How the introduction of the “Dual Carbon” targets drives ESG disclosure in manufacturing enterprises?

Lu Sun, Haizhen Zhou and Feng Huang

International Review of Economics & Finance, 2025, vol. 101, issue C

Abstract: In the context of global advocacy for green development and sustainable economic transformation, the introduction of the “Dual Carbon” targets has brought new opportunities and challenges to the environmental responsibilities and ESG performance of manufacturing enterprises. This paper, based on panel data from manufacturing enterprises between 2011 and 2022, explores in depth the core role and internal mechanisms of the “Dual Carbon” targets in driving ESG disclosure in the manufacturing sector from both theoretical and empirical perspectives. The empirical results show that the “Dual Carbon” targets promote ESG disclosure in manufacturing enterprises, and this effect is influenced by factors such as the degree of market monopoly, profitability, and financing constraints. Specifically, the “Dual Carbon” targets promote ESG disclosure through two mechanisms: enhancing green technology innovation and improving data utilization levels. Additionally, management incentives play a positive moderating role in the effect of the “Dual Carbon” targets on ESG disclosure. The findings of this study provide new insights and theoretical support for optimizing ESG disclosure practices in the context of the “Dual Carbon” targets, helping enterprises achieve green transformation and sustainable development goals.

Keywords: “Dual Carbon” goals; ESG disclosure; Green innovation capability; Manufacturing industry (search for similar items in EconPapers)
JEL-codes: G34 L60 M14 Q50 (search for similar items in EconPapers)
Date: 2025
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Persistent link: https://EconPapers.repec.org/RePEc:eee:reveco:v:101:y:2025:i:c:s1059056025004058

DOI: 10.1016/j.iref.2025.104242

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