Climate risk disclosure, green innovation and enterprise value

•The firms’ climate risk disclosures significantly enhance their green innovations.•The positive impact is more pronounced for firms with substantial financial constraints.•Further analysis uncovers no notable differences in this effect across various patent categories, while also indicating a marke...

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Veröffentlicht in:Finance research letters Jg. 72; S. 106553
Hauptverfasser: Han, Lin, Liu, Tingli, Lu, Hongshuo, Zhang, Wenyu
Format: Journal Article
Sprache:Englisch
Veröffentlicht: Elsevier Inc 01.02.2025
Schlagworte:
Climate risk disclosure
Enterprise value
Financial constraints
Green innovation
Climate risk disclosure
Financial constraints
Green innovation
Enterprise value
ISSN:1544-6123
Online-Zugang:Volltext
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Zusammenfassung:•The firms’ climate risk disclosures significantly enhance their green innovations.•The positive impact is more pronounced for firms with substantial financial constraints.•Further analysis uncovers no notable differences in this effect across various patent categories, while also indicating a marked improvement in innovation quality.•The firms’ climate risk disclosures significantly increase enterprise value. Drawing upon the distinctive context of China, we have developed a comprehensive firm-level climate risk disclosure index that encompasses multiple dimensions and resonates with the prevailing realities. Our findings reveal that firms' climate risk disclosures significantly enhance their green innovation capabilities, particularly for those facing substantial financial constraints. Further analysis uncovers no notable differences in this effect across various patent categories, while also indicating a marked improvement in innovation quality. Moreover, our results suggest a positive correlation between higher levels of climate risk disclosure and increased enterprise value.
ISSN:1544-6123
DOI:10.1016/j.frl.2024.106553