Overview of research on carbon information disclosure

doi:10.1007/s42524-019-0089-1

Front. Eng

2020, Vol. 7

Issue (1) : 47-62 https://doi.org/10.1007/s42524-019-0089-1

REVIEW ARTICLE

Overview of research on carbon information disclosure

Yue-Jun ZHANG(

), Jing-Yue LIU

Business School, Center for Resource and Environmental Management, Hunan University, Changsha 410082, China

Download: PDF(1033 KB) HTML
Export: BibTeX | EndNote | Reference Manager | ProCite | RefWorks

Abstract

Against the background of addressing global climate change and carbon emission reduction, corporate carbon information disclosure (CID) has become an important measure to achieve carbon emission reduction worldwide and a research hotspot closely investigated by the academia. This study provides a systematic overview of literature on CID, including its research trend, theoretical basis, disclosing features, influencing factors, and consequences. Results indicate that, first, CID has been increasing in recent years, but the content and quality of the disclosure still need to be improved. Second, the main influencing factors of CID include company features, corporate governance, environmental performance, institutional characteristics, and stakeholders. Third, the consequences of CID are based mainly on company performance, ecological environment, and investors’ decision-making. Lastly, most studies have confirmed the positive effect of CID on company performance and investors’ decision-making, but the nexus of environmental performance and corporate CID remains to be investigated. Several important future research directions are also proposed based on these results.

Keywords climate change carbon emissions reduction carbon information disclosure green development

Corresponding Author(s): Yue-Jun ZHANG

Just Accepted Date: 20 December 2019 Online First Date: 11 February 2020 Issue Date: 02 March 2020

Cite this article:

Yue-Jun ZHANG,Jing-Yue LIU. Overview of research on carbon information disclosure[J]. Front. Eng, 2020, 7(1): 47-62.

URL:

https://academic.hep.com.cn/fem/EN/10.1007/s42524-019-0089-1
https://academic.hep.com.cn/fem/EN/Y2020/V7/I1/47

Fig.1 Publication of relevant literature by year.

Fig.2 Distribution of main journals for CID publication.

Fig.3 Distribution of samples.

Theoretical basis	Research perspective
Theoretical basis	Disclosure features	Influencing factors of CID	Consequences of CID
Stakeholder theory	^{Stanny (2013)}; ^{Depoers et al. (2016)}	^{Prado-Lorenzo et al. (2009)}; ^{Prado-Lorenzo and Garcia-Sanchez (2010)}; ^{Cotter and Najah (2012)}; ^{Liao et al. (2015)}; ^{Liesen et al. (2015)}; ^{Gonzalez-Gonzalez and Zamora Ramírez (2016)}; ^{Guenther et al. (2016)}; ^{Córdova et al. (2018)}; ^{Faisal et al. (2018)}; ^{Giannarakis et al. (2018)}; ^{Jaggi et al. (2018)}; ^{Tang and Demeritt (2018)}; ^{Akbaş and Canikli (2019)}; ^{He et al. (2019)}	^{Liesen et al. (2015)}
Legitimacy theory	^{Stanny (2013)}; de Faria et al. (2018)	^{Freedman and Jaggi (2005)}; ^{Prado-Lorenzo and Garcia-Sanchez (2010)}; ^{Cowan and Deegan (2011)}; ^{Gallego-Álvarez et al. (2011)}; ^{Luo et al. (2012)}; ^{Gonzalez-Gonzalez and Zamora Ramírez (2016)}; ^{Halkos and Skouloudis (2016)}; ^{Kalu et al. (2016)}; ^{Giannarakis et al. (2017; 2018)}; ^{Li et al. (2017; 2018)}; ^{Córdova et al. (2018)}; ^{Jaggi et al. (2018)}; ^{Tang and Demeritt (2018)}; ^{Akbaş and Canikli (2019)}; ^{He et al. (2019)}; ^{Lemma et al. (2019)}; ^{Luo (2019)}	^{Pellegrino and Lodhia (2012)}; ^{Liesen et al. (2017)}; ^{Qian and Schaltegger (2017)}; ^{Ganda (2018)}
Institutional theory	^{Kolk et al. (2008)}	^{Prado-Lorenzo and Garcia-Sanchez (2010)}; ^{Grauel and Gotthardt (2016)}; ^{Faisal et al. (2018)}; ^{Akbaş and Canikli (2019)}; ^{Hollindale et al. (2019)}	–
Signal theory	–	^{Peng et al. (2015)}; ^{Li et al. (2017)}; ^{Luo (2019)}	^{Lemma et al. (2019)}; ^{Li et al. (2019)}
Agency theory	–	^{Prado-Lorenzo et al. (2009)}; ^{Prado-Lorenzo and Garcia-Sanchez (2010)}; ^{Amran et al. (2014)}; ^{Ben-Amar and McIlkenny (2015)}; ^{Tauringana and Chithambo (2015)}; ^{Kalu et al. (2016)}; ^{Giannarakis et al. (2018)}; ^{Zhou et al. (2018)}; ^{Krishnamurti and Velayutham (2018)}; ^{Akbaş and Canikli (2019)}	^{Zhou et al. (2018)}
Voluntary disclosure theory	–	Giannarakis et al. (2017; 2018)	^{Kim and Lyon (2011)}; ^{Griffin and Sun (2013)}; ^{Matisoff (2013)}; ^{Matsumura et al. (2014)}; ^{Lee et al. (2015)}; ^{Bimha and Nhamo (2017)}; ^{Griffin et al. (2017)}; ^{Lemma et al. (2019)}; ^{Li et al. (2019)}

