Climate transition risk and corporate environment, social and governance performance: Evidence from Chinese listed companies
研究2010-2020年中国A股上市公司数据，发现气候转型风险能促进企业ESG表现，股权激励和负面媒体基调起正向调节作用，且该效应在非国有企业、女性董事多及市场化程度高的地区更显著。
Abstract Using a sample taken from Chinese A‐share listed companies from 2010 to 2020, we explore the effect of climate transition risk on corporate environment, social and governance (ESG) performance. Our finding shows that climate transition risk promotes corporate ESG performance. In addition, we discover that equity incentives play an important positive moderating role in the above relationship. Compared with positive media tone, the positive effect of climate transition risk on corporate ESG performance is more significant under the moderating effect of a negative media tone. Further analyses find that there exists a more prominent relationship between climate transition risk and corporate ESG performance in non‐state‐owned enterprises, enterprises with more female directors, and enterprises in highly market‐oriented regions. Our findings provide a reference to improve ESG practice to achieve corporate sustainable development and provide practical suggestions for better dealing with climate transition risk.