How does environmental information disclosure affect carbon emissions? Evidence from China

The impact of ownership structure on environmental information disclosure: Evidence from China

Environmental information disclosure (EID) plays a crucial role in promoting sustainable practices and enhancing environmental accountability. The ownership structure of firms, which varies across different institutional settings, can significantly influence the extent to which they are willing and able to disclose environmental information. Drawing on voluntary disclosure theory and legitimacy theory, this study examines whether ownership structure (e.g. ownership concentration, institutional ownership, managerial ownership, and state ownership) influences the environmental information disclosure of Chinese firms. Using a panel data set of firms listed on the Shanghai Shenzhen 300 Index from 2009 to 2019, the results show that there has been an increase in environmental information disclosure in China in recent years. Furthermore, we find that managerial ownership is positively associated with environmental disclosure, whilst institutional ownership and state ownership are negatively associated with environmental disclosure. Additional analyses show that the relationship between ownership structure and EID and ownership structure is stronger in low-regulated industries, and the effects of managerial and state ownership on EID vary by firm size. The enforcement of the 2014 Environmental Protection Law of the People's Republic of China has also played a pivotal role in enhancing the nexus between ownership structure and EID and ownership structure.

Research on the impact of green finance on China's carbon neutralization capacity

At present, the life and production of our society are still accompanied by high pollution emissions. The proposal of the "double carbon" goal puts forward clearer requirements for China's energy conservation and emission reduction process. To cope with stricter green development requirements, green finance came into being, contributing a new path to the realization of the "double carbon" goal. This paper is based on the panel data of 30 provinces and cities in China (except Tibet, Hong Kong, Macao, and Taiwan) from 2011 to 2020, using the fixed effect model, threshold model, mediator model, and SDM model to study the impact of green finance on carbon neutralization capacity and its impact path based on reasonable measurement of regional green finance development level and carbon neutralization capacity. The study found that due to the existence of the "green paradox" and "forced emission reduction", China's green finance has a significant positive U-shaped impact path on carbon neutralization capacity; at the same time, informal regulation has a significant single-threshold effect in this path. When informal regulation crosses 0.47, the impact of green finance on carbon neutralization capacity will change from negative to positive, overcoming the impact of the "green paradox"; there is a nonlinear mediating effect of marketization level and technological innovation in the path of green finance affecting carbon neutralization capacity. In addition, green finance not only affects local carbon neutralization capacity but also has a positive spillover effect on neighboring regions.