Sustainable Transformation: The Impact of Climate Risk Perception on Corporate Operational Resilience in China

Enhancing corporate operational resilience is a core element in responding to escalating climate change risks and achieving sustainable development. Based on dynamic capabilities theory, this paper utilizes data from A-shared listed companies between 2012 and 2023 to explore how climate risk perception influences corporate operational resilience in China and identify the specific mechanisms underlying this relationship. The study found a significant positive relationship between climate risk perception and corporate operational resilience. A mechanism analysis indicated that increased climate risk perception enhanced corporate operational resilience by alleviating financing constraints, promoting technological innovation, and improving internal control quality. A heterogeneity analysis revealed that the effect of climate risk perception on corporate operational resilience was more pronounced in companies located in the central and western regions of China and in high-pollution industries. The findings of this study offer new perspectives and empirical evidence for understanding the micro-dynamics of sustainable transformation.