Carbon information disclosure of enterprises and their value creation through market liquidity and cost of equity capital
Abstract: Drawing on
asymmetric information and stakeholder theories, this paper investigates two
mechanisms, namely market liquidity and cost of equity capital, by which the
carbon information disclosure of enterprises can benefit their value creation.
Design/methodology/approach: In this research, web crawler technology is
employed to study the link between carbon information disclosure and
enterprises value creation?and the carbon information data are provided by all
companies listed in Chinese A-share market
Findings: The results show that carbon information disclosure have
significant positive influence on enterprise value creation, which is embodied
in the relationship between carbon information disclosure quantity, depth and
enterprise value creation, and market liquidity and cost of equity capital play
partially mediating role in it, while the influence of carbon information
disclosure quality and concentration on enterprise value creation are not
significant in statistics.
Research limitations/implications: This paper explains the influence path
and mechanism between carbon information disclosure and enterprise value
creation deeply, answers the question of whether carbon information disclosure
affects enterprise value creation or not in China.
Practical implications: This paper finds that carbon information
disclosure contributes positively to enterprise value creation suggests that
managers can reap more financial benefits by disclosing more carbon information
and investing carbon emissions management. So, managers in the enterprises
should strengthen the management of carbon information disclosure behavior.
Originality/value: The paper gives a different perspective on the
influence of carbon information disclosure on enterprise value creation, and
suggests a new direction to understand carbon information disclosure behavior.
Keywords: carbon information
disclosure, market liquidity, cost of equity capital, enterprises value
creation
Author: Li Li, Yuanhua Yang,
Dengli Tang
Journal Code: jptindustrigg150041