Tab.1 Theoretical applications in CID research

Influencing factor		Effect	Related literature
Enterprise features	Firm size	+	^{Freedman and Jaggi (2005)}; ^{Prado-Lorenzo et al. (2009)}; ^{Prado-Lorenzo and Garcia-Sanchez (2010)}; ^{Rankin et al. (2011)}; ^{Cotter and Najah (2012)}; ^{Luo et al. (2012)}; ^{Stanny (2013)}; ^{Ben-Amar and McIlkenny (2015)}; ^{Eleftheriadis and Anagnostopoulou (2015)}; ^{Liao et al. (2015)}; ^{Peng et al. (2015)}; ^{Tauringana and Chithambo (2015)}; ^{Gonzalez-Gonzalez and Zamora Ramírez (2016)}; ^{Faisal et al. (2018)}; ^{Giannarakis et al. (2018)}; ^{Li et al. (2018)}; ^{Akbaş and Canikli (2019)}
	Profitability	+	^{Prado-Lorenzo et al. (2009)}; ^{Gonzalez-Gonzalez and Zamora Ramírez (2016)}; ^{Faisal et al. (2018)}; ^{Akbaş and Canikli (2019)}
	Market value	+	^{Akbaş and Canikli (2019)}
	Foreign sales ratio	+	^{Stanny and Ely (2008)}; ^{Stanny (2013)}; ^{Gonzalez-Gonzalez and Zamora Ramírez (2016)}; ^{Halkos and Skouloudis (2016)}
	Disclosure history	+	^{Stanny and Ely (2008)}; ^{Stanny (2013)}; ^{Peng et al. (2015)}
	Corporate reputation	+	^{Akbaş and Canikli (2019)}
	Leverage ratio	-	^{Tauringana and Chithambo (2015)}; ^{Ben-Amar et al. (2017)}; ^{Faisal et al. (2018)}
Corporate governance	Board independence	+	^{Amran et al. (2014)}; ^{Liao et al. (2015)}; ^{Jaggi et al. (2018)}; ^{Krishnamurti and Velayutham (2018)}; ^{He et al. (2019)}
	Female directors	+	^{Prado-Lorenzo and Garcia-Sanchez (2010)}; ^{Liao et al. (2015)}; ^{Ben-Amar et al. (2017)}; ^{Krishnamurti and Velayutham (2018)}; ^{Hollindale et al. (2019)}
	Board size	+	^{Tauringana and Chithambo (2015)}; ^{He et al. (2019)}
	Board size	-	Prado-Lorenzo and Garcia-Sanchez (2010)
	CEO-chair duality	+	Prado-Lorenzo and Garcia-Sanchez (2010)
	CEO-chair duality	-	^{Amran et al. (2014)}; ^{Krishnamurti and Velayutham (2018)}; ^{He et al. (2019)}
	Environmental committees	+	^{Rankin et al. (2011)}; ^{Peters and Romi (2014)}; ^{Liao et al. (2015)}; ^{Córdova et al. (2018)}; ^{Jaggi et al. (2018)}
	Independent risk management committees	+	^{Krishnamurti and Velayutham (2018)}
	Effectiveness of the board of directors	+	Ben-Amar and McIlkenny (2015)
Environmental performance	High carbon companies	+	Choi et al. (2012); ^{Amran et al. (2014)}; ^{Peng et al. (2015)}; ^{Halkos and Skouloudis (2016)}; ^{Ben-Amar et al. (2017)}; ^{Ott et al. (2017)}; ^{Jaggi et al. (2018)}; ^{He et al. (2019)}; ^{Lemma et al. (2019)}; ^{Luo (2019)}
	Low carbon companies	-	^{Dawkins and Fraas (2011)}; ^{Gallego-Álvarez et al. (2011)}; ^{Tauringana and Chithambo (2015)}; ^{Guenther et al. (2016)}; ^{Giannarakis et al. (2017; 2018)}
	Environmental and carbon performance	0	^{Stanny and Ely (2008)}; ^{Freedman and Jaggi (2011)}
Institutional characteristics	Developed country	+	^{Amran et al. (2014)}; ^{Grauel and Gotthardt (2016)}
	Government regulation	+	^{Reid and Toffel (2009)}; ^{Grauel and Gotthardt (2016)}; ^{Guenther et al. (2016)}
	Government regulation	-	^{Luo (2019)}
	Policies and regulations	+	^{Cowan and Deegan (2011)}; ^{Tauringana and Chithambo (2015)}
	Kyoto Protocol	+	^{Freedman and Jaggi (2005; 2011)}; ^{Gallego-Álvarez et al. (2011)}
	Carbon trading market	+	^{Luo et al. (2012)}; ^{Liesen et al. (2015)}; ^{Luo (2019)}; ^{Schiemann and Sakhel (2019)}
	Environmental management systems	+	^{Rankin et al. (2011)}; ^{Qian et al. (2018)}
	Corporate social responsibility initiative	+	^{Halkos and Skouloudis (2016)}; ^{Giannarakis et al. (2018)}
	State-owned enterprises	+	^{Giannarakis et al. (2018)}; ^{He et al. (2019)}
	State-owned enterprises	-	Choi et al. (2012)
Stakeholders	Stakeholders’ pressure	+	^{Cotter and Najah (2012)}; ^{Sullivan and Gouldson (2012)}; ^{Liesen et al. (2015)}; ^{Gonzalez-Gonzalez and Zamora Ramírez (2016)}; ^{Kalu et al. (2016)}; ^{Tang and Demeritt (2018)}; ^{He et al. (2019)}
Stakeholders	Media reports	+	^{Guenther et al. (2016)}; ^{Li et al. (2017; 2018)}

