IDEAS home Printed from https://ideas.repec.org/a/eee/finlet/v86y2025ipfs1544612325020744.html

Climate risk, financialization level, and sustainable development of sports enterprises

Author

Listed:
  • Yang, Ye
  • Chen, Yin

Abstract

Based on data from listed sports companies on China's A-share market from 2009 to 2023, this paper examines the relationships among climate risk, the degree of financialization, and the sustainable development of sports enterprises (SDSE). The results indicate that climate risk significantly inhibits SDSE; the level of financialization also significantly inhibits SDSE; the degree of financialization significantly moderates the impact of climate risk on SDSE. Furthermore, the effect of climate risk on SDSE exhibits heterogeneity between state-owned enterprises (SOEs) and private enterprises (PEs); and the impact of financialization on SDSE demonstrates heterogeneity between large enterprises and small- and medium-sized enterprises.

Suggested Citation

  • Yang, Ye & Chen, Yin, 2025. "Climate risk, financialization level, and sustainable development of sports enterprises," Finance Research Letters, Elsevier, vol. 86(PF).
    • Handle: RePEc:eee:finlet:v:86:y:2025:i:pf:s1544612325020744
    DOI: 10.1016/j.frl.2025.108820
    as

    Download full text from publisher

    File URL: http://www.sciencedirect.com/science/article/pii/S1544612325020744
    Download Restriction: Full text for ScienceDirect subscribers only
    File URL: https://libkey.io/10.1016/j.frl.2025.108820?utm_source=ideas
    LibKey link: if access is restricted and if your library uses this service, LibKey will redirect you to where you can use your library subscription to access this item
    ---><---

    As the access to this document is restricted, you may want to

    for a different version of it.

    References listed on IDEAS

    as
    1. Yunpeng Sun & Qun Bao & Farhad Taghizadeh-Hesary, 2023. "Green finance, renewable energy development, and climate change: evidence from regions of China," Humanities and Social Sciences Communications, Palgrave Macmillan, vol. 10(1), pages 1-8, December.
    2. Deng, Changzhe & Su, Zhifang & Feng, Yufang, 2024. "Extreme climate and corporate financialization: Evidence from China," Economic Analysis and Policy, Elsevier, vol. 81(C), pages 306-321.
    3. Oleksandra Karintseva & Mykola Kharchenko & Emmanuel Kwesi Boon & Oleksandr Derykolenko & Vladimir Melnyk & Oxana Kobzar, 2021. "Environmental determinants of energy-efficient transformation of national economies for sustainable development," International Journal of Global Energy Issues, Inderscience Enterprises Ltd, vol. 43(2/3), pages 262-274.
    4. Qiuyue Zhang & Yili Lin & Yu Cao, 2024. "From Financialization to Sustainability: The Impact of Climate Risks on Shadow Banking Activities in Non-Financial Firms in China," Sustainability, MDPI, vol. 16(19), pages 1-20, October.
    5. Fan, Shuaishuai & Jiang, Meihui & Sun, Daoyuan & Zhang, Shunkai, 2023. "Does financial development matter the accomplishment of rural revitalization? Evidence from China," International Review of Economics & Finance, Elsevier, vol. 88(C), pages 620-633.
    6. Shan, Shan & Mirza, Nawazish & Umar, Muhammad & Hasnaoui, Amir, 2023. "The nexus of sustainable development, blue financing, digitalization, and financial intermediation," Technological Forecasting and Social Change, Elsevier, vol. 195(C).
    7. Wuqi Song & Wenshuai Xu & Wenzhou Qu & Xu Gong, 2024. "Climate risk exposure and debt concentration: Evidence from Chinese listed companies," Accounting and Finance, Accounting and Finance Association of Australia and New Zealand, vol. 64(4), pages 3361-3386, December.
    8. Thomas Wainwright & Pelin Demirel, 2023. "Multiple logics in financialisation? Moving to carbon sustainability in build-to-rent development," Environment and Planning A, , vol. 55(1), pages 22-45, February.
    9. Juan Carlos Guevara & Emilio Martín & María José Arcas, 2021. "Financial Sustainability and Earnings Management in the Spanish Sports Federations: A Multi-Theoretical Approach," Sustainability, MDPI, vol. 13(4), pages 1-16, February.
    Full references (including those not matched with items on IDEAS)

