Supplementary file 1_Corporate climate risk and public health disclosure: does digital transformation matter?.docx

This study examines the nonlinear relationship between corporate climate risk (CR) and public health disclosure (PHD) using panel data from Chinese listed companies over the period 2000-2024.</p>Methods<p>Empirically, this study employs a two-way fixed effects model, a moderating effect model, and a quantile regression model, accompanied by formal cross-quantile tests to evaluate the non-linear dynamics, moderating channels, and heterogeneity across conditional PHD distributions.</p>Results<p>Four key findings emerge.

First, CR exhibits a U-shaped relationship with PHD, and this relationship remains robust after a series of robustness and endogeneity checks. Second, conditional marginal effects and digital transformation (DT) specific turning points show that DT changes both the level and shape of the CR-PHD relationship, shifting the turning point to the right and attenuating the recovery of PHD at higher CR levels. Third, formal cross-quantile tests confirm that the CR and its quadratic term coefficients differ across the conditional PHD distribution.