How Climate Risk Affects Enterprise Liquidity: Configuration Effects Based on NCA and fsQCA

Yong Shi and Junjie Liu ()
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Yong Shi: School of Economics and Management, University of Chinese Academy of Sciences, Beijing 100190, China
Junjie Liu: Sino-Danish College, University of Chinese Academy of Sciences, Beijing 100049, China

Sustainability, 2025, vol. 17, issue 3, 1-18

Abstract: Climate risk, within the context of environmental sustainability, is profoundly affecting global development trends. As critical organizations, enterprises play an irreplaceable role in various stages of economic development, with liquidity being a vital capability for their survival, growth, and sustained value creation. This paper innovatively constructs a framework of climate risk, encompassing three levels: macro background, industry environment, and corporate operation. Focusing on publicly listed companies in China’s eight high energy-consuming industries, this paper employs fsQCA and NCA methods to investigate the factors influencing enterprise liquidity in the context of climate risk. Finally, the study finds and concludes with three main patterns: macro-oriented, industry-adaptive, and management-optimized. These findings suggest related policy recommendations and key strategies to enhance economic resilience by adjusting climate policy uncertainty, controlling technical personnel proportion, and improving financial management.

Keywords: climate risk; environmental sustainability; liquidity; socio-economic impacts; fsQCA (search for similar items in EconPapers)
JEL-codes: O13 Q Q0 Q2 Q3 Q5 Q56 (search for similar items in EconPapers)
Date: 2025
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