereby enhancing managerial willingness to allocate corporate resources to green innovation. Overall, the findings highlight the significant role of institutional investors in addressing climate risk and promoting green innovation.

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企业层面的真实气候风险、机构投资者和绿色创新

本文利用2015-2022年中国a股上市公司的数据，研究了企业层面的真实气候风险如何影响其绿色创新，以及绿色机构投资者和长期机构投资者如何影响这种关系。研究发现，企业层面的真实气候风险促进了其绿色创新，绿色机构投资者或长期机构投资者强化了这种正相关关系。研究结果表明，企业层面真实气候风险的增加促使机构投资者加强对企业的监督和治理，从而增强管理者将企业资源配置到绿色创新中的意愿。总体而言，研究结果强调了机构投资者在应对气候风险和促进绿色创新方面的重要作用。

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