Tab.2 Related literature on influencing factors of CID

1	H Akbaş, S Canikli (2019). Determinants of voluntary greenhouse gas emission disclosure: An empirical investigation on Turkish firms. Sustainability, 11(1): 107 https://doi.org/10.3390/su11010107
2	W Akpalu, B Abidoye, E Muchapondwa, W Simbanegavi (2017). Public disclosure for carbon abatement: African decision-makers in a PROPER public good experiment. Climate and Development, 9(6): 548–558 https://doi.org/10.1080/17565529.2016.1174664
3	A Amran, V Periasamy, A H Zulkafli (2014). Determinants of climate change disclosure by developed and emerging countries in Asia Pacific. Sustainable Development, 22(3): 188–204 https://doi.org/10.1002/sd.539
4	Australian Government (2009). National Greenhouse and Energy Reporting Act 2007. Department of Climate Change, Australian Government
5	P Bansal, K Roth (2000). Why companies go green: A model of ecological responsiveness. Academy of Management Journal, 43(4): 717–736
6	W Ben-Amar, M Chang, P McIlkenny (2017). Board gender diversity and corporate response to sustainability initiatives: Evidence from the carbon disclosure project. Journal of Business Ethics, 142(2): 369–383 https://doi.org/10.1007/s10551-015-2759-1
7	W Ben-Amar, P McIlkenny (2015). Board effectiveness and the voluntary disclosure of climate change information. Business Strategy and the Environment, 24(8): 704–719 https://doi.org/10.1002/bse.1840
8	A Bimha, G Nhamo (2017). Sustainable development, share price and carbon disclosure interactions: Evidence from South Africa’s JSE 100 companies. Sustainable Development, 25(5): 400–413 https://doi.org/10.1002/sd.1670
9	C Blanco, F Caro, C J Corbett (2017). An inside perspective on carbon disclosure. Business Horizons, 60(5): 635–646 https://doi.org/10.1016/j.bushor.2017.05.007
10	Z Borghei, P Leung, J Guthrie (2018). Voluntary greenhouse gas emission disclosure impacts on accounting-based performance: Australian evidence. Australasian Journal of Environmental Management, 25(3): 321–338 https://doi.org/10.1080/14486563.2018.1466204
11	D C Broadstock, A Collins, L C Hunt, K Vergos (2018). Voluntary disclosure, greenhouse gas emissions and business performance: Assessing the first decade of reporting. British Accounting Review, 50(1): 48–59 https://doi.org/10.1016/j.bar.2017.02.002
12	J Cao, M S Ho, D W Jorgenson, C P Nielsen (2019). China’s emissions trading system and an ETS-carbon tax hybrid. Energy Economics, 81: 741–753 https://doi.org/10.1016/j.eneco.2019.04.029
13	C H Cho, D M Patten (2007). The role of environmental disclosures as tools of legitimacy: A research note. Accounting, Organizations and Society, 32(7–8): 639–647 https://doi.org/10.1016/j.aos.2006.09.009
14	H Chu, X Liao, Z Chen, W Liu, L Mu, H Liu (2019). A new methodology to assess the maximum CO2 geosequestration capacity of shale reservoirs with SRV based on wellbore pressure. Journal of CO2 Utilization, 34: 239–255
15	L C Choi, B Chatterjee, A Brown (2012). The current status of greenhouse gas reporting by Chinese companies: A test of legitimacy theory. Managerial Auditing Journal, 28(2): 114–139 https://doi.org/10.1108/02686901311284531
16	P M Clarkson, Y Li, G D Richardson, F P Vasvari (2008). Revisiting the relation between environmental performance and environmental disclosure: An empirical analysis. Accounting, Organizations and Society, 33(4–5): 303–327 https://doi.org/10.1016/j.aos.2007.05.003
17	B L Connelly, S T Certo, R D Ireland, C R Reutzel (2011). Signaling theory: A review and assessment. Journal of Management, 37(1): 39–67 https://doi.org/10.1177/0149206310388419
18	C Córdova, A Zorio-Grima, P Merello (2018). Carbon emissions by South American companies: Driving factors for reporting decisions and emissions reduction. Sustainability, 10(7): 2411 https://doi.org/10.3390/su10072411
