Can Climate Risk Disclosure Bring Both Economic Performance and Environmental Benefits to Firms: New Insights From the AMC Framework
気候リスク開示は企業に経済パフォーマンスと環境便益の両方をもたらすか：AMCフレームワークからの新たな洞察 (AI 翻訳)
Huiru Wei, Jie Zhang, Kuiran Yuan
🤖 gxceed AI 要約
日本語
中国A株上場企業を対象に、企業レベルの気候リスク開示（CRD）指数を構築し、AMCフレームワークを用いてCRDが経済パフォーマンスと環境便益に与える影響を分析した。CRDは生産効率と炭素パフォーマンスを有意に向上させることが明らかになった。特に、グリーン文化が強い企業や技術集約型産業で効果が顕著であり、経営陣のグリーン認知や投資家の注目、イノベーション能力が媒介役を果たす。
English
This study examines the impact of climate risk disclosure (CRD) on firm economic and environmental performance using China's A-share listed firms. Constructing a firm-level CRD index under the AMC framework, the authors find that CRD significantly improves production efficiency and carbon performance. The effect is stronger for firms with green culture, lower financing constraints, and in technology-intensive industries. Mediation analysis reveals executives' green cognition, investor attention, and innovation capability as key mechanisms.
Unofficial AI-generated summary based on the public title and abstract. Not an official translation.
📝 gxceed 編集解説 — Why this matters
日本のGX文脈において
中国企業を対象とするが、SSBJに基づく日本企業の気候関連開示実務への示唆を含む。開示が企業価値と環境パフォーマンスの両方に寄与する経路を実証しており、日本企業の開示戦略立案に参考となる。
In the global GX context
While focused on China, this paper provides empirical evidence for the business case of climate risk disclosure, reinforcing the logic behind TCFD/ISSB recommendations. It demonstrates specific mechanisms (management cognition, investor attention, innovation) through which disclosure drives both efficiency and carbon reduction, offering testable hypotheses for global disclosure research.
👥 読者別の含意
🔬研究者:Provides empirical evidence and a mediation model linking climate risk disclosure to dual performance outcomes, useful for disclosure research scholars.
🏢実務担当者:Demonstrates that climate risk disclosure can improve both operational efficiency and carbon performance, supporting corporate disclosure strategies.
🏛政策担当者:Highlights that disclosure mandates can yield economic and environmental benefits, supporting policy design for mandatory climate reporting.
📄 Abstract（原文）
Amid growing climate risks and increasingly fierce market competition, whether firms can achieve a win‐win for economic returns and environmental benefits through climate risk disclosure (CRD) has become a salient issue for both academia and practitioners. Focusing on China's A‐share listed companies, this study constructs a firm‐level CRD index and, employing the awareness‐motivation‐capability (AMC) framework, examines the impact of CRD on corporate economic performance and environmental benefits. The results show that CRD significantly enhances firms' production efficiency and carbon performance, and these findings remain robust across a series of robustness checks. Heterogeneity analyses reveal that the positive effect of CRD is more pronounced among firms with a stronger green culture, lower financing constraints, and those operating in technology‐intensive industries. Further mechanism analysis suggests that executives' green cognition, investor attention, and corporate innovation capability play pivotal mediating roles in translating CRD into improved economic and environmental benefits. This study offers new insights into how CRD influences firm performance and the pathways through which these effects operate.
🔗 Provenance — このレコードを発見したソース
- semanticscholar https://doi.org/10.1002/csr.70400first seen 2026-06-29 08:14:04
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