Climate risk, corporate risk-taking and firms’ digital transformation
| (1) | (2) | (3) | (4) | (5) | (6) | |
|---|---|---|---|---|---|---|
| Variable | Risk1 | Risk2 | Digital1 | Digital2 | Digital1 | Digital2 |
| CR | −0.001* (−1.87) | −0.002** (−1.98) | −0.129*** (−8.23) | −0.033*** (−5.39) | −0.129*** (−8.23) | −0.033*** (−5.39) |
| Risk1 | −0.110 (−0.69) | −0.132 (−1.12) | ||||
| Risk2 | −0.073 (−0.85) | −0.074 (−1.21) | ||||
| Controls | YES | YES | YES | YES | YES | YES |
| Year FE | YES | YES | YES | YES | YES | YES |
| Industry FE | YES | YES | YES | YES | YES | YES |
| Observations | 28,301 | 28,301 | 28,301 | 28,301 | 28,301 | 28,301 |
| R-squared | 0.214 | 0.214 | 0.451 | 0.265 | 0.451 | 0.265 |
| (1) | (2) | (3) | (4) | (5) | (6) | |
|---|---|---|---|---|---|---|
| Variable | Risk1 | Risk2 | Digital1 | Digital2 | Digital1 | Digital2 |
| −0.001 | −0.002 | −0.129 | −0.033 | −0.129 | −0.033 | |
| Risk1 | −0.110 (−0.69) | −0.132 (−1.12) | ||||
| Risk2 | −0.073 (−0.85) | −0.074 (−1.21) | ||||
| Controls | ||||||
| Year | ||||||
| Industry | ||||||
| Observations | 28,301 | 28,301 | 28,301 | 28,301 | 28,301 | 28,301 |
| R-squared | 0.214 | 0.214 | 0.451 | 0.265 | 0.451 | 0.265 |
This table reports the mediating role of corporate risk-taking between the relationship of climate risk and enterprises’ digital transformation. Columns (1) and (2) show the regression results of climate risk on corporate risk-taking. Columns (3) to (6) show the effect of climate risk and corporate risk-taking on enterprises’ digital transformation. *, ** and *** denote significance at the 10, 5 and 1% levels, respectively
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