How Does the Green Credit Policy Influence Corporate Carbon Information Disclosure?—A Quasi-Natural Experiment Based on the Green Credit Guidelines

Xiuxiu Chen () and Jing Peng
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Xiuxiu Chen: College of Economics and Management, Fujian Agriculture and Forestry University, Fuzhou 350002, China
Jing Peng: College of Economics and Management, Fujian Agriculture and Forestry University, Fuzhou 350002, China

Sustainability, 2025, vol. 17, issue 20, 1-32

Abstract: The 2012 Green Credit Guidelines (GCG) release is used as a quasi-natural experiment in this study, which employs a sample of Chinese A-share-listed businesses from 2008 to 2023. We use the difference-in-differences method to examine the impact of enacting green credit policies on corporate carbon information disclosure. The findings demonstrate that green credit policies affect carbon information disclosure through several channels: the signal transmission effect, the external pressure effect, and the environmental ethics effect. Furthermore, market competition has exerted a positive influence on the implementation of these policies. The heterogeneity results suggest that the policies’ beneficial impact is more significant in non-state-owned enterprises, firms with substantial financial constraints, and non-high-tech firms. Additionally, the study finds that increased disclosure of carbon information can elevate firm value and reduce audit fees. These findings contribute to theoretical research on green credit policies and carbon information disclosure, offering important guidance for relevant authorities in standardizing green credit operations and promoting carbon information transparency.

Keywords: green credit; carbon information disclosure; green investor shareholding; environmental legitimacy pressure; corporate environmental attention (search for similar items in EconPapers)
JEL-codes: O13 Q Q0 Q2 Q3 Q5 Q56 (search for similar items in EconPapers)
Date: 2025
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