19	J Cotter, M M Najah (2012). Institutional investor influence on global climate change disclosure practices. Australian Journal of Management, 37(2): 169–187 https://doi.org/10.1177/0312896211423945
20	S Cowan, C Deegan (2011). Corporate disclosure reactions to Australia’s first national emission reporting scheme. Accounting and Finance, 51(2): 409–436 https://doi.org/10.1111/j.1467-629X.2010.00361.x
21	C Dawkins, J W Fraas (2011). Coming clean: The impact of environmental performance and visibility on corporate climate change disclosure. Journal of Business Ethics, 100(2): 303–322 https://doi.org/10.1007/s10551-010-0681-0
22	J A de Faria, J C S Andrade, da S M Silva Gomes (2018). The determinants mostly disclosed by companies that are members of the carbon disclosure project. Mitigation and Adaptation Strategies for Global Change, 23(7): 995–1018 https://doi.org/10.1007/s11027-018-9785-0
23	C Deegan, C Blomquist (2006). Stakeholder influence on corporate reporting: An exploration of the interaction between WWF-Australia and the Australian minerals industry. Accounting, Organizations and Society, 31(4–5): 343–372 https://doi.org/10.1016/j.aos.2005.04.001
24	F Depoers, T Jeanjean, T Jérôme (2016). Voluntary disclosure of greenhouse gas emissions: Contrasting the carbon disclosure project and corporate reports. Journal of Business Ethics, 134(3): 445–461 https://doi.org/10.1007/s10551-014-2432-0
25	D S Dhaliwal, O Z Li, A Tsang, Y G Yang (2011). Voluntary nonfinancial disclosure and the cost of equity capital: The initiation of corporate social responsibility reporting. Accounting Review, 86(1): 59–100 https://doi.org/10.2308/accr.00000005
26	V D Dragomir (2012). The disclosure of industrial greenhouse gas emissions: A critical assessment of corporate sustainability reports. Journal of Cleaner Production, 29–30: 222–237 https://doi.org/10.1016/j.jclepro.2012.01.024
27	I M Eleftheriadis, E G Anagnostopoulou (2015). Relationship between corporate climate change disclosures and firm factors. Business Strategy and the Environment, 24(8): 780–789 https://doi.org/10.1002/bse.1845
28	F Faisal, E D Andiningtyas, T Achmad, H Haryanto, W Meiranto (2018). The content and determinants of greenhouse gas emission disclosure: Evidence from Indonesian companies. Corporate Social Responsibility and Environmental Management, 25(6): 1397–1406 https://doi.org/10.1002/csr.1660
29	J C Feng, Q Liu, M Li, K Zhang, S Xue (2018). Research on decision of project management informatization construction based on information asymmetry. Science and Technology Management Research, 38(16): 197–204 (in Chinese)
30	M Freedman, B Jaggi (2005). Global warming, commitment to the Kyoto Protocol, and accounting disclosures by the largest global public firms from polluting industries. International Journal of Accounting, 40(3): 215–232 https://doi.org/10.1016/j.intacc.2005.06.004
31	M Freedman, B Jaggi (2011). Global warming disclosures: Impact of Kyoto Protocol across countries. Journal of International Financial Management & Accounting, 22(1): 46–90 https://doi.org/10.1111/j.1467-646X.2010.01045.x
32	I Gallego-Álvarez, L Rodríguez-Domínguez, I M García-Sánchez (2011). Study of some explanatory factors in the opportunities arising from climate change. Journal of Cleaner Production, 19(9–10): 912–926 https://doi.org/10.1016/j.jclepro.2011.02.012
33	F Ganda (2018). The influence of carbon emissions disclosure on company financial value in an emerging economy. Environment, Development and Sustainability, 20(4): 1723–1738 https://doi.org/10.1007/s10668-017-9962-4
34	G Giannarakis, E Zafeiriou, G Arabatzis, X Partalidou (2018). Determinants of corporate climate change disclosure for European firms. Corporate Social Responsibility and Environmental Management, 25(3): 281–294 https://doi.org/10.1002/csr.1461
35	G Giannarakis, E Zafeiriou, N Sariannidis (2017). The impact of carbon performance on climate change disclosure. Business Strategy and the Environment, 26(8): 1078–1094 https://doi.org/10.1002/bse.1962
