With peak carbon dioxide emissions and a carbon-neutral background, the initiative of enterprises to disclose information voluntarily is insufficient, this study attempts to study the impact of carbon information disclosure on financing constraints to encourage companies' carbon information disclosure. Previous literature usually uses a binary variable to measure whether an enterprise participates in Carbon Disclosure Project (CDP), and rarely study the impact of carbon information disclosure on economic consequences by acquiring all CDP levels manually. And most of these theories are mostly based on developed countries. Based on the whole sample of 1293 Chinese listed companies participating in the CDP from 2016 to 2020, this study employed the oversampling technology to end unbalanced CDP data, then an ordinary least squares (OLS) regression to account for time-invariant industry heterogeneity and time trends is employed. The empirical results indicate that the higher the CDP level, the smaller the financing constraints of enterprises. Moreover, the channel analysis indicates that carbon information disclosure is alleviating financing constraints by reducing information asymmetry and enhancing corporate reputation. This study bridges the gap in existing research on alleviating corporate financing constraints through the emerging CDP, which also presents the detailed implications for companies and policy makers. JEL Classification: G14; G20; M14; Q51
机构:
Univ Texas Dallas, Naveen Jindal Sch Management, Dept Accounting, Richardson, TX 75080 USAWestern Kentucky Univ, Gordon Ford Coll Business, Dept Finance, Bowling Green, KY 42101 USA
Bao, Dichu
Chan, Kam C.
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机构:
Western Kentucky Univ, Gordon Ford Coll Business, Dept Finance, Bowling Green, KY 42101 USAWestern Kentucky Univ, Gordon Ford Coll Business, Dept Finance, Bowling Green, KY 42101 USA
Chan, Kam C.
Zhang, Weining
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h-index: 0
机构:
Cheung Kong Grad Sch Business, Beijing 100738, Peoples R ChinaWestern Kentucky Univ, Gordon Ford Coll Business, Dept Finance, Bowling Green, KY 42101 USA
机构:
Univ Texas Dallas, Naveen Jindal Sch Management, Dept Accounting, Richardson, TX 75080 USAWestern Kentucky Univ, Gordon Ford Coll Business, Dept Finance, Bowling Green, KY 42101 USA
Bao, Dichu
Chan, Kam C.
论文数: 0引用数: 0
h-index: 0
机构:
Western Kentucky Univ, Gordon Ford Coll Business, Dept Finance, Bowling Green, KY 42101 USAWestern Kentucky Univ, Gordon Ford Coll Business, Dept Finance, Bowling Green, KY 42101 USA
Chan, Kam C.
Zhang, Weining
论文数: 0引用数: 0
h-index: 0
机构:
Cheung Kong Grad Sch Business, Beijing 100738, Peoples R ChinaWestern Kentucky Univ, Gordon Ford Coll Business, Dept Finance, Bowling Green, KY 42101 USA