Climate Risk, Corporate Social Responsibility, and Firm Performance
研究发现，气候风险较高的国家中企业社会责任活动更多，且企业社会责任能显著缓解气候风险对企业绩效的负面影响，这种缓解作用在个人主义弱、宗教性强的国家更明显。
Abstract We examine the impact of climate risk on firm performance with a focus on the moderating role of corporate social responsibility (CSR). Further, we explore how the interaction between climate risk and CSR changes with national culture and religion. Our findings show that firms in countries with greater climate risks are associated with higher levels of CSR activities, possibly suggesting that firms respond to climate risks by engaging in more CSR activities. We then provide robust evidence that higher CSR significantly mitigates the performance‐reducing impact of climate risk. Importantly, the moderating effect of CSR is more pronounced in countries characterized by low individualism and high religiosity. Overall, our findings provide an alternative perspective on the risk‐management benefits of CSR, suggesting that CSR can be considered as a response to climate‐change related risks for corporations.