The influence of carbon emission disclosure on enterprise value under ownership heterogeneity: evidence from the heavily polluting corporations

Abstract

Under the background that China puts forth the goals of "Emission Peak" and "Carbon Neutrality", heavily polluting corporations as the main source of carbon emissions, whether the restriction of carbon emission disclosure could promote the transformation and upgrading of heavily polluting corporations to raise their value, is a problem worthy of in-depth study. This paper selected listed companies in heavily pollution industries from 2009 to 2019 as the research samples, and analyzed the impact of carbon emission disclosure on short-term and long-term performance based on the perspective of ownership structure heterogeneity. This paper also discussed the moderating effect of carbon emission disclosure on state-owned enterprises and private enterprises taking into account government environmental regulations, media evaluation, and corporate image management based on the Gatekeeper Theory. Firstly, this paper found that in the short term, the improvement of carbon emission disclosure level will inhibit the value growth of enterprises in the initial stage, but will promote the value growth to a certain extent. In the long run, carbon emission disclosure plays a positive role in promoting enterprise value. Secondly, the government environmental regulation, media evaluation, and corporate image management produced different moderating effects under the difference in ownership structure. For state-owned enterprises, the higher the level of government environmental regulations and media evaluation, the more significant is the short-term and long-term value effect. While the higher the level of corporate image management, the more significant is the short-term value effect, however, the long-term value effect is not significant. For private enterprises, government environmental regulations, media evaluation, and corporate image management have no significant moderating effects. Based on the above findings, this paper presents countermeasures and suggestions for the high-quality development of enterprises from the perspectives of government management and enterprise operations.

Keywords: Carbon information disclosure; Enterprise value; Environmental regulation; Image management; Media evaluation.