Corporate carbon disclosure, financing structure, and total factor productivity: evidence from Chinese heavy polluting enterprises

Yuan, Shuping; Pan, Xiongfeng

doi:10.1007/s11356-021-18383-5

Cited by 23 publications

(5 citation statements)

References 49 publications

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“…This conclusion verifies the hypothesis of the mathematical model above; that is, when the government strengthens environmental regulations, the demand of downstream enterprises for upstream products will increase, so the output of upstream enterprises will also significantly increase. Among the control variables, fixed asset input, labor input, debt, and enterprise profit all show a positive relationship at the confidence level of 1%, indicating that the energy industry enterprise output value and factor input, enterprise operation status, and enterprise financing ability all show a significant positive relationship, which is consistent with previous studies (Bendoly et al, 2009;Kolupaieva et al, 2019;Yuan and Pan, 2022). Source: Self-Calculated.…”

Section: Empirical Results and The Discussionsupporting

confidence: 87%

Environmental regulation effects from the perspective on the industrial chain: evidence from energy enterprises in China

Zhang,

Yan,

Huang

et al. 2024

Front. Environ. Sci.

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More attention has been paid to environmental regulation of greenhouse gas emissions in the energy industry under the transformation of industrial structure. This paper takes microdata of Chinese energy enterprises from 1998 to 2012 as a sample to build a duty-sharing model, analyzes the effect of environmental regulations on the industrial chain, and explains the “double growth” phenomenon that occurred in China, which is nothing short of miraculous in terms of the environment and economy. In the industrial chain, the environmental obligations and responsibilities will be shared between upstream and downstream enterprises due to trade linkages. This paper finds that environmental responsibilities will move forward through the industrial chain when environmental regulations are strengthened. Downstream companies will loosen “relative” control constraints, thereby expanding output but increasing demand for upstream products. Different from the existing research, we claim that, since environmental regulation has a differential effect on the industrial chain, it will promote the growth of output in the entire chain, in contrast to the theory of “cost compliance”, which claims that environmental regulation will inevitably lead to the output. Based on this research, this paper puts forward some suggestions and insights on how the government implements environmental regulations.

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Section: Empirical Results and The Discussionsupporting

confidence: 87%

Environmental regulation effects from the perspective on the industrial chain: evidence from energy enterprises in China

Zhang,

Yan,

Huang

et al. 2024

Front. Environ. Sci.

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“…Finally, the investigation focused on testing if the average productivity moderates the relationship between waste management information disclosure and financial performance. This reasoning started from the fact that when businesses disclose carbon aspects, they may tend to disclose more information related to financial performance, as economic benefits with low carbon emissions, as we found in the work of Yuan and Pan [ 68 ]. This may lead to the improvement of the total factor of the enterprise productivity through high-quality monetary carbon information disclosure and the gain of a competitive market advantage [ 68 ].…”

Section: Methodsmentioning

confidence: 93%

Tracking Waste Management Information Disclosure Behavior Connected to Financial Performance through Moderating Variables

Bogdan

Sabău-Popa

Boloș

et al. 2022

IJERPH

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The current challenges of a circular economy exert a high pressure on manufacturing companies that generate waste to track and implement policies to reduce them and eliminate the toxicity of residues. Hence, the purpose of this study is to analyze the waste management information disclosure linked to the financial performance of companies and test the moderating effect of internal and external variables. The average waste management information disclosure index shows a poor disclosure score for the analyzed period, however, the waste disclosure index after reaching a minimum threshold in 2019 recorded an encouraging increase at the end of 2021. Applying the fixed effects model, ordinary least squares, and two-stage least squares method, the results revealed a positive and statistically significant relationship between management information disclosure and the return on assets, while for the current ratio the connection has been invalidated. A statistically significant influence of the environmental-sensitive industry status, board size, and productivity on the moderating variables was found for the return on assets, while for current ratio, there was none. As for the alternative metrics of financial performance, the results showed that a higher degree of management information disclosure will increase the return on equity and earnings per share, while in the case of liquidity, the results are not conclusive.

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“…These results are consistent with the arguments that high-commitment companies enjoy good reputations, better credit ratings and lower agency costs and information asymmetry, allowing them easier access to the long-term debt market. Yuan and Pan (2022) investigate the linkage between corporate carbon disclosure and financing structure for Chinese heavy oulluting enterprises between the years 2015 and 2018. This study reveals that the external financing have closely associated with the carbon disclosure.…”

Section: Findings and Discussionmentioning

confidence: 99%

Corporate climate change disclosures and capital structure strategies: evidence from Türkiye

Gahramanova,

Kutlu Furtuna

2023

JCMS

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PurposeThere has been an increase in research examining whether and how companies disclose climate change impacts and how these disclosures influence capital structure strategies in recent years. However, prior literature has generally focused on developed countries. This paper proposes to examine the impact of voluntary climate change disclosures on corporate financing decisions in an emerging economy.Design/methodology/approachThe dataset includes 335 firm-year observations listed in the Borsa Istanbul (BIST) 100 manufacturing industry firms that participated in the Carbon Disclosure Project (CDP) questionnaire from 2016 to 2020, characterized by high public awareness of greenhouse gas emissions in Turkey. To accomplish this aim, two models have been constructed that link capital structure strategies with voluntary corporate climate change disclosures while controlling for firm-level attributes in terms of size, profitability, market value and free float ratio (FFR).FindingsThe significant and negative relationship between the voluntary disclosure of climate-related activities and long-term borrowing is consistent with the arguments that companies with high commitments are unlikely to reduce default risk in emerging markets. This paper also provides empirical evidence that the high size and the level of low profitability magnify this relationship between CDP and financial leverage.Originality/valueThe Paris Agreement seems to be a significant point where corporate lenders have become aware of the commitment of policymakers to fight climate change. The results have significant implications for both managerial strategies and environmental regulatory policy-making issues. In addition, the findings shed light on the strategic behavior of managers in the consideration of climate change risks and related transparency.

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Corporate carbon disclosure, financing structure, and total factor productivity: evidence from Chinese heavy polluting enterprises

Cited by 23 publications

References 49 publications

Environmental regulation effects from the perspective on the industrial chain: evidence from energy enterprises in China

Environmental regulation effects from the perspective on the industrial chain: evidence from energy enterprises in China

Tracking Waste Management Information Disclosure Behavior Connected to Financial Performance through Moderating Variables

Corporate climate change disclosures and capital structure strategies: evidence from Türkiye

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