Corporate Voluntary Carbon Information Disclosure Evidence from Chinas Listed Companies 2Word文档格式.docx
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Corporate Voluntary Carbon Information Disclosure Evidence from Chinas Listed Companies 2Word文档格式.docx
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6.4EmpiricalResults
7.5Conclusions
8.References
Thisarticleseekstoanswertwoquestions:
(i)whatfactorsdrivefirmstodecidewhetherornottodisclosetheinformationrelatedtotheirgreenhousegasemissions(alsocalledcarboninformation)?
(ii)whatforcesleadfirmstodisclosemorecarboninformation?
Usingdatahand-collectedfromtheannualCorporateSocialResponsibilityreportsofChina'
slistedcompaniesfrom2008to2012,wefindthefollowing:
(i)firmsthatoperateinsectorsofhigh-emissionindustriesaremorelikelytomakecarboninformationdisclosure(CIDhereafter);
(ii)themorecompanieswithinoneindustrythatmakeCID,themorelikelyitisthatacompanyinthatindustrywillmakeCID;
(iii)companieshavingahighersalesrankwithinanindustryaremorelikelytomakeCID.
1Introduction
Climatechangeisbecomingoneofthemostimportantissuesofthetwenty-firstcentury,andfirmsarenowplayingacrucialroleindrivingtheglobaltransitionfromahightoalowcarboneconomy.Carboninformationdisclosures(CIDhereafter),throughwhichcompaniesrespondtoclimatechangebyprovidingstandardinformationabouttheirgreenhousegasesemissions,isattractingincreasingattentionfromscholars,stakeholdersandregulators(e.g.Stanny,2010;
Matsumuraetal.,2011).1ThisisbecausethroughCID,thestakeholders,includinggovernmentandthepublic,canbettermonitorandregulatefirms'
carbonemissions,thuscontributingtoimprovecorporateenvironmentperformance.Asaconsequence,corporateCIDshavebeensteadilyincreasinginbothsizeandcomplexityinthepastdecade.
TheresearchonCIDhasbeguntoemergeinrecentyears.Differentfromtheenvironmentalinformationdisclosure(EID,hereafter),CIDismandatedbytheISO14064-1andthuscouldoffermoreformalandstandardisedinformationaswellasmorequantitativemeasuresofthelevelofcorporatecarbonemissiondisclosurethantheEID.2Scholarshaveexaminedthedeterminants(e.g.StannyandEly,1997;
Prado-Lorenzoetal.,2009;
KimandLyon,2010)andeffects(e.g.AndrewandCortese,2011;
Matsumuraetal.,2011;
HaighandShapiro,2012)ofcorporateCID.Forexample,StannyandEly(1997)showthatfactors,suchasfirmsize,institutionalownershipandforeignsalesarerelatedtothedisclosurebehaviourofUSSP500firms;
toexaminetheeffectoftheKyotoProtocoloncorporateCID,FreedmanandJaggi(2011)investigategreenhousegasreportinginEurope,Japan,Canada,India,andtheUSandfindthatexceptforIndiancompanies,companieslocatinginacountrythatratifiedtheprotocoltendtoreportmore.Matsumuraetal.(2011)examinethechoiceofvoluntarydisclosureofSP500firmsandtheeffectofcarbonemissionsonfirmvalue,documentingthatfirmvaluedecreaseswiththedisclosedcarbon-emissionlevels.
ExistingresearchonCIDgenerallyfocusontheempiricaltestoffirmsindevelopedcountries(Kolketal.,2008;
HaqueandDeegan,2010;
FreedmanandJaggi,2011).ThecorporateCIDsindevelopingcountrieshavebeenlittleaddressedintheliterature.However,unlikedevelopedcountries,mostdevelopingcountries,thoughvulnerabletotheadverseimpactofclimatechange,mayresponddifferentlytotheproblemastheyhavetotakethedomesticresponsibilitiestomeetthehuman-developmentneedsofhundredsofmillionsofitspeoplethatarestilllivinginpoverty.Inaddition,carbonemissionproblemsmaybemoreseriousindevelopingcountriesduetotheirgenerallystrongerrateofeconomicgrowthandcontinueduseoffossilfuels(e.g.,RobertsandGrimes,1997).Therefore,itisnotonlyinteresting,butalsonecessarytoexaminetheeconomicdriveandconsequenceassociatedwithcorporateCIDsinthedevelopingeconomy.Inthispaper,weattempttomakesomeeffortsalongthesedimensions.
Specifically,weinvestigatewhatwouldmotivateChinesefirmstovoluntarilyreleasecarbonemissioninformationandwhatmayinfluencethequalityoftheirCIDs.ThehighlightsofChinesefirmsarebasedonthefactthatChinahastoppedthelistofCO2emittingcountriessince2006,contributingalmostone-fourthoftheglobalCO2emission(EPA).3Asthesecondlargeeconomicsystem,Chinahasthelargestpopulationandafastspeedofdevelopmentbutstillreliesoncoalasitsprimaryenergysource;
thenotableinfluenceofChinainreducingcarbonemissionscouldbeevidencedbytheimportantrolethatChinaplaysinthecurrentclimatechangenegotiationsamongdifferentcountries.
