《财富青睐绿色：绿色投资在缓解气候风险中的作用和ESG绩效的调节作用

IF 3.1 3区经济学 Q1 ECONOMICS

Quarterly Review of Economics and Finance Pub Date : 2025-06-20 DOI:10.1016/j.qref.2025.102028

Mustafa Raza Rabbani , Madiha Kiran , Oguzhan Cepni , Muhammad Abubakr Naeem

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引用次数: 0

摘要

全球企业都感受到压力，迫切需要解决气候问题，并向可持续的绿色实践过渡。监管机构、投资者、政府和消费者都对解决这一紧迫问题十分关注。在此背景下，本研究考察了绿色投资在缓解气候风险中的作用以及ESG绩效的调节作用。本研究采用了2002年至2023年间来自74个国家4375家非金融公司的面板数据，通过使用OLS、GMM和异质性检验来确保强有力的推断。研究结果表明，绿色投资显著降低了气候风险暴露，而ESG绩效放大了这一效应。同时，高ESG分数表明长期风险管理和企业责任，增强投资者信心和利益相关者信任。这种协同作用增强了公司对监管和环境冲击的抵御能力，并提高了其市场估值和可信度。这些见解为旨在使资本配置与全球气候承诺和可持续发展目标（sdg）保持一致的机构投资者、监管机构和政策制定者提供了有价值的指导。鼓励绿色投资和ESG整合可以作为一种双重目标战略，既可以缓解气候风险，又可以促进可持续、包容性的经济增长。本研究通过强调负责任投资在促进抵御气候风险方面的作用，为可持续金融的论述做出了贡献。

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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Fortune favors the green: Role of green investment in mitigating climate risk and the moderating role of ESG performance

The global firms are feeling pressure to urgently address the climate concerns and transition towards sustainable green practices. There is an immediate concern from the regulators, investors, governments, and consumers about addressing this pressing issue. Against this backdrop, this study investigates the role of green investments in mitigating climate risk with the moderating role of ESG performance. The study employs panel data from 4375 non-financial firms across 74 countries from 2002 to 2023 to ensure robust inference by using the OLS, GMM, and heterogeneity tests. The findings indicate that green investment significantly reduces climate risk exposure, with ESG performance amplifying this effect. Simultaneously, a high ESG score signals long-term risk management and corporate responsibility, strengthening investor confidence and stakeholder trust. This synergy enhances a firm’s resilience to regulatory and environmental shocks and improves its market valuation and credibility. These insights offer valuable guidance to institutional investors, regulators, and policymakers aiming to align capital allocation with global climate commitments and the Sustainable Development Goals (SDGs). Encouraging green investment and ESG integration can serve as a dual-purpose strategy, mitigating climate risk while fostering sustainable, inclusive economic growth. This research contributes to the discourse on sustainable finance by highlighting the role of responsible investment in promoting resilience against climate risk.

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来源期刊

Quarterly Review of Economics and Finance ECONOMICS-

CiteScore

6.00

自引率

2.90%

发文量

118

期刊介绍： The Quarterly Review of Economics and Finance (QREF) attracts and publishes high quality manuscripts that cover topics in the areas of economics, financial economics and finance. The subject matter may be theoretical, empirical or policy related. Emphasis is placed on quality, originality, clear arguments, persuasive evidence, intelligent analysis and clear writing. At least one Special Issue is published per year. These issues have guest editors, are devoted to a single theme and the papers have well known authors. In addition we pride ourselves in being able to provide three to four article "Focus" sections in most of our issues.