Green Light: Climate Change and Carbon Information Disclosure of Listed Companies in China

Haizhu Zhao, Xiaoran Kong, Dapeng Liu and Kung-Cheng Ho

Emerging Markets Finance and Trade, 2025, vol. 61, issue 7, 1916-1937

Abstract: The impact of climate change on micro-level firms has become a focal point of academic inquiry. This study examines carbon information disclosure among firms in the context of climate change using panel data from China’s A-share market from 2013 to 2021. This study develops a Normalized Difference Vegetation Index at the city level where each firm’s headquarters is located. The empirical results indicate a significant positive correlation between climate change and the carbon information disclosure score. Furthermore, climate change affects carbon information disclosure behavior through economic mechanisms catering to regional green finance. This study also examines the cross-sectional differences caused by geographical location, industry characteristics, shareholding, and external attention.

Date: 2025
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DOI: 10.1080/1540496X.2024.2435716

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