気候リスク開示と企業財務パフォーマンス：持続可能な価値創造への経路

Unofficial AI-generated summary based on the public title and abstract. Not an official translation.

🔬研究者:Provides robust empirical evidence on the value relevance of climate risk disclosure, with pathway and moderation analyses.

🏢実務担当者:Supports business case for climate disclosure; suggests benefits via lower financing costs and green innovation.

🏛政策担当者:Informs disclosure regulation design by showing positive market and accounting outcomes associated with CRD.

As an integral component of environmental, social, and governance (ESG) reporting, climate risk disclosure (CRD) has received growing attention from firms, investors, and regulators. Using 4501 Chinese A-share listed firms over 2009–2024, this study examines the association between CRD and corporate financial performance using return on assets (ROA) and Tobin’s Q (TQ) as separate accounting- and market-based outcomes. We construct a firm-year CRD index from annual-report text and interpret it as a normalized measure of climate-related disclosure intensity. CRD is positively associated with both ROA and TQ, and the results remain robust across alternative disclosure construction, sample windows, future outcomes, high-dimensional fixed effects, and complementary endogeneity analyses. Pathway tests show that greater CRD is associated with lower financing costs and greater green innovation, both of which are associated with stronger financial outcomes. Institutional ownership and accounting information quality positively moderate the CRD–performance relationship. Heterogeneity analyses indicate stronger associations among non-state-owned and heavily polluting firms, while both physical and transition risk disclosure are positively associated with financial performance. Overall, the findings support a conditional value-relevance interpretation of climate risk disclosure.

• semanticscholar https://doi.org/10.3390/su18178790first seen 2026-09-02 05:26:39 · last seen 2026-09-22 05:08:27