Climate anomalies and corporate environmental governance: Empirical evidence from ENSO events

Shenglin Ma, Ramzi Benkraiem (), Mohammad Zoynul Abedin and Hongjun Zeng
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Shenglin Ma: School of Civil Engineering and Transportation, North China University of Water Resources and Electric Power, Zhengzhou, Henan 450045, China.
Ramzi Benkraiem: Audencia Business School
Mohammad Zoynul Abedin: Swansea University

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Abstract: The increasing frequency of extreme climate events has had a significant influence on corporate governance. However, existing work has not adequately addressed how climate risks impact corporate responsibility and sustainable practices. Utilising data from Chinese listed enterprises (2009–2023) and the NOAA National Centers for Environmental Information, and after employing instrumental variable methods to address endogeneity issues, the study found that El Niño-La Niña phenomena reduced corporate environmental participation and ESG performance, particularly in companies with high fixed asset investments, non-state enterprises, and in coastal areas. This impact is mainly transmitted through increased energy consumption, reduced labor productivity, and heightened credit risk.

Keywords: Climate anomalies; ENSO; Environmental governance; ESG performance; Corporate Sustainability. (search for similar items in EconPapers)
Date: 2025-11
Note: View the original document on HAL open archive server: https://hal.science/hal-05444703v1
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Published in Finance Research Letters, 2025, 85 (Part B), pp.107970. ⟨10.1016/j.frl.2025.107970⟩

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Persistent link: https://EconPapers.repec.org/RePEc:hal:journl:hal-05444703

DOI: 10.1016/j.frl.2025.107970

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