Unlikestudiesofdevelopedcountries,amajorprobleminstudyingcorporateCIDsinChinaisrelatedtotheavailabilityofqualifieddata.ManycompaniesindevelopedcountriesdisclosetheircarbonemissionsthroughtheCarbonDisclosureProject(CDP),whichisanindependentnot-for-profitorganisationbasedintheUnitedKingdomandworkswithshareholdersandcorporationstoincreasetheirdisclosureofthegreenhousegasemissionsbyinvitingenterprisesallovertheworldtoreleaseinformationabouttheirgreenhousegasemissions.However,amongallthecompaniesthatareinvitedbyCDPtodisclosetheircarbonemissionstogetherwiththerelatedrisksandopportunitiesin2010,84percentof‘Europe300'
firmsand82percentof‘USS&
P500’firmsrespondedtoCDP'
sinvitationanddisclosedCID.Incontrast,only11percentof‘China100’firmsdidthesamething(CDP,2010),resultingininadequateresearchliteratureonChina'
sCID.Thepaucityofresponsemayleadtothescarcityofresearch.
TomeasurethedegreeofcorporateCID,weextracttheCID-relatedinformationfromannualCorporateSocialResponsibility(CSRhereafter)reports.WeidentifyafirmtocommittoCIDifitsCSRreportcontainsinformationthatisofficiallyinvolvedintheCDP'
squestionnaire,andwescorethecollectedinformationpursuanttoISO14064-1.Usingasampleoflistednon-financialcompaniesinChinafromtheperiod2008through2012,weshowthatChinesefirmsthatareofhigh-emissionindustriesandofhigherpeerpressuresaremorelikelytodisclosecarbonemission.Andthequalityofdisclosureamongthesefirmsishigherthanthatoftheircounterparts'
.
OurmaincontributiontothecorporateCIDresearchconsistsofexaminingthedeterminantsofcorporatecarbondisclosuresandthedrivesofCIDqualityamongChinesecompanies.Relyingonthenewhand-collecteddata,weevidencethatfirmsize,industry,competitionstatusinfluencecorporatedecisionsonwhethertodisclosecarbonemissioninformationandhowmuchtodisclose.ThisstudymaybenefitinvestorsaswellasregulatorsbyprovidinginsighttothevoluntaryCIDintransitoryeconomiesandisvaluablefortheworld-wideeffortoncontrollingthecarbonemissionasChinesecompanieslargelyshapetheeffectofgreenhousegasemissionthroughouttheworld(LiuandDiamond,2005;
Bagnai,2009).Besides,byprovidingevidenceonwhataffectscorporateresponsetoclimatechangeinChina,wefacilitateextendingthescopeofCIDliteraturetodevelopingcountries.Ourstudythereforemaybeofinteresttoinvestors,stakeholdersandregulatorsthroughouttheworld,helpingthembetterunderstandfirms'
environmentalpracticesandreportingbehavioursincarbonemission.
Thearticleisorganisedasfollows:
In'
LiteratureReviewandHypothesesDevelopment'
wereviewtheliteratureanddevelopourhypothesis.Dataandresearchdesignarepresentedin'
DataandResearchDesign'
andempiricalfindingsarereportedin'
EmpiricalResults'
respectively.In'
Conclusions'
weconcludetheimplications.
2LiteratureReviewandHypothesesDevelopment
2.1LiteratureReview
Thereisincreasinginterestintheliteraturetostudythecorporateresponsestocallsforenvironmentprotection.Issuesthatrelatetohowafirm'
sspecificfeaturesinfluenceitsenvironmentaleconomicbehaviours,aswellastheassociateenvironmentperformanceandfinancialimplications,arewidelydiscussed(Berthelotetal.,2003;
RothenbergandStanley2004;
Kraftetal.,2011).Amongalltherelatedissues,theareaofenvironmentaldisclosureshasgainedlargelyamountedresearchfocusinthepastdecades(Deegan,2002).Itiswelldocumentedthatenvironmentdisclosurehasbecomeastakeholderrequirementdemand(LeeandHutchison,2005;
JoseandLee,2006),whichforcecompaniestoinstitutionaliseenvironmentalconcernsthroughpolicies,proceduresandsystems(RussoandFouts1997;
Jonesetal.1998):
throughdisclosingenvironmentactivities,companiesmaybenefitfromlegitimatingthemselvesassocialresponsiblefirms(Berthelotetal.,2003;
Anbumozhietal.,2011).However,despitethatseveralmandatoryEIDprogrammeshavebeenimplementedtoenhancethereliabilityofEID(Wangetal.,2004;
Garciaetal.,2007),somestudieshaveshownthattheinformationdisclosedbyfirmscouldbeselective–ofwhichmosttendstobepositive,biased,andsubjecttomanagers'
discretions(Neuetal.,1998;
Berthelotetal.,2003).
DespitesomesuccessfulEIDprogrammes(Al-Tuwaijrietal.,2004;
Garciaetal.,2007;
Blackman,2008),mostliteraturehassuggestedthatthelevelaswellasthequalityofEIDisgenerallylowerindevelopingcountries(e.
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