Climate change and listed agricultural companies’ risk-taking

Si Chen and Zanxin Wang

International Review of Economics & Finance, 2025, vol. 99, issue C

Abstract: This study uses a sample of Chinese A-share listed agricultural companies' data from 2011 to 2022 to deeply examine the impact mechanism of climate change on companies' risk-taking. By employing a panel regression approach, the research reveals that climate change can reduce companies' risk-taking and is positively correlated with companies' asset-to-liability ratio. Managements' total compensation has a moderating role in the relationship between climate change and listed agricultural companies’ risk-taking, and the rate of operating revenue growth has a mediating role in the interaction. Finally, differences are found in the impact of climate change on the risk-taking of state-owned and non-state-owned listed agricultural companies. The findings of this study not only have significant guiding implications for risk management in agricultural listed companies, but also provide a scientific basis for policymakers when formulating policies to address climate change.

Keywords: Enterprise climate risk index; Risk-taking level; Asset–liability ratio (search for similar items in EconPapers)
Date: 2025
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Persistent link: https://EconPapers.repec.org/RePEc:eee:reveco:v:99:y:2025:i:c:s1059056025001248

DOI: 10.1016/j.iref.2025.103961

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