From cognition to action: climate risk perception and corporate capital structure optimization
Junxia Zhang
As climate change intensifies and environmental regulations become more stringent, companies encounter heightened pressure to mitigate climate risks and enhance their capital structures. Drawing on the dynamic trade-off theory and using panel data from Chinese A-share listed firms from 2010 to 2023, this study examines the impact of climate risk perception on the speed of capital structure adjustment. The results show that climate risk perception significantly accelerates firms’ adjustment towar