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Abstract
Drawing upon the distinctive context of China, we have developed a comprehensive firm-level climate risk disclosure index that encompasses multiple dimensions and resonates with the prevailing realities. Our findings reveal that firms' climate risk disclosures significantly enhance their green innovation capabilities, particularly for those facing substantial financial constraints. Further analysis uncovers no notable differences in this effect across various patent categories, while also indicating a marked improvement in innovation quality. Moreover, our results suggest a positive correlation between higher levels of climate risk disclosure and increased enterprise value.
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