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Int. J. Environ. Res. Public Health 2019, 16(1), 150; https://doi.org/10.3390/ijerph16010150

Carbon Information Disclosure, Marketization, and Cost of Equity Financing

1
,
1,2,* , 1,3
and
1
1
School of Economics and Management, Harbin Institute of Technology, Shenzhen 518055, China
2
School of International Economics and Trade, Jiangxi University of Finance and Economics, Nanchang 330013, China
3
School of Business, Hunan University of Science and Technology, Xiangtan 411201, China
*
Author to whom correspondence should be addressed.
Received: 2 November 2018 / Revised: 28 December 2018 / Accepted: 29 December 2018 / Published: 8 January 2019
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Abstract

Using listed enterprises in China’s heavy pollution industry from 2009 to 2013, this study tests the relationship between marketization degree, carbon information disclosure, and the cost of equity financing. The results show that, regardless of marketization degree, the overall level of carbon information disclosure of listed enterprises in China’s heavy pollution industry is low. The content of carbon information disclosure is mainly non-financial carbon information, and the financial carbon information disclosure is very low. The cost of equity financing is different in areas with different marketization degrees, specifically speaking, the cost of equity financing is lower in regions with a high marketization degree than that of a low marketization degree. Carbon information disclosure, non-financial carbon information disclosure, and financial carbon information disclosure are negatively correlated with the cost of equity financing. The marketization degree has strengthened the negative correlation between carbon information disclosure, non-financial carbon information disclosure, financial carbon information disclosure, and the cost of equity financing, respectively. View Full-Text
Keywords: carbon information disclosure; marketization; cost of equity financing carbon information disclosure; marketization; cost of equity financing
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Li, L.; Liu, Q.; Wang, J.; Hong, X. Carbon Information Disclosure, Marketization, and Cost of Equity Financing. Int. J. Environ. Res. Public Health 2019, 16, 150.

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