This study explores to what extent the implementation of managerial Climate Management Practices (CMP) adopted by large publicly traded firms is associated with Corporate Financial Performance (CFP), measured by Tobin’s Q. The purpose is to assess whether financial markets perceive CMP as value-enhancing. Based on a panel of 298 firms from the S&P 500 and STOXX Europe 600 (2019–2022), we test eight CMP using regression models that include industry–year fixed effects and robust standard errors. The analysis differentiates between internal managerial CMP (Management Tools) and external managerial CMP (Transparency Practices). The results show that most CMP are not significantly linked to Tobin’s Q, implying that markets largely view them as neutral with respect to value creation. Two exceptions emerge: (i) Environmental Management System certification, which correlates negatively with firm value, indicating investor skepticism about its cost–benefit balance; and (ii) greenhouse gas reduction targets, where weak commitments are penalized while ambitious goals are rewarded. These findings indicate that investors place value exclusively on practices perceived as both credible and ambitious. We complement the analysis with a risk-based proxy (β) reflecting short-term market risk perceptions, which supports the previous results. These findings offer practical insights for managers, investors, and regulators, highlighting how climate management practices can be structured to better align with evolving market expectations.