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<p>Climate risks pose multiple challenges to economic and market activities, whereas corporate climate risk perception (CRP) enables firms to anticipate climate shocks and enhance risk management. Supply chain stability (SCS), which is fundamental to production and product delivery, provides the analytical basis for examining how CRP affects SCS. Drawing on panel data from Chinese listed companies over the period 2016–2023, we theoretically and empirically investigate the micro-level impact and mechanisms through which CRP influences SCS. The findings reveal that higher CRP significantly enhances SCS, and this result remains robust after controlling for potential endogeneity concerns and conducting a series of robustness checks. Mechanism analysis indicates that improvements in firms’ environmental, social, and governance (ESG) performance and senior management climate governance (SMCG) serve as the main mediating channels. Heterogeneity analysis further reveals that the baseline effect is stronger in the Yangtze River Basin, where flood risks are more severe, than in the Yellow River Basin. This effect is also significant in coastal regions. Market-oriented mechanisms play a larger role, which makes the effect stronger for private firms than for state-owned enterprises. Across industries, the effect is more evident in manufacturing and non-heavily polluting sectors.</p>

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Before the rain falls: corporate climate risk perception and supply chain stability

  • 期刊论文

  • 发表日期：

    2026年2月12日

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  • Yuan Ren,
  • Pengwei Yuan,
  • Xiaoqing Dong

摘要

Climate risks pose multiple challenges to economic and market activities, whereas corporate climate risk perception (CRP) enables firms to anticipate climate shocks and enhance risk management. Supply chain stability (SCS), which is fundamental to production and product delivery, provides the analytical basis for examining how CRP affects SCS. Drawing on panel data from Chinese listed companies over the period 2016–2023, we theoretically and empirically investigate the micro-level impact and mechanisms through which CRP influences SCS. The findings reveal that higher CRP significantly enhances SCS, and this result remains robust after controlling for potential endogeneity concerns and conducting a series of robustness checks. Mechanism analysis indicates that improvements in firms’ environmental, social, and governance (ESG) performance and senior management climate governance (SMCG) serve as the main mediating channels. Heterogeneity analysis further reveals that the baseline effect is stronger in the Yangtze River Basin, where flood risks are more severe, than in the Yellow River Basin. This effect is also significant in coastal regions. Market-oriented mechanisms play a larger role, which makes the effect stronger for private firms than for state-owned enterprises. Across industries, the effect is more evident in manufacturing and non-heavily polluting sectors.