期刊
RESOURCES POLICY
卷 69, 期 -, 页码 -出版社
ELSEVIER SCI LTD
DOI: 10.1016/j.resourpol.2020.101828
关键词
Climate change risks; Mining companies; Corporate financial performance; Climate change risk index
资金
- Humanity and Social Science Foundation of Ministry of Education of China [19YJAZH079]
- Major Projects of the National Social Science Fund of China [16ZDA006]
The mining industry is susceptible to climate change risks since it has the characteristics of high exposure, high sensitivity and high substitution. Firstly, this paper reviews the impact mechanism of climate change risks on corporate financial performance from direct and indirect channels. Secondly, this paper employs the unique data, climate risk indicator with 5 types of climate risks, to analyze the effect of climate change risks on the China's mineral listed companies. The empirical analysis shows that there is a correlation between climate change and financial performance of mining companies. The mining companies with different types of resource have different sensitivities to climate change risks. The climate change risks have both positive and negative effects on the financial performance of mining companies. In respond to the climate change risks, mining companies should actively implement low-carbon strategies and proactively disclose emission information to improve the brand value and create new competitive advantages for long-term development.
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