The Impact of Carbon Information Disclosure Quality on Enterprise Value: Evidence from Chinese Listed Companies

Li Huang, Xiaoyu Ji (), Tingting Niu and Wanting Ou
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Li Huang: School of Economics and Management, Xi’an Shiyou University, Xi’an 710312, China
Xiaoyu Ji: School of Economics and Management, Xi’an Shiyou University, Xi’an 710312, China
Tingting Niu: School of Economics and Management, Xi’an Shiyou University, Xi’an 710312, China
Wanting Ou: School of Economics and Management, Xi’an Shiyou University, Xi’an 710312, China

Sustainability, 2025, vol. 17, issue 2, 1-17

Abstract: In the context of increasing carbon emissions and strengthening regulatory measures, an increasing number of stakeholders are paying more attention to corporate carbon information. To further explore the relationship between the quality of carbon information disclosure and enterprise value, this study uses a sample of companies listed on the Shanghai and Shenzhen stock exchanges from 2013 to 2021. The aim is to investigate the link between the quality of carbon information disclosure and enterprise value, while also analyzing the role of green innovation in this relationship. The empirical results show that the quality of carbon information disclosure can significantly enhance enterprise value, with green innovation playing a mediating role in this effect. After robustness checks, including replacing the measurement variables and addressing endogeneity issues, the conclusions remain valid. Further analysis reveals that the effect of carbon information disclosure quality on enhancing enterprise value is more pronounced in non-high-pollution industries, non-state-owned enterprises, and firms located in eastern regions. This study provides valuable insights for future policy optimization related to carbon information disclosure and the promotion of low-carbon development in enterprises.

Keywords: carbon information disclosure quality; enterprise value; green innovation (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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