The impact mechanism of interactive carbon disclosure on firm value moderated by investors’ online social networks

Jing Zhu, Chen Zhang, Jiaojiao Sun and Jiajun Ding

Research in International Business and Finance, 2025, vol. 75, issue C

Abstract: This study investigates the value relevance of interactive carbon disclosure within the global “carbon neutrality” initiative and the rise of social media. Interactive carbon disclosure serves as a crucial communication bridge between investors and firms and fosters investors’ online social networks. This paper introduces the moderating role of investors’ online social networks and explores the relationship between interactive carbon disclosure and firm value, considering the economic beneficial effect and social identity effect. Using a sample of Shanghai-listed A-share firms in China from 2013 to 2021 and a combination of random forest regression and a biased bootstrap method, we find that interactive carbon disclosure enhances firm value by reducing the cost of equity and strengthening firm reputation. However, the impact mechanism weakens as firms interact with more centrally located investors. Further analysis reveals that disclosing non-negative carbon information and information related to the firm’s low-carbon operations boosts firm value.

Keywords: Interactive carbon disclosure; Firm value; Investor online social networks; Random forest regression; Topic modeling; Sentiment analysis (search for similar items in EconPapers)
Date: 2025
References: Add references at CitEc
Citations:

Downloads: (external link)
http://www.sciencedirect.com/science/article/pii/S0275531925000273
Full text for ScienceDirect subscribers only

Related works:
This item may be available elsewhere in EconPapers: Search for items with the same title.

Export reference: BibTeX RIS (EndNote, ProCite, RefMan) HTML/Text

Persistent link: https://EconPapers.repec.org/RePEc:eee:riibaf:v:75:y:2025:i:c:s0275531925000273

DOI: 10.1016/j.ribaf.2025.102771

Access Statistics for this article

Research in International Business and Finance is currently edited by T. Lagoarde Segot

More articles in Research in International Business and Finance from Elsevier
Bibliographic data for series maintained by Catherine Liu ().