Research on the impact of climate risk on corporate ESG performance
YANG Yuanhang
ZHANG Yonghong
AN Hua
Abstract：In recent years,the risks of climate change have become increasingly severe,exerting a profound impact on the strategic decisions of enterprises.This paper uses A-share listed companies from 2013 to 2023 as samples,constructs corporate-level climate risk measurement indicators using text analysis method,and empirically examines the impact and mechanisms of climate risk on corporate ESG performance.The results show that climate risk has a significant positive effect on corporate ESG performance,but the effect is mainly on the environmental and social dimensions,while the effect on the governance dimension is not significant.Mechanism tests find that climate risk can enhance corporate ESG performance by promoting corporate green technological innovation and increasing analysts' coverage.The heterogeneity test finds that the effect of climate risk on firms' ESG performance is more significant among small and medium-sized enterprises,state-owned enterprises,and heavily-polluting enterprises.The study expands the research literature on the microeconomic consequences of climate risk and the determinants of corporate ESG performance,and also offer theoretical references and empirical support for governmental departments to formulate climate governance policies.
Keywords：climate riskESG performancegreen technological innovationanalyst coveragetext analysis method
Publication Date：2025-09-28
Online Publishing Date：2025-11-05(First online date of this platform, not the publication date of the document)
Pages：9( 154-162 )