JRFM, Vol. 18, Pages 715: The Impact of Corporate Biodiversity Information Disclosure on Green Investment Confidence and Willingness of Retail Investors in China: The Moderating Roles of Risk Aversion and Climate Risk Awareness

Journal of Risk and Financial Management doi: 10.3390/jrfm18120715

Authors:
Zhibin Tao

The growing emphasis on environmental sustainability and green finance has intensified the need for effective corporate disclosures, particularly regarding biodiversity. Despite the increasing relevance of biodiversity in global investment strategies, there remains a significant research gap in understanding how corporate biodiversity information disclosure influences retail investors, particularly in emerging markets such as China. Based on this, in order to fill this research gap, this study conducts an empirical analysis using valid sample data from 464 retail investors in China and the structural equation modeling method. The results indicate that: (1) Corporate biodiversity information disclosure (CD) has a positive impact on investors’ investment confidence (IC) and investment willingness (IW). (2) Investors’ IC positively influences their IW. (3) Risk aversion (QA) weakens (negatively moderates) the effect of CD on enhancing investors’ IC. (4) QA also weakens (negatively moderates) the effect of CD on promoting investors’ IW. (5) Climate risk awareness (CA) positively moderates the effect of CD on enhancing investors’ IC. (6) CA also positively moderates the effect of CD on promoting investors’ IW. This study enriches relevant theories by emphasizing how psychological factors influence investment behavior and provides important insights for companies, policymakers, and financial intermediaries to promote sustainable investment practices.

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Zhibin Tao www.mdpi.com