Carbon Information Disclosure, Marketization, and Cost of Equity Financing

Li Li, Quanqi Liu, Jun Wang and Xuefei Hong
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Li Li: School of Economics and Management, Harbin Institute of Technology, Shenzhen 518055, China
Quanqi Liu: School of Economics and Management, Harbin Institute of Technology, Shenzhen 518055, China
Jun Wang: School of Economics and Management, Harbin Institute of Technology, Shenzhen 518055, China
Xuefei Hong: School of Economics and Management, Harbin Institute of Technology, Shenzhen 518055, China

IJERPH, 2019, vol. 16, issue 1, 1-14

Abstract: Using listed enterprises in China’s heavy pollution industry from 2009 to 2013, this study tests the relationship between marketization degree, carbon information disclosure, and the cost of equity financing. The results show that, regardless of marketization degree, the overall level of carbon information disclosure of listed enterprises in China’s heavy pollution industry is low. The content of carbon information disclosure is mainly non-financial carbon information, and the financial carbon information disclosure is very low. The cost of equity financing is different in areas with different marketization degrees, specifically speaking, the cost of equity financing is lower in regions with a high marketization degree than that of a low marketization degree. Carbon information disclosure, non-financial carbon information disclosure, and financial carbon information disclosure are negatively correlated with the cost of equity financing. The marketization degree has strengthened the negative correlation between carbon information disclosure, non-financial carbon information disclosure, financial carbon information disclosure, and the cost of equity financing, respectively.

Keywords: carbon information disclosure; marketization; cost of equity financing (search for similar items in EconPapers)
JEL-codes: I I1 I3 Q Q5 (search for similar items in EconPapers)
Date: 2019
References: View references in EconPapers View complete reference list from CitEc
Citations: View citations in EconPapers (14)

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