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<p>Climate policy uncertainty (CPU) significantly influences corporate decision-making and strategy. Nevertheless, the impact of CPU on corporate risk-taking propensity remains ambiguous. Using data from Chinese A-share listed firms (2002–2021), we find that CPU reduces corporate risk-taking, without evidence of an inverted U-shaped relationship. Channel analysis shows this effect is mediated through higher financing costs, reduced R&amp;D investment, and increased managerial myopia. SOEs and firms with strong internal controls or high resilience are better able to withstand CPU’s adverse impacts. Advancements in green finance and competitive markets further mitigate these effects. However, heavy polluters must adapt their strategies to effectively cope with CPU.</p>

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Navigating the winds of change: climate policy uncertainty and corporate risk-taking

  • 期刊论文

  • 发表日期：

    2025年5月23日

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  • Shanyong Wang,
  • Rongwei Zhang,
  • Yancheng Lai

摘要

Climate policy uncertainty (CPU) significantly influences corporate decision-making and strategy. Nevertheless, the impact of CPU on corporate risk-taking propensity remains ambiguous. Using data from Chinese A-share listed firms (2002–2021), we find that CPU reduces corporate risk-taking, without evidence of an inverted U-shaped relationship. Channel analysis shows this effect is mediated through higher financing costs, reduced R&D investment, and increased managerial myopia. SOEs and firms with strong internal controls or high resilience are better able to withstand CPU’s adverse impacts. Advancements in green finance and competitive markets further mitigate these effects. However, heavy polluters must adapt their strategies to effectively cope with CPU.