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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| Vydáno v: | Finance research letters Ročník 72; s. 106553 |
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| Hlavní autoři: | , , , |
| Médium: | Journal Article |
| Jazyk: | angličtina |
| Vydáno: |
Elsevier Inc
01.02.2025
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| Témata: | |
| ISSN: | 1544-6123 |
| On-line přístup: | Získat plný text |
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| Shrnutí: | •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. |
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| ISSN: | 1544-6123 |
| DOI: | 10.1016/j.frl.2024.106553 |