36	J M Gonzalez-Gonzalez, C Zamora Ramírez (2016). Voluntary carbon disclosure by Spanish companies: An empirical analysis. International Journal of Climate Change Strategies and Management, 8(1): 57–79 https://doi.org/10.1108/IJCCSM-09-2014-0114
37	J Grauel, D Gotthardt (2016). The relevance of national contexts for carbon disclosure decisions of stock-listed companies: A multilevel analysis. Journal of Cleaner Production, 133: 1204–1217 https://doi.org/10.1016/j.jclepro.2016.05.182
38	W Green, S Zhou (2013). An international examination of assurance practices on carbon emissions disclosures. Australian Accounting Review, 23(1): 54–66 https://doi.org/10.1111/j.1835-2561.2012.00186.x
39	P A Griffin, D H Lont, E Y Sun (2017). The relevance to investors of greenhouse gas emission disclosures. Contemporary Accounting Research, 34(2): 1265–1297 https://doi.org/10.1111/1911-3846.12298
40	P A Griffin, Y Sun (2013). Going green: Market reaction to CSR newswire releases. Journal of Accounting and Public Policy, 32(2): 93–113 https://doi.org/10.1016/j.jaccpubpol.2013.02.002
41	E Guenther, T Guenther, F Schiemann, G Weber (2016). Stakeholder relevance for reporting: Explanatory factors of carbon disclosure. Business & Society, 55(3): 361–397 https://doi.org/10.1177/0007650315575119
42	A Haag (2005). Developing nations offer hope in climate talks. Nature, 438(7070): 895 https://doi.org/10.1038/438895a pmid: 16355174
43	M Haigh, M A Shapiro (2011). Carbon reporting: Does it matter? Accounting, Auditing & Accountability Journal, 25(1): 105–125 https://doi.org/10.1108/09513571211191761
44	G Halkos, A Skouloudis (2016). Exploring the current status and key determinants of corporate disclosure on climate change: Evidence from the Greek business sector. Environmental Science & Policy, 56: 22–31 https://doi.org/10.1016/j.envsci.2015.10.011
45	A Harmes (2011). The limits of carbon disclosure: Theorizing the business case for investor environmentalism. Global Environmental Politics, 11(2): 98–119 https://doi.org/10.1162/GLEP_a_00057
46	P He, H Shen, Y Zhang, J Ren (2019). External pressure, corporate governance, and voluntary carbon disclosure: Evidence from China. Sustainability, 11(10): 2901 https://doi.org/10.3390/su11102901
47	P M Healy, K G Palepu (2001). Information asymmetry, corporate disclosure, and the capital markets: A review of the empirical disclosure literature. Journal of Accounting and Economics, 31(1–3): 405–440 https://doi.org/10.1016/S0165-4101(01)00018-0
48	D Herold, K H Lee (2017). The influence of the sustainability logic on carbon disclosure in the global logistics industry: The case of DHL, FDX and UPS. Sustainability, 9(4): 601 https://doi.org/10.3390/su9040601
49	J Hollindale, P Kent, J Routledge, L Chapple (2019). Women on boards and greenhouse gas emission disclosures. Accounting and Finance, 59(1): 277–308 https://doi.org/10.1111/acfi.12258
50	D Hu, C Xiao, X Chen (2016). Carbon quotas, subsidies and engineering machinery remanufacturing. Frontiers of Engineering Management, 3(1): 50–58 https://doi.org/10.15302/J-FEM-2016014
51	B Jaggi, A Allini, R Macchioni, C Zagaria (2018). The factors motivating voluntary disclosure of carbon information: Evidence based on Italian listed companies. Organization & Environment, 31(2): 178–202 https://doi.org/10.1177/1086026617705282
52	J U Kalu, A Buang, G U Aliagha (2016). Determinants of voluntary carbon disclosure in the corporate real estate sector of Malaysia. Journal of Environmental Management, 182: 519–524 https://doi.org/10.1016/j.jenvman.2016.08.011 pmid: 27529312
53	E H Kim, T Lyon (2011). When does institutional investor activism increase shareholder value? The carbon disclosure project. The B.E. Journal of Economic Analysis & Policy, 11(1): 98–119 https://doi.org/10.2202/1935-1682.2676
