External financing demands, media attention and the impression management of carbon information disclosure
External financing demands, media attention and the impression management of carbon information disclosure
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DOI：
10.1080/17583004.2021.1899755
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发表时间：
2021-04
影响因子：
3.1
通讯作者：
Xiying Luo;Qiang Zhang;Shuxia Zhang
中科院分区：
文献类型：
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作者：
Xiying Luo;Qiang Zhang;Shuxia Zhang
摘要本研究考察了企业外部融资需求对碳信息披露印象管理的影响；我们还考虑了媒体关注在这种关系中的调节作用。样本包括中国国务院《关于开展碳排放权交易试点工作的通知》中的8个能源密集型行业的企业。研究发现：(1)外部融资需求与碳信息披露印象管理之间存在正相关关系；也就是说，与没有外部融资需求的企业相比，有外部融资需求的企业对碳信息披露的印象管理程度更高。(2)媒体关注部分削弱了外部融资需求对碳信息披露印象管理的影响。这些发现被证明是可靠的。进一步的检验表明，与国有企业相比，外部融资需求对非国有企业碳信息披露印象管理的影响更为明显。我们的发现丰富了碳信息披露的文献。为政府制定碳信息披露标准、投资者有效识别企业碳信息披露印象管理、企业更好地开展碳管理提供思路。
Abstract This study examined whether firms’ external financing demands affect the impression management of carbon information disclosure; we also considered the moderating role of media attention in this relationship. The sample consisted of firms in eight energy-intensive industries included in the State Council of China’s “Notice on the Pilot Work of Carbon Emission Trading.” The findings are as follows: (1) A positive correlation existed between external financing demand and the impression management of carbon information disclosure; that is, compared to firms without external financing demand, those with external financing demand had greater impression management of carbon information disclosure. (2) Media attention partially weakened the effect of external financing demand on the impression management of carbon information disclosure. These findings are shown to be robust. Further test indicated that, compared to state-owned enterprises (SOEs), the effect of external financing demand on the impression management of carbon information disclosure was more pronounced in non-SOEs. Our findings enrich the literature on carbon information disclosure. They also provide ideas for governments to formulate carbon information disclosure standards, for investors to effectively identify firm’s impression management of carbon information disclosure, and for firms to better carry out carbon management.