For example, the number of participating companies has doubled, and the emission load of big emitters was adjusted down to half of the initial criterion determined in Beijing in 2016. Studies have shown that compensation policies and carbon market mechanisms contribute to carbon emission reduction.
This study has certain guiding value for the formulation of CID standards and contributes to the process of mandatory CID.Īs climate change has become more and more serious, the goal of controlling global temperatures within 2 ☌ (compared with the pre-industrial age) promotes close and substantial cooperation within the international community to curb greenhouse gas emissions. Additionally, measurement habits or preference for carbon emissions performance (in the form of amount or intensity) in different industries should be brought to the forefront to enhance investors’ confidence in CID. Further, circulating A-shares are moderators for better CID in both carbon-intensive industries and low-carbon industries, which fits the expectation of stakeholder theory as well as legitimacy theory. The carbon information disclosure of high-carbon industries is closely and positively related to carbon performance, indicating that the interaction between high-carbon industries and capital markets will be more affected by the mitigation of carbon information asymmetry.
This revealed that CEP, not CRP, had a significant influence on CID, and uncovered the influence mechanism between carbon performance and CID from the perspective of sustainable enterprise growth. Results showed that sustainable growth enhanced the promotion effect of CEP (both in terms of intensity and amount) on CID in carbon-intensive industries, while sustainable growth enhanced the inhibition effect of CEP measured in terms of amount, rather than intensity, on CID in low-carbon industries. The Arellano–Bover/Blundell–Bond dynamic panel data model was used for regression analysis. This study took Chinese companies listed on the main board market from 2009 to 2021 as samples. This study attempts to systematically investigate links between corporate growth, carbon emission (CEP) or reduction performance (CRP) in two forms (intensity and amount), and CID in industries with different carbon intensities on the basis of stakeholder theory as well as legitimacy theory. Although some enterprises have been disclosing their own carbon information voluntarily by means of corporate reports in order to shape their green image, their carbon information disclosures (CID) still need to be improved. At present, to comply with carbon reduction commitments, China has only required energy-intensive enterprises to report their carbon information to regulators, aside from mandatory public disclosures.
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