54	J Knox-Hayes, D L Levy (2011). The politics of carbon disclosure as climate governance. Strategic Organization, 9(1): 91–99 https://doi.org/10.1177/1476127010395066
55	A Kolk, D Levy, J Pinkse (2008). Corporate responses in an emerging climate regime: The institutionalization and commensuration of carbon disclosure. European Accounting Review, 17(4): 719–745 https://doi.org/10.1080/09638180802489121
56	C Krishnamurti, E Velayutham (2018). The influence of board committee structures on voluntary disclosure of greenhouse gas emissions: Australian evidence. Pacific-Basin Finance Journal, 50: 65–81 https://doi.org/10.1016/j.pacfin.2017.09.003
57	S Y Lee, Y S Park, R D Klassen (2015). Market responses to firms’ voluntary climate change information disclosure and carbon communication. Corporate Social Responsibility and Environmental Management, 22(1): 1–12 https://doi.org/10.1002/csr.1321
58	T T Lemma, M Feedman, M Mlilo, J D Park (2019). Corporate carbon risk, voluntary disclosure, and cost of capital: South African evidence. Business Strategy and the Environment, 28(1): 111–126 https://doi.org/10.1002/bse.2242
59	S L Lewis (2016). The Paris Agreement has solved a troubling problem. Nature, 532(7599): 283 https://doi.org/10.1038/532283a pmid: 27111605
60	D Li, M Huang, S Ren, X Chen, L Ning (2018). Environmental legitimacy, green innovation, and corporate carbon disclosure: Evidence from CDP China 100. Journal of Business Ethics, 150(4): 1089–1104 https://doi.org/10.1007/s10551-016-3187-6
61	L Li, Q Liu, D Tang, J Xiong (2017). Media reporting, carbon information disclosure, and the cost of equity financing: Evidence from China. Environmental Science and Pollution Research International, 24(10): 9447–9459 https://doi.org/10.1007/s11356-017-8614-4 pmid: 28236198
62	L Li, Q Liu, J Wang, X Hong (2019). Carbon information disclosure, marketization, and cost of equity financing. International Journal of Environmental Research and Public Health, 16(1): 150 https://doi.org/10.3390/ijerph16010150 pmid: 30626003
63	L Liao, L Luo, Q L Tang (2015). Gender diversity, board independence, environmental committee and greenhouse gas disclosure. British Accounting Review, 47(4): 409–424 https://doi.org/10.1016/j.bar.2014.01.002
64	A Liesen, F Figge, A Hoepner, D M Patten (2017). Climate change and asset prices: Are corporate carbon disclosure and performance priced appropriately? Journal of Business Finance & Accounting, 44(1–2): 35–62 https://doi.org/10.1111/jbfa.12217
65	A Liesen, A G Hoepner, D M Patten, F Figge (2015). Does stakeholder pressure influence corporate GHG emissions reporting? Empirical evidence from Europe. Accounting, Auditing & Accountability Journal, 28(7): 1047–1074 https://doi.org/10.1108/AAAJ-12-2013-1547
66	R H Liu, K Sun (2010). Connotation and denotation of engineering management information. Science & Technology Progress and Policy, 27(19): 1–4 (in Chinese)
67	T Liu, Q Wang, B Su (2016). A review of carbon labeling: Standards, implementation, and impact. Renewable & Sustainable Energy Reviews, 53: 68–79 https://doi.org/10.1016/j.rser.2015.08.050
68	L Luo (2019). The influence of institutional contexts on the relationship between voluntary carbon disclosure and carbon emission performance. Accounting and Finance, 59(2): 1235–1264 https://doi.org/10.1111/acfi.12267
69	L Luo, Y C Lan, Q Tang (2012). Corporate incentives to disclose carbon information: Evidence from the CDP Global 500 report. Journal of International Financial Management & Accounting, 23(2): 93–120 https://doi.org/10.1111/j.1467-646X.2012.01055.x
70	D C Matisoff (2013). Different rays of sunlight: Understanding information disclosure and carbon transparency. Energy Policy, 55: 579–592 https://doi.org/10.1016/j.enpol.2012.12.049
71	D C Matisoff, D S Noonan, J J O’Brien (2013). Convergence in environmental reporting: Assessing the carbon disclosure project. Business Strategy and the Environment, 22(5): 285–305 https://doi.org/10.1002/bse.1741
