Carbon performance,carbon disclosure and corporate value

LIAO Zhigao; LI Fangfang

Abstract：In the context of carbon neutrality and the development of low-carbon economies,the concept of carbon performance has emerged as a significant catalyst for enterprises to adopt low-carbon development strategies and achieve carbon targets.However,the question of whether carbon performance can enhance enterprise value remains a subject of debate.In addressing this issue,this study utilises data from Chinese energy-intensive listed companies from 2013 to 2021,employing an empirical approach to examine the relationship between carbon performance,carbon disclosure,and corporate value,with the inclusion of carbon disclosure as a moderating variable.The study's findings are as follows:firstly,there is a significant and positive relationship between carbon performance and enterprise value,and the study identifies a threshold effect;secondly,the study finds that carbon disclosure plays a positive moderating role in the relationship between carbon performance and enterprise value;and thirdly,the study identifies that enterprise size and growth have a heterogeneous effect in the relationship between carbon performance and enterprise value.The study's conclusions therefore suggest that enterprises,industries and the government should take active measures to improve the carbon performance of energy-consuming enterprises,strengthen carbon information management,and help realise a win-win situation between enterprise value and environmental protection.