Corporate Carbon Information Disclosure and Financing Costs: The Moderating Effect of Sustainable Development
Abstract
:1. Introduction
1.1. Backgrounds
1.2. Literature Review
1.3. Research Hypothesis
2. Materials and Methods
2.1. Data Sources
2.2. Variables
2.3. Research Model
- Model 1:
- Model 2:
3. Results
3.1. Descriptive Statistics
3.2. Result of Correlation Coefficients
3.3. Regression Analyses
3.4. Robustness Check
4. Discussion
5. Conclusions
Author Contributions
Funding
Institutional Review Board Statement
Informed Consent Statement
Data Availability Statement
Conflicts of Interest
References
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Variables | Name | Proxy Variables | Code | Variable Description |
---|---|---|---|---|
Explained Variable | Financing cost | Debt financing cost | DebtCost | the ratio of interest expenses and interest-bearing debt |
Explanatory Variables | Carbon information disclosure | Quality of carbon information disclosure | CarbDisc | the number of carbon information disclosure items |
Sustainable development | Sustainable growth rate | SustaDe | (current net profit/beginning shareholders’ equity) × current earnings retention rate × 100% | |
Control variables | Carbon intensity | Carbon-intensive industries | Indus | dummy variable (0 = low carbon, 1 = carbon-intensive industries) |
Size | Asset | Asset | ||
Liabilities | Liab | |||
Profitability (Profit) | Operating income | Sales | ||
Return on total assets | ROA | |||
Solvency (Solven) | Quick ratio | QuickRa | ||
Capital utilization (CapiU) | Fixed asset ratio | FixedRa | ||
Total asset turnover ratio | TotalTu | |||
Equity concentration (EquityConcen) | Shareholding ratio of the first largest shareholder | EC1 | ||
Shareholding ratio of top 5 shareholders | EC5 | |||
Shareholding ratio of top 10 shareholders | EC10 | |||
Number of shareholders | EC11 | Natural logarithm of the number of shareholders at the end of the period | ||
Stock liquidity (StockLiq) | Proportion of tradable A-shares | TrdaSP | RMB ordinary stocks | |
Proportion of tradable H-shares | TrdhSP | State-owned shares listed in Hong Kong |
Year | Freq. | Percent | Cum. |
---|---|---|---|
2009 | 2 | 0.42 | 0.42 |
2010 | 8 | 1.69 | 2.11 |
2011 | 13 | 2.74 | 4.85 |
2012 | 18 | 3.80 | 8.65 |
2013 | 20 | 4.22 | 12.87 |
2014 | 30 | 6.33 | 19.20 |
2015 | 36 | 7.59 | 26.79 |
2016 | 45 | 9.49 | 36.29 |
2017 | 65 | 13.71 | 50.00 |
2018 | 52 | 10.97 | 60.97 |
2019 | 60 | 12.66 | 73.63 |
2020 | 60 | 12.66 | 86.29 |
2021 | 65 | 13.71 | 100.00 |
Total | 474 | 100.00 |
Variable | Obs | Mean | Std. Dev. | Min | Max |
---|---|---|---|---|---|
DebtCost | 474 | 0.055 | 0.046 | 0.009 | 0.341 |
SustaDe | 474 | 0.079 | 0.087 | −0.251 | 0.366 |
CarbDisc | 474 | 8.344 | 5.560 | 0 | 31 |
Sales | 474 | 1129.291 | 3327.139 | 3.670 | 29,661.93 |
Asset | 474 | 6938.539 | 27,952.573 | 18.187 | 302,539.81 |
Liab | 474 | 5932.202 | 25,591.827 | 5.013 | 276,398.59 |
ROA | 474 | 0.043 | 0.048 | −0.200 | 0.281 |
FixedRa | 474 | 0.295 | 0.215 | 0.001 | 0.876 |
QuickRa | 474 | 1.048 | 0.749 | 0.085 | 7.958 |
TotalTu | 474 | 0.585 | 0.442 | 0.023 | 2.561 |
EC1 | 474 | 0.423 | 0.175 | 0.078 | 0.990 |
EC5 | 474 | 0.659 | 0.174 | 0.232 | 1.005 |
EC10 | 474 | 0.699 | 0.162 | 0.278 | 1.012 |
EC11 | 474 | 11.453 | 1.268 | 0.693 | 14.054 |
TrdaSP | 474 | 0.861 | 0.182 | 0 | 1.000 |
TrdhSP | 474 | 0.125 | 0.167 | 0 | 0.962 |
Variables | (1) | (2) | (3) | (4) | (5) | (6) | (7) | (8) | (9) | (10) | (11) | (12) | (13) | (14) | (15) | (16) |
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
(1) DebtCost | 1.000 | |||||||||||||||
(2) SustaDe | −0.180 *** (0.000) | 1.000 | ||||||||||||||
(3) CarbDisc | −0.006 | −0.006 | 1.000 | |||||||||||||
(0.897) | (0.895) | |||||||||||||||