72	E M Matsumura, R Prakash, S C Vera-Muñoz (2014). Firm-value effects of carbon emissions and carbon disclosures. Accounting Review, 89(2): 695–724 https://doi.org/10.2308/accr-50629
73	J W Meyer, B Rowan (1977). Institutionalized organizations: Formal structure as myth and ceremony. American Journal of Sociology, 83(2): 340–363 https://doi.org/10.1086/226550
74	M Motoshita, M Sakagami, Y Kudoh, K Tahara, A Inaba (2015). Potential impacts of information disclosure designed to motivate Japanese consumers to reduce carbon dioxide emissions on choice of shopping method for daily foods and drinks. Journal of Cleaner Production, 101: 205–214 https://doi.org/10.1016/j.jclepro.2015.04.005
75	C Ott, F Schiemann, T Günther (2017). Disentangling the determinants of the response and the publication decisions: The case of the carbon disclosure project. Journal of Accounting and Public Policy, 36(1): 14–33 https://doi.org/10.1016/j.jaccpubpol.2016.11.003
76	C Pellegrino, S Lodhia (2012). Climate change accounting and the Australian mining industry: Exploring the links between corporate disclosure and the generation of legitimacy. Journal of Cleaner Production, 36: 68–82 https://doi.org/10.1016/j.jclepro.2012.02.022
77	J Peng, J Sun, R Luo (2015). Corporate voluntary carbon information disclosure: Evidence from China’s listed companies. World Economy, 38(1): 91–109 https://doi.org/10.1111/twec.12187
78	G F Peters, A M Romi (2014). Does the voluntary adoption of corporate governance mechanisms improve environmental risk disclosures? Evidence from greenhouse gas emission accounting. Journal of Business Ethics, 125(4): 637–666 https://doi.org/10.1007/s10551-013-1886-9
79	J M Prado-Lorenzo, I M Garcia-Sanchez (2010). The role of the board of directors in disseminating relevant information on greenhouse gases. Journal of Business Ethics, 97(3): 391–424 https://doi.org/10.1007/s10551-010-0515-0
80	J M Prado-Lorenzo, L Rodríguez-Domínguez, I Gallego-Álvarez, I M García-Sánchez (2009). Factors influencing the disclosure of greenhouse gas emissions in companies world-wide. Management Decision, 47(7): 1133–1157 https://doi.org/10.1108/00251740910978340
81	W Qian, J Hörisch, S Schaltegger (2018). Environmental management accounting and its effects on carbon management and disclosure quality. Journal of Cleaner Production, 174: 1608–1619 https://doi.org/10.1016/j.jclepro.2017.11.092
82	W Qian, S Schaltegger (2017). Revisiting carbon disclosure and performance: Legitimacy and management views. British Accounting Review, 49(4): 365–379 https://doi.org/10.1016/j.bar.2017.05.005
83	M Rankin, C Windsor, D Wahyuni (2011). An investigation of voluntary corporate greenhouse gas emissions reporting in a market governance system. Accounting, Auditing & Accountability Journal, 24(8): 1037–1070 https://doi.org/10.1108/09513571111184751
84	E M Reid, M W Toffel (2009). Responding to public and private politics: Corporate disclosure of climate change strategies. Strategic Management Journal, 30(11): 1157–1178 https://doi.org/10.1002/smj.796
85	C Saka, T Oshika (2014). Disclosure effects, carbon emissions and corporate value. Sustainability Accounting, Management and Policy Journal, 5(1): 22–45
86	F Schiemann, A Sakhel (2019). Carbon disclosure, contextual factors, and information asymmetry: The case of physical risk reporting. European Accounting Review, 28(4): 791–818 https://doi.org/10.1080/09638180.2018.1534600
87	S I Seneviratne, J Rogelj, R Séférian, R Wartenburger, M R Allen, M Cain, R J Millar, K L Ebi, N Ellis, O Hoegh-Guldberg, A J Payne, C F Schleussner, P Tschakert, R F Warren (2018). The many possible climates from the Paris Agreement’s aim of 1.5°C warming. Nature, 558(7708): 41–49 https://doi.org/10.1038/s41586-018-0181-4 pmid: 29875489
88	H Sorensen (2009). Inside the Mind of the Shopper: The Science of Retailing. NJ, USA: Pearson FT Press
