Management Climate Risk Perception and Corporate Green Investment Efficiency: Enhancing or Impeding Green Investment Performance?

Climate-related hazards pose increasing challenges to socio-economic sustainability, compelling firms to improve the efficiency of green investment while maintaining profitability and environmental responsibility. Using Chinese A-share listed firms as the research sample, this study measured corporate green investment efficiency using an output-oriented SBM-DEA framework and examined the effect of management climate risk perception using a two-way fixed-effects panel model. The results indicated that stronger executive awareness of climate risks significantly improved corporate green investment efficiency. Green technology innovation partially mediated the relationship between management climate risk perception and green investment efficiency. Climate policy uncertainty inhibited the positive relationship between management climate risk perception and green investment efficiency, whereas organizational resilience enhanced it. The heterogeneity analysis indicated that this positive effect was more pronounced in non-technology-intensive and non-heavy-polluting industries. This study can serve as a reference for enterprises seeking to address climate risks and develop systematic climate risk management and prevention systems.