Corporate Climate Perception Risk, Supply Chain Resilience and Stock Price Collapse Risk

Jiaying Du

doi:10.54097/0zxysa24

Authors

Jiaying Du

DOI:

https://doi.org/10.54097/0zxysa24

Keywords:

Climate risk, Stock price crash risk, Supply chain resilience, Information asymmetry

Abstract

As the trend of global warming intensifies, extreme weather events have become a significant factor affecting corporate operations and capital market stability. The climate risks faced by enterprises not only directly threaten their physical assets and supply chain stability but also indirectly influence share price volatility by affecting investor expectations and market sentiment. Supply chain resilience, as the core capability for enterprises to withstand external shocks, directly determines their risk resistance level under climate impacts. Concurrently, analysts, as information intermediaries within capital markets, exert influence through disclosure and oversight effects that shape investor perceptions and pricing of corporate climate risks. Consequently, examining how corporate climate risks transmit through supply chain resilience to stock price crash risks, while analysing the moderating role of analyst attention, holds significant theoretical and practical implications for advancing climate finance research and refining capital market risk management frameworks. Consequently, this study employs a panel data two-way fixed effects model to empirically examine the impact of corporate climate risk on stock price crash risk, the transmission mechanism involving supply chain resilience as an intermediary variable, and the role of analyst attention in this risk transmission process. The research sample comprises all listed companies on China's A-share market from 2006 to 2024. The findings reveal: (1) Firms with greater climate risk exposure face heightened stock price crash risk; (2) Climate risk amplifies stock price crash risk by undermining supply chain resilience; (3) Firms receiving greater analyst attention experience a weaker amplification effect of climate risk on stock price crash risk.

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