89	E Stanny (2013). Voluntary disclosures of emissions by US firms. Business Strategy and the Environment, 22(3): 145–158 https://doi.org/10.1002/bse.1732
90	E Stanny, K Ely (2008). Corporate environmental disclosures about the effects of climate change. Corporate Social Responsibility and Environmental Management, 15(6): 338–348 https://doi.org/10.1002/csr.175
91	M C Suchman (1995). Managing legitimacy: Strategic and institutional approaches. Academy of Management Review, 20(3): 571–610 https://doi.org/10.5465/amr.1995.9508080331
92	R Sullivan, A Gouldson (2012). Does voluntary carbon reporting meet investors’ needs? Journal of Cleaner Production, 36: 60–67 https://doi.org/10.1016/j.jclepro.2012.02.020
93	Q Tang, L Luo (2014). Carbon management systems and carbon mitigation. Australian Accounting Review, 24(1): 84–98 https://doi.org/10.1111/auar.12010
94	S Tang, D Demeritt (2018). Climate change and mandatory carbon reporting: Impacts on business process and performance. Business Strategy and the Environment, 27(4): 437–455 https://doi.org/10.1002/bse.1985
95	V Tauringana, L Chithambo (2015). The effect of DEFRA guidance on greenhouse gas disclosure. British Accounting Review, 47(4): 425–444 https://doi.org/10.1016/j.bar.2014.07.002
96	P Upham, L Dendler, M Bleda (2011). Carbon labelling of grocery products: Public perceptions and potential emissions reductions. Journal of Cleaner Production, 19(4): 348–355 https://doi.org/10.1016/j.jclepro.2010.05.014
97	US Environmental Protection Agency (2009). Regulatory impact analysis for the mandatory reporting of greenhouse gas emissions final rule (GHG reporting). US Environmental Protection Agency
98	UK Government (2013). The companies act 2006 (strategic report and directors’ report) regulations 2013. UK Government
99	R E Verrecchia (1983). Discretionary disclosure. Journal of Accounting and Economics, 5: 179–194 https://doi.org/10.1016/0165-4101(83)90011-3
100	C Wang, Y J Zhang (2019). Does environmental regulation policy help improve green production performance? Evidence from China’s industry. Corporate Social Responsibility and Environmental Management, 1–15 https://doi.org/10.1002/csr.1857
101	M Wegener, R Labelle, L Jerman (2019). Unpacking carbon accounting numbers: A study of the commensurability and comparability of corporate greenhouse gas emission disclosures. Journal of Cleaner Production, 211: 652–664 https://doi.org/10.1016/j.jclepro.2018.11.156
102	Y J Zhang, J Y Liu (2019). Does carbon emissions trading affect the financial performance of high energy-consuming firms in China? Natural Hazards, 95(1–2): 91–111 https://doi.org/10.1007/s11069-018-3434-5
103	Y J Zhang, A D Wang, W Tan (2015). The impact of China’s carbon allowance allocation rules on the product prices and emission reduction behaviors of ETS-covered enterprises. Energy Policy, 86: 176–185 https://doi.org/10.1016/j.enpol.2015.07.004
104	Z F Zhou, H Zhou, D Peng, X H Chen, S H Li (2018). Carbon disclosure, financial transparency, and agency cost: Evidence from Chinese manufacturing listed companies. Emerging Markets Finance & Trade, 54(12): 2669–2686 https://doi.org/10.1080/1540496X.2018.1428796

[1]	Jishan HE. Xinjiang energy-based desert management project[J]. Front. Eng, 2019, 6(4): 587-591.
[2]	Xiaoliang YANG, Wolfgang HEIDUG, Douglas COOKE. An adaptive policy-based framework for China’s Carbon Capture and Storage development[J]. Front. Eng, 2019, 6(1): 78-86.
[3]	Bing WANG, Ge HONG, Chao-Qun CUI, Hao YU, Tad MURTY. Comprehensive analysis on China’s National Climate Change Assessment Reports: Action and emphasis[J]. Front. Eng, 2019, 6(1): 52-61.
[4]	Fu-qiang Wang,Jun Liu. The Supply Chain Contract Design under Cap-and-Trade Mechanism with Free Riding[J]. Front. Eng, 2015, 2(3): 277-286.
[5]	Yang-jie Wang,Xiao-hong Chen. Understanding Farmers’ Perceptions and Risk Responses to Climate Change in China[J]. Front. Eng, 2015, 2(3): 201-210.

Viewed

Full text

Abstract

Cited

Shared

Discussed