Using a unique dataset of 3,554 firms from 42 countries during 2012- 2016, we examine the impact of mitigation and adaptation to climate change strategies on firm financial performance. Measuring financial performance by accounting and market-based indicators, we find evidence that mitigation is positively related to both indicators. In contrast, adaptation to climate change strategy is only associated with greater market-based financial performance. Building on these results, we attempt to explore complementarity or substitutability between the different strategies. Mitigation and adaptation strategies appear as complementary inputs of accounting-based financial performance. Conversely, mitigation and adaptation strategies positively impact market-based financial performance, whether they are independently or simultaneously implemented. Our results suggest that investors reward environmental strategies in a period of increasing environmental concerns without drawing any distinction between mitigation and adaptation processes.