 Information or power? Financial infrastructure and carbon information disclosureYuhui Wu, Yanan Tian, Jie Han and Zhilun Zhang International Review of Financial Analysis, 2025, vol. 106, issue C Abstract: Using a sample of Chinese bond issuers from 2013 to 2022, we examine the impact of the China Central Depository & Clearing Co., Ltd.'s (CCDC) release of the Green Bond Environmental Benefit Information Disclosure Indicator System (EBIS) on the carbon disclosure of green-oriented issuers. We find that the EBIS release significantly increases carbon disclosure by green-oriented issuers, primarily through information sharing and informal regulatory pressure. The positive relationship is stronger for issuers with high financing needs, greater informal environmental oversight, and stricter formal environmental regulations. Additionally, the EBIS reduces risk premiums for green-oriented bonds and increases holdings by green investors. However, the EBIS also crowds out other disclosures and employee welfare. Finally, we find that carbon disclosure by green-oriented issuers contributes to greater divergence in ESG ratings. Our findings highlight the critical role of financial infrastructure in promoting corporate carbon disclosure. Keywords: Carbon information disclosure; Financial infrastructure; Green bonds; Information effects; Informal regulatory pressure (search for similar items in EconPapers) Downloads: (external link) Related works: Export reference: BibTeX RIS (EndNote, ProCite, RefMan) HTML/Text Persistent link: https://EconPapers.repec.org/RePEc:eee:finana:v:106:y:2025:i:c:s1057521925006222 DOI: 10.1016/j.irfa.2025.104535 Access Statistics for this article International Review of Financial Analysis is currently edited by B.M. Lucey More articles in International Review of Financial Analysis from Elsevier |
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