Emission trading policy and firm-level carbon disclosure in China: Unveiling the potential of market-based environmental regulation

IF 6.9 2区经济学 Q1 BUSINESS, FINANCE

Research in International Business and Finance Pub Date : 2025-07-01 DOI:10.1016/j.ribaf.2025.103082

Wei Li , Yuanyuan Man , Jianing Liu , Yongda He , Yang Hu

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Abstract

Corporate compliance with environmental obligations and the cultivation of reputations are intricately tied to the effectiveness of carbon disclosure. The emission trading policy, as a market-based environmental regulatory tool, has the potential to influence the micro-level environmental behavior of businesses. Focusing on China's heavily polluting industries, we employ the double machine learning (DML) method to investigate the impact and mechanisms of market-based environmental regulations on firm-level carbon disclosure in this study. The results demonstrate a significant positive effect of market environmental regulations on voluntary carbon information disclosure, particularly in the realm of low-carbon strategic disclosure. This effect is notably strengthened with increased levels of corporate green innovation and enhanced market competitiveness. Furthermore, the findings from the analysis of heterogeneity highlight the significance of accounting for differences in environmental governance pressure, industry structure, and executive environmental awareness when formulating targeted policy implications.

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中国排放交易政策与企业碳信息披露：揭示市场环境监管的潜力

企业对环境义务的遵守和声誉的培养与碳信息披露的有效性密切相关。排污权交易政策作为一种基于市场的环境监管工具，具有影响企业微观环境行为的潜力。本研究以中国重污染行业为研究对象，采用双机器学习（DML）方法研究了市场环境规制对企业碳信息披露的影响及其机制。研究结果表明，市场环境规制对碳信息自愿披露具有显著的正向影响，特别是在低碳战略披露领域。这种效应随着企业绿色创新水平的提高和市场竞争力的增强而显著增强。此外，异质性分析的结果强调了在制定有针对性的政策影响时，考虑环境治理压力、行业结构和高管环境意识差异的重要性。

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来源期刊

Research in International Business and Finance BUSINESS, FINANCE-

CiteScore

11.20

自引率

9.20%

发文量

240

期刊介绍： Research in International Business and Finance (RIBAF) seeks to consolidate its position as a premier scholarly vehicle of academic finance. The Journal publishes high quality, insightful, well-written papers that explore current and new issues in international finance. Papers that foster dialogue, innovation, and intellectual risk-taking in financial studies; as well as shed light on the interaction between finance and broader societal concerns are particularly appreciated. The Journal welcomes submissions that seek to expand the boundaries of academic finance and otherwise challenge the discipline. Papers studying finance using a variety of methodologies; as well as interdisciplinary studies will be considered for publication. Papers that examine topical issues using extensive international data sets are welcome. Single-country studies can also be considered for publication provided that they develop novel methodological and theoretical approaches or fall within the Journal''s priority themes. It is especially important that single-country studies communicate to the reader why the particular chosen country is especially relevant to the issue being investigated. [...] The scope of topics that are most interesting to RIBAF readers include the following: -Financial markets and institutions -Financial practices and sustainability -The impact of national culture on finance -The impact of formal and informal institutions on finance -Privatizations, public financing, and nonprofit issues in finance -Interdisciplinary financial studies -Finance and international development -International financial crises and regulation -Financialization studies -International financial integration and architecture -Behavioral aspects in finance -Consumer finance -Methodologies and conceptualization issues related to finance