The paper co-authored by Associate Professor Xiaohang Ren, a researcher at the base, titled 'Climate risk, digital transformation and corporate green innovation efficiency: Evidence from China,' was published in the important academic journal Technological Forecasting and Social Change.

Abstract: Amid the rapid evolution of economic activities, climate risk has become a significant challenge for China, profoundly influencing corporate investment decisions. This study explores the effects and mechanisms of climate risk on corporate green innovation efficiency within the Chinese context. The findings reveal that climate risk significantly enhances corporate green innovation efficiency through two stages: green technology R&D and the conversion of green outcomes, facilitated by external supervision and digital transformation mechanisms. Specifically, climate risk increases public awareness and the effectiveness of supervision over corporate environmental performance, while also bolstering the intrinsic motivation for corporate digital transformation, collectively enhancing green innovation efficiency. Furthermore, government green subsidies, market competition intensity, and corporate innovation continuity positively moderate the impact of climate risk on green innovation efficiency. These effects are particularly pronounced in high-tech firms, state-owned enterprises, firms with fewer financing constraints, and those with robust environmental management systems. Ultimately, the positive effect of climate risk on corporate green innovation efficiency further enhances corporate green total factor productivity. This research provides valuable insights for companies striving to harmonize economic benefits with environmental performance.

Keywords: Climate risk；Green innovation efficiency；Digital transformation；Corporate sustainable development

Link: https://doi.org/10.1016/j.techfore.2024.123777

Teacher profile

Xiaohang Ren is a Distinguished Associate Professor at the Business School, Central South University, an Elsevier China Highly Cited Researcher, and a Top 2% Scientist Worldwide. He mainly engages in research on energy finance, financial risk, and financial econometrics. He has published more than 100 papers in authoritative journals at home and abroad,including Journal of the American Statistical Association,Transportation Research Part A, Energy Economics, Quantitative Finance, Review of Quantitative Finance and Accounting, International Review of Financial Analysis, Technological Forecasting and Social Change, Business Strategy and the Environment, Pacific-Basin Finance Journal, Applied Energy, Resources Policy, Renewable & Sustainable Energy Reviews, Energy, Journal of Management Sciences in China (English Edition), Systems Engineering — Theory and Practice, and Chinese Journal of Management Science. Among these, more than 30 are ESI Hot Papers/Highly Cited Papers. He serves as Section Editor of Sustainable Communities (Taylor & Francis), Associate Editor of journals such as Humanities & Social Sciences Communications (the only humanities and social sciences journal under Nature), and Guest Editor of several SSCI journals including Climate Change Economics and Economic Change and Restructuring