Abstract
Climate risk, within the context of environmental sustainability, is profoundly affecting global development trends. As critical organizations, enterprises play an irreplaceable role in various stages of economic development, with liquidity being a vital capability for their survival, growth, and sustained value creation. This paper innovatively constructs a framework of climate risk, encompassing three levels: macro background, industry environment, and corporate operation. Focusing on publicly listed companies in China’s eight high energy-consuming industries, this paper employs fsQCA and NCA methods to investigate the factors influencing enterprise liquidity in the context of climate risk. Finally, the study finds and concludes with three main patterns: macro-oriented, industry-adaptive, and management-optimized. These findings suggest related policy recommendations and key strategies to enhance economic resilience by adjusting climate policy uncertainty, controlling technical personnel proportion, and improving financial management.
Published Version
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