    Most related items

    These are the items that most often cite the same works as this one and are cited by the same works as this one.
    1. Fang, Ling & Shen, Ye, 2025. "Digital economy enabling high-quality development of agricultural Enterprises: Interaction, inner mechanism and strategic orientation," International Review of Economics & Finance, Elsevier, vol. 103(C).
    2. Hu, Zinan & Borjigin, Sumuya, 2025. "Climate information disclosure quality and systemic risk in the U.S. banking industry," Journal of Financial Stability, Elsevier, vol. 79(C).
    3. Xu, Xiaojing & Xu, Runguo, 2023. "Role of green financing and stability in the development of green resources in China," Resources Policy, Elsevier, vol. 85(PA).
    4. Xie, Xin & Mirza, Nawazish & Umar, Muhammad & Ji, Xiaoman, 2024. "Covid-19 and market discipline: Evidence from the banking sector in emerging markets," International Review of Economics & Finance, Elsevier, vol. 89(PB), pages 612-621.
    5. Iryna Sotnyk & Tetiana Kurbatova & Yaroslavna Romaniuk & Olha Prokopenko & Viktoriya Gonchar & Yuriy Sayenko & Gunnar Prause & Aleksander Sapiński, 2022. "Determining the Optimal Directions of Investment in Regional Renewable Energy Development," Energies, MDPI, vol. 15(10), pages 1-26, May.
    6. Xu Gong & Qin Liao & Wenzhou Qu & Wuqi Song, 2025. "Does Climate Risk Attention Sensitivity Affect Corporate Green Innovation? Evidence From China," Accounting and Finance, Accounting and Finance Association of Australia and New Zealand, vol. 65(4), pages 3618-3632, December.
    7. Özkan, Oktay & Destek, Mehmet Akif & Balsalobre-Lorente, Daniel & Esmaeili, Parisa, 2024. "Unlocking the impact of international financial support to infrastructure, energy efficiency, and ICT on CO2 emissions in India," Energy Policy, Elsevier, vol. 194(C).
    8. Peterson K. Ozili & Paul Terhemba Iorember, 2024. "Financial stability and sustainable development," International Journal of Finance & Economics, John Wiley & Sons, Ltd., vol. 29(3), pages 2620-2646, July.
    9. Goodell, John W. & Palma, Alessia & Paltrinieri, Andrea & Piserà, Stefano, 2025. "Firm-level climate change risk and corporate debt maturity," Journal of International Money and Finance, Elsevier, vol. 152(C).
    10. Xu, Shulin & Li, Xiangyu & Ahmed, Rahil Irfan & Norena-Chavez, Diego, 2023. "Unlocking the potential of natural resources: Transforming the resource curse into a sustainable development corridor through research and development," Resources Policy, Elsevier, vol. 87(PA).
    11. Jordi Seguí-Urbaneja & David Cabello-Manrique & Juan Carlos Guevara-Pérez & Esther Puga-González, 2022. "Understanding the Predictors of Economic Politics on Elite Sport: A Case Study from Spain," IJERPH, MDPI, vol. 19(19), pages 1-13, September.
    12. Hanjie Wang & Xiaolong Tian & Jiali Han, 2026. "Blessing or Curse? The Welfare Consequences of Cash Gift Expenditure for the Poor," Journal of Happiness Studies, Springer, vol. 27(2), pages 1-26, February.
    13. Qiuyue Zhang & Yili Lin & Yueying Wang & Yu Cao, 2025. "Band together or go it alone? Climate risk and corporate collaborative innovation," Humanities and Social Sciences Communications, Palgrave Macmillan, vol. 12(1), pages 1-20, December.
    14. Song, Yuchen & Zhu, Mingqi & Wang, Ye, 2025. "Corporate financialization, digital transformation, and industrial supply chain resilience: Mechanisms based on R&D investment and financial regulation," International Review of Financial Analysis, Elsevier, vol. 102(C).
    15. Zhao, Qiao & Wang, Wangqing, 2025. "Digital transformation and rural financial development," Finance Research Letters, Elsevier, vol. 84(C).
    16. Lee, Chi-Chuan & Fang, Yuzhu, 2025. "Climate finance for energy security: An empirical analysis from a global perspective," Economic Analysis and Policy, Elsevier, vol. 85(C), pages 963-978.
    17. Liu, Wenhua & Liu, Yang & Wen, Fenghua & Gong, Xu, 2025. "Climate policy uncertainty and analyst earnings forecasts: Evidence from the Chinese energy sector," International Review of Financial Analysis, Elsevier, vol. 100(C).
    18. Liu, Bei & Ren, Baoping & Jin, Fei, 2025. "Does climate risk affect the ease of access to credit for farmers? Evidence from CHFS," International Review of Economics & Finance, Elsevier, vol. 97(C).
    19. Xiaqun Liu & Yaming Zhuang & Xiaoyue Qiu, 2025. "Financial Support Efficiency of Rural Revitalization: Based on Three-Stage DEA Model and Malmquist Index Model," Sustainability, MDPI, vol. 17(3), pages 1-15, January.
    20. Andrea C. Rangel Guevara, 2024. "Identifying the losers in the transport transition: evidence from Germany," Humanities and Social Sciences Communications, Palgrave Macmillan, vol. 11(1), pages 1-18, December.

    More about this item

    Keywords

    ;
    ;
    ;

    Statistics

    Access and download statistics

    Corrections

    All material on this site has been provided by the respective publishers and authors. You can help correct errors and omissions. When requesting a correction, please mention this item's handle: RePEc:eee:finlet:v:86:y:2025:i:pf:s1544612325020744. See general information about how to correct material in RePEc.

    If you have authored this item and are not yet registered with RePEc, we encourage you to do it here. This allows to link your profile to this item. It also allows you to accept potential citations to this item that we are uncertain about.

    If CitEc recognized a bibliographic reference but did not link an item in RePEc to it, you can help with this form .

    If you know of missing items citing this one, you can help us creating those links by adding the relevant references in the same way as above, for each refering item. If you are a registered author of this item, you may also want to check the "citations" tab in your RePEc Author Service profile, as there may be some citations waiting for confirmation.

    For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: Catherine Liu (email available below). General contact details of provider: http://www.elsevier.com/locate/frl .

    Please note that corrections may take a couple of weeks to filter through the various RePEc services.

    IDEAS is a RePEc service. RePEc uses bibliographic data supplied by the respective publishers.