Abstract：This study uses machine learning and text analysis methods to construct an indicator for management’s perception of climate risk. Utilizing a sample of Shanghai and Shenzhen A-share listed companies in China from 2009 to 2022, the study examines the impact of management’s perception of climate risk on corporate green governance. The findings suggest that the stronger the management’s perception of climate risk, the higher the level of corporate environmental investment. The key mechanism is to prevent cash flow risks and build investor trust. Compared to end-of-pipe pollution control, management’s perception of climate risk is more effective in promoting green transformation at the source, and the intensity of green governance has increased after the signing of The Paris Agreement. Heterogeneity analysis indicates that the green governance effect of management’s perception of climate risk is more pronounced when there are extreme climate shocks and higher equity incentives. Discussion of economic consequences finds that management’s perception of climate risk can further encourage companies to improve corporate environmental performance.
祁亚，邹颖，石福安. 管理层气候风险认知对企业绿色治理的影响研究[J]. 管理学报, 2025, 22(10): 1881-.
QI Ya，ZOU Ying，SHI Fu’an. Research on the Impact of Management’s Climate Risk Perception on Corporate Green Governance. Chinese Journal of Management, 2025, 22(10): 1881-.
