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<p>Amid the global green transition, how climate risk influences corporate resource allocation especially human capital investment has become a key concern. Using panel data on Chinese A-share Listed firms from 2008 to 2022, this study applies a two-way fixed effects model to examine how climate risk affects corporate human capital upgrading. Results show that climate risk significantly constrains firms’ workforce development, particularly among non-SOEs, financially constrained firms, and those in regions with low talent endowment or high physical climate exposure. Mechanism tests reveal that climate risk inhibits strategic investment in human capital by increasing perceived uncertainty, intensifying managerial short-termism, and tightening financial constraints. This study significantly contributes to the micro-level literature on climate risk and corporate capability building, thereby extending the theoretical understanding of how environmental uncertainty shapes long-term capability development, and offers practical guidance for firms and policymakers seeking to enhance workforce resilience in volatile environmental conditions.</p>

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From disclosure to decision: how climate risk shapes firms’ human capital strategies in China

  • 期刊论文

  • 发表日期：

    2025年10月4日

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  • Jian Hu,
  • Dan Wang,
  • Hongjun Zeng,
  • Shenglin Ma

摘要

Amid the global green transition, how climate risk influences corporate resource allocation especially human capital investment has become a key concern. Using panel data on Chinese A-share Listed firms from 2008 to 2022, this study applies a two-way fixed effects model to examine how climate risk affects corporate human capital upgrading. Results show that climate risk significantly constrains firms’ workforce development, particularly among non-SOEs, financially constrained firms, and those in regions with low talent endowment or high physical climate exposure. Mechanism tests reveal that climate risk inhibits strategic investment in human capital by increasing perceived uncertainty, intensifying managerial short-termism, and tightening financial constraints. This study significantly contributes to the micro-level literature on climate risk and corporate capability building, thereby extending the theoretical understanding of how environmental uncertainty shapes long-term capability development, and offers practical guidance for firms and policymakers seeking to enhance workforce resilience in volatile environmental conditions.