Corporate risk disclosure and corporate r

Purpose: Motivated by the need to understand how firms achieve sustainable development under persistent uncertainty, this study examines the relationship between risk disclosure (RD) and corporate resilience, with a focus on the moderating role of economic policy uncertainty (EPU). Methodology: Using a sample of Chinese A‑share listed firms (2014-2024), we estimate panel regressions with industryand year-fixed effects using generalized least squares. We further test the moderating role of EPU and examine mediation channels through the cost of equity and the cost of debt. Findings: RD enhances both short‑ and long‑term resilience, but EPU weakens RD’s positive impact on long‑term resilience. Furthermore, RD improves resilience by reducing equity costs. However, it also increases debt costs, partially offsetting its benefits. Managerial implications: Managers should recognize both the strategic importance of RD in strengthening resilience and the potential adverse effects of heightened EPU. They should balance RD strategies to optimize stakeholder trust and resource access. Research limitations: The focus on Chinese firms may limit the generalizability of the findings to other institutional contexts. Originality: This research extends prior literature by linking RD to long‑term resilience, moving beyond short‑term capital market effects, and by revealing reducing equity costs as a mechanism through which RD influences corporate stability under EPU.