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How Does Investor Climate Change Concern Affect Corporate ESG Performance? Evidence From Textual Analysis

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Corporate Social Responsibility and Environmental Management

Published online on

Abstract

["Corporate Social Responsibility and Environmental Management, Volume 33, Issue 4, Page 5652-5671, July 2026. ", "\nABSTRACT\nThis study explores the relationships between investor climate change concern (ICCC) and environmental, social, and governance (ESG) performance. By analyzing site visit summary reports issued by Chinese A‐share listed firms, we construct an ICCC index using textual analysis and machine learning techniques. The results indicate that ICCC positively impacts subsequent ESG performance. Further analysis reveals that ICCC encourages companies to increase their ESG levels by fostering green innovation. Additionally, the heterogeneity analysis reveals that the ICCC–ESG effect is stronger for firms facing greater financial constraints, operating under weaker institutional environments, at vulnerable life‐cycle stages, or exposed to higher pollution intensity.\n"]