谁能在气候风险中获得绿色投资者的青睐?

IF 9 1区 经济学 Q1 BUSINESS, FINANCE
Lingbing Feng, Dasen Huang
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引用次数: 0

摘要

目的本研究旨在探讨上市公司披露气候风险对绿色投资者进入的影响。研究试图了解主动的气候风险披露如何吸引绿色投资,以及促进这一过程的内在机制。研究采用实证分析法评估年度报告中的气候风险披露程度。研究构建了绿色投资者进入的指标,并应用回归分析来检验气候风险披露与绿色投资之间的关系,同时考虑了各种中介变量,如积极的在线新闻报道、ESG 分数和企业声誉。研究结果绿色投资者更有可能投资于气候风险披露水平较高的公司。这种关系在不同类型的企业中都是稳健的,非国有、非高科技、大规模企业以及东部地区的企业对绿色投资者的吸引力更大。气候风险披露通过 "信号传递 "机制促进了绿色投资,提高了企业声誉和环境、社会和公司治理绩效。它为企业可持续发展理论提供了新的见解,并为加强企业绿色发展路径提供了切实可行的建议。研究采用的综合方法和使用的大量数据为绿色投资和企业可持续发展领域贡献了宝贵的知识。
本文章由计算机程序翻译,如有差异,请以英文原文为准。
Who gains favor with green investors amidst climate risk?

Purpose

This study aims to investigate the impact of climate risk disclosure by listed companies on the entry of green investors. It seeks to understand how proactive climate risk disclosure can attract green investment and the underlying mechanisms that facilitate this process.

Design/methodology/approach

Textual analysis is employed to assess the extent of climate risk disclosure in annual reports. The research constructs indicators for green investor entry and applies regression analysis to examine the relationship between climate risk disclosure and green investment, considering various mediating variables such as positive online news coverage, ESG scores, and corporate reputation.

Findings

Green investors are more likely to invest in companies with higher levels of climate risk disclosure. This relationship is robust across different types of firms, with non-state-owned, non-high-tech, large-scale firms, and those in the Eastern region showing a stronger attraction to green investors. Climate risk disclosure promotes green investment through the “signal transmission” mechanism, enhancing corporate reputation and ESG performance.

Originality/value

This paper extends the traditional theory of external incentives for corporate green development to include autonomous incentives through active climate risk disclosure. It provides new insights into the theory of corporate sustainable development and offers practical recommendations for enhancing corporate green development pathways. The study’s comprehensive approach and use of extensive data contribute valuable knowledge to the field of green investment and corporate sustainability.

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来源期刊
CiteScore
12.40
自引率
1.20%
发文量
112
期刊介绍: China Finance Review International publishes original and high-quality theoretical and empirical articles focusing on financial and economic issues arising from China's reform, opening-up, economic development, and system transformation. The journal serves as a platform for exchange between Chinese finance scholars and international financial economists, covering a wide range of topics including monetary policy, banking, international trade and finance, corporate finance, asset pricing, market microstructure, corporate governance, incentive studies, fiscal policy, public management, and state-owned enterprise reform.
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