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| Climate Change, Environment Regulation and the Firm Value of Carbon Emissions Disclosure |
| YAN Haizhou, CHEN Baizhu
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Shanghai University of International Business and Economics;
University of Southern California;Nanjing Audit University |
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Abstract This paper discusses the impact of carbon emission information disclosure on firm market value under the background of climate change and government regulation. The results show that: the disclosure of carbon emission information has a positive impact on corporate market value; high carbon corporate’s emission disclosure behavior is more conducive to enhance its market value; firms’ emission disclosure behavior in Caron Trade Pilot cities have little impact on their market value. We also discuss the mechanism of corporate’s carbon emission disclosure affecting the market value based on two assumptions which are market signal transmit effect and production value effect. It shows that corporate’s emission disclosure behavior affects the confidence of investors, and they improve the corporate’s market value in financial market, but there is no evidence about value spillover effect in production market. This paper discusses the information effect of energy conservation and emissions reduction and extends the literature of corporate finance, corporate social responsibility and market information effect.
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Received: 24 March 2017
Published: 18 January 2018
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