Greener Growth, Tighter Credit? The Dual Role of Climate Action in Revenue Expectations and Financing Obstacles

This study examines the firm-level determinants of expected revenue growth and perceived ease of access to finance, with a particular focus on climate change mitigation actions, leadership and ownership characteristics, institutional environments and macroeconomic conditions. The analysis of ۲۱,۷۲۹ enterprises across ۲۸ countries during ۲۰۱۸–۲۰۲۰ showed that firms that adopt climate change mitigation actions are significantly more likely to expect revenue growth. Second, female leadership was positively associated with revenue growth expectations, whereas a higher share of female ownership was linked to lower growth expectations. Third, higher perceived corruption and inflation were associated with reduced growth expectations. Regarding perceived access to finance, larger firms, those with more experienced top managers, and firms operating in less corrupt environments perceived easier access to finance. Conversely, firms that monitor CO₂ emissions and those that have experienced weather-related losses report significantly greater financing obstacles. These findings suggested that climate mitigation efforts are not environmentally beneficial alone but are positively correlated with managerial optimism about future revenue. However, such efforts, particularly emissions monitoring, may also signal risks to financiers, while climate-related physical shocks further constrain perceived access to capital. The results underscored the importance of both firm-level capabilities and institutional quality in shaping expectations and financial constraints.

کلیدواژه ها:

Climate change mitigation ، Access to finance ، Female leadership ، Female ownership ، Revenue expectations