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Open AccessArticle

External Pressure, Corporate Governance, and Voluntary Carbon Disclosure: Evidence from China

by 1,2, 1,*, 1 and 1
1
School of Economics and Management, North China Electric Power University, Beijing 102206, China
2
Beijing Key Laboratory of New Energy and Low-Carbon Development, North China Electric Power University, Changping, Beijing 102206, China
*
Author to whom correspondence should be addressed.
Sustainability 2019, 11(10), 2901; https://doi.org/10.3390/su11102901
Received: 13 April 2019 / Revised: 14 May 2019 / Accepted: 19 May 2019 / Published: 22 May 2019
This paper uses manually collected data of carbon information disclosure for listed companies, from 2009 to 2015 in China, to measure corporate carbon information disclosure, and it explores the impact of external pressure and internal governance on carbon information disclosure through text analysis and a hierarchy analysis process. The results show that, firstly, the greater the external pressure is, the higher the level of carbon information disclosure will be; that is, when listed companies are state-owned enterprises or in heavy pollution industries, the level of carbon information disclosure is higher. Secondly, the higher the level of corporate governance is, the higher the level of carbon information disclosure will be; that is, when the board of directors is larger, the proportion of independent directors is higher, and the chairman and general manager positions are differentiated, the level of carbon information disclosure is higher. Furthermore, when listed companies are state-owned and in heavy pollution industries, the level of carbon information disclosure is higher; when the chairman and general manager are in the same position (lower governance level), the positive impact of government pressure on carbon disclosure is less significant, the positive impact of external pressure on carbon disclosure is less significant, and the positive interactive impact of government pressure and external pressure on carbon disclosure is less significant. The conclusions of this paper are still robust after Heckman two-stage regression, propensity score matching (PSM) analysis, sub-sample regression, and double clustering analysis. View Full-Text
Keywords: carbon information disclosure; analytic hierarchy process; internal governance; external pressure; state-owned enterprises; heavy polluting industries carbon information disclosure; analytic hierarchy process; internal governance; external pressure; state-owned enterprises; heavy polluting industries
MDPI and ACS Style

He, P.; Shen, H.; Zhang, Y.; Ren, J. External Pressure, Corporate Governance, and Voluntary Carbon Disclosure: Evidence from China. Sustainability 2019, 11, 2901. https://doi.org/10.3390/su11102901

AMA Style

He P, Shen H, Zhang Y, Ren J. External Pressure, Corporate Governance, and Voluntary Carbon Disclosure: Evidence from China. Sustainability. 2019; 11(10):2901. https://doi.org/10.3390/su11102901

Chicago/Turabian Style

He, Pinglin; Shen, Huayu; Zhang, Ying; Ren, Jing. 2019. "External Pressure, Corporate Governance, and Voluntary Carbon Disclosure: Evidence from China" Sustainability 11, no. 10: 2901. https://doi.org/10.3390/su11102901

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