期刊
INTERNATIONAL REVIEW OF FINANCIAL ANALYSIS
卷 75, 期 -, 页码 -出版社
ELSEVIER SCIENCE INC
DOI: 10.1016/j.irfa.2021.101734
关键词
Carbon disclosure; Carbon performance; financial performance
The study found that carbon disclosure has a positive impact on carbon performance, but its effect on financial performance varies depending on the time span. Some firms use carbon disclosure as part of impression management, which has significant implications for investors.
This study examines how carbon performance affects carbon disclosure and how carbon disclosure affects financial performance. With a sample of global firms, the study analyses how relationships between carbon disclosure, carbon performance and financial performance vary in institutional contexts. Our results show that carbon disclosure positively affects carbon performance, consistent with the signalling theory. We find that carbon disclosure negatively (positively) affects financial performance in the short-term (long-term). Our findings have significant implications for investors as some firms use carbon disclosure as part of impression management. Our results help regulators to monitor carbon disclosure and assist investors with investment decisions.
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