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<p>Rising temperatures introduce both risks and opportunities, exerting asymmetric effects on different types of entrepreneurship. Leveraging panel data from 280 Chinese cities spanning the period 2006–2022 and the Chinese Enterprise Registration Database, this study investigates the impacts of high-temperature shocks on necessity and opportunity entrepreneurship. Research indicates that, firstly, the comprehensive impact of high-temperature shocks on necessity entrepreneurship is insignificant, yet it exhibits a promoting effect in the retail industry. Secondly, high-temperature shocks benefit opportunity entrepreneurship, except in energy-intensive industries. Thirdly, minimum wage negatively moderates the impact of high-temperature shocks on both necessity and opportunity entrepreneurship, whereas urbanization positively moderates this relationship. Green innovation preferences only positively moderate the impact of high-temperature shocks on opportunity entrepreneurship, while necessity entrepreneurship remains unaffected. This study not only helps elucidate how different groups adapt to climate change through entrepreneurship, but also clarifies the distinctions between necessity entrepreneurship and opportunity entrepreneurship.</p>

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Risk or opportunity: the impact of high-temperature shocks on necessity and opportunity entrepreneurship

  • 期刊论文

  • 发表日期：

    2025年11月11日

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  • Yu Dong,
  • Xuehong Zhu,
  • Qiong Xu

摘要

Rising temperatures introduce both risks and opportunities, exerting asymmetric effects on different types of entrepreneurship. Leveraging panel data from 280 Chinese cities spanning the period 2006–2022 and the Chinese Enterprise Registration Database, this study investigates the impacts of high-temperature shocks on necessity and opportunity entrepreneurship. Research indicates that, firstly, the comprehensive impact of high-temperature shocks on necessity entrepreneurship is insignificant, yet it exhibits a promoting effect in the retail industry. Secondly, high-temperature shocks benefit opportunity entrepreneurship, except in energy-intensive industries. Thirdly, minimum wage negatively moderates the impact of high-temperature shocks on both necessity and opportunity entrepreneurship, whereas urbanization positively moderates this relationship. Green innovation preferences only positively moderate the impact of high-temperature shocks on opportunity entrepreneurship, while necessity entrepreneurship remains unaffected. This study not only helps elucidate how different groups adapt to climate change through entrepreneurship, but also clarifies the distinctions between necessity entrepreneurship and opportunity entrepreneurship.