“…As environmental problems are becoming increasingly serious, and with the introduction of environmental regulation policies, investors and creditors are increasingly looking forward to disclosure of corporate environmental information, so that enterprises can also reduce the cost of capital by actively disclosing environmental information (Ane, 2012;Shen, You, & Liu, 2010;Tian, Guo, Han, & Ahmad, 2016;Vogt et al, 2017;Wu, 2014). As climate change intensifies, companies will expand the scope of disclosure to carbon information to reduce the cost of capital in order to mitigate legal pressure (Broadstock et al, 2017;Grauel & Gotthardt, 2016;Luo & Tang, 2014;Thomson, 2011).…”