Building Uncertainty Buffers: The impact of climate-adaptive pilot policies on firms' operational resilience
Description
Against the backdrop of multiple uncertainties in the global economy, operational resilience is now a crucial competency for enterprises to withstand external shocks, thereby realizing sustainable development. This study treats the climate-adaptive cities pilot policy (CACP) as a quasi-natural experiment, using a staggered difference-in-differences model to assess the effect of the CACP policy on corporate operational resilience. Results reveal that CACP significantly improves corporate operational resilience. The enhancing effect is particularly significant for non-heavily-polluting enterprises, non-state-owned enterprises, and enterprises in the eastern region. Moreover, mechanism analysis indicates that financing constraints and sustained green innovation are critical mechanisms via which CACP policy fosters corporate operational resilience. Additionally, the moderation effect analysis reveals that information asymmetry significantly weakens the enhancing effect, while digital transformation effectively amplifies its positive impact.
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Institutions
- Wuhan Institute of TechnologyHubei, Wuhan