(4) Sales | 0.062 (0.177) | 0.011 (0.804) | 0.444 *** (0.000) | 1.000 | ||||||||||||
(5) Asset | −0.028 (0.543) | 0.044 (0.340) | 0.334 *** (0.000) | 0.330 *** (0.000) | 1.000 | |||||||||||
(6) Liab | −0.029 (0.534) | 0.045 (0.331) | 0.318 *** (0.000) | 0.299 *** (0.000) | 0.999 *** (0.000) | 1.000 | ||||||||||
(7) ROA | −0.099 ** | 0.660 *** | 0.002 | −0.031 | −0.134 *** | −0.138 *** | 1.000 | |||||||||
(0.030) | (0.000) | (0.958) | (0.496) | (0.003) | (0.003) | |||||||||||
(8) FixedRa | −0.097 ** | −0.075 | −0.305 *** | −0.091 ** | −0.271 *** | −0.274 *** | 0.095 ** | 1.000 | ||||||||
(0.035) | (0.103) | (0.000) | (0.047) | (0.000) | (0.000) | (0.038) | ||||||||||
(9) QuickRa | 0.133 *** | 0.067 | 0.037 | −0.069 | 0.027 | 0.027 | 0.305 *** | −0.304 *** | 1.000 | |||||||
(0.004) | (0.145) | (0.426) | (0.133) | (0.558) | (0.555) | (0.000) | (0.000) | |||||||||
(10) TotalTu | −0.089 * | 0.173 *** | 0.202 *** | 0.224 *** | −0.234 *** | −0.241 *** | 0.365 *** | −0.049 | −0.004 | 1.000 | ||||||
(0.053) | (0.000) | (0.000) | (0.000) | (0.000) | (0.000) | (0.000) | (0.288) | (0.932) | ||||||||
(11) EC 1 | −0.112 ** | 0.023 | 0.137 *** | 0.189 *** | 0.075 | 0.065 | 0.009 | 0.193 *** | −0.041 | 0.071 | 1.000 | |||||
(0.015) | (0.610) | (0.003) | (0.000) | (0.104) | (0.160) | (0.850) | (0.000) | (0.372) | (0.123) | |||||||
(12) EC 5 | −0.095 ** | −0.022 | 0.266 *** | 0.214 *** | 0.172 *** | 0.162 *** | −0.015 | 0.083 * | −0.036 | 0.046 | 0.736 *** | 1.000 | ||||
(0.038) | (0.637) | (0.000) | (0.000) | (0.000) | (0.000) | (0.748) | (0.072) | (0.431) | (0.314) | (0.000) | ||||||
(13) EC 10 | −0.076 * | −0.022 | 0.298 *** | 0.224 *** | 0.196 *** | 0.186 *** | −0.026 | 0.063 | −0.026 | 0.015 | 0.693 *** | 0.985 *** | 1.000 | |||
(0.099) | (0.635) | (0.000) | (0.000) | (0.000) | (0.000) | (0.568) | (0.174) | (0.568) | (0.739) | (0.000) | (0.000) | |||||
(14) EC 11 | 0.061 | −0.049 | 0.250 *** | 0.299 *** | 0.229 *** | 0.218 *** | −0.054 | −0.080 * | −0.031 | −0.154 *** | −0.222 *** | −0.161 *** | −0.143 *** | 1.000 | ||
(0.186) | (0.292) | (0.000) | (0.000) | (0.000) | (0.000) | (0.238) | (0.084) | (0.506) | (0.001) | (0.000) | (0.000) | (0.002) | ||||
(15) TrdaSP | −0.022 | −0.074 | −0.426 *** | −0.216 *** | −0.480 *** | −0.477 *** | 0.085 * | 0.345 *** | −0.046 | 0.008 | −0.112 ** | −0.389 *** | −0.397 *** | 0.106 ** | 1.000 | |
(0.639) | (0.108) | (0.000) | (0.000) | (0.000) | (0.000) | (0.066) | (0.000) | (0.322) | (0.867) | (0.015) | (0.000) | (0.000) | (0.021) | |||
(16) TrdhSP | 0.043 | 0.028 | 0.454 *** | 0.256 *** | 0.540 *** | 0.536 *** | −0.108 ** | −0.361 *** | 0.072 | −0.082 * | 0.022 | 0.394 *** | 0.409 *** | 0.207 *** | −0.865 *** | 1.000 |
(0.352) | (0.541) | (0.000) | (0.000) | (0.000) | (0.000) | (0.019) | (0.000) | (0.118) | (0.075) | (0.628) | (0.000) | (0.000) | (0.000) | (0.000) |
Model 1 | |||
---|---|---|---|
(1) FE | (2) RE | (3) FGLS | |
VARIABLES | DebtCost | ||
CarbDisc | −0.103 ** (−2.46) | −0.129 *** (−3.31) | −0.065 *** (−2.58) |
SustaDe | 0.014 (0.53) | 0.018 (0.70) | 0.020 (1.59) |
Indus | 0.051 (0.13) | −0.237 (−1.63) | −0.127 ** (−2.16) |
Sales | 0.659 *** (5.52) | 0.313 *** (3.53) | 0.104 ** (2.17) |
Asset | −0.816 *** (−3.26) | −0.384 * (−1.87) | −0.115 (−1.00) |
Liab | 0.012 (0.06) | 0.046 (0.28) | −0.046 (−0.49) |
ROA | −0.361 (−0.43) | −0.349 (−0.44) | −0.307 (−0.57) |
FixedRa | 1.189 *** (3.89) | 0.873 *** (3.40) | 0.513 *** (3.79) |
QuickRa | 0.086 (1.29) | 0.088 (1.57) | 0.050 (1.27) |
TotalTu | −1.039 *** (−4.68) | −0.681 *** (−3.77) | −0.328 *** (−2.78) |
EC1 | 0.265 (0.51) | 0.167 (0.43) | −0.070 (−0.40) |
EC5 | −1.392 (−0.99) | −1.814 (−1.46) | −1.774 *** (−2.99) |
EC10 | 0.769 (0.59) | 1.072 (0.89) | 1.748 *** (2.88) |
EC11 | −0.000 (−0.00) | −0.020 (−0.43) | 0.057 ** (2.11) |
TrdaSP | −0.001 (−0.10) | 0.001 (0.19) | −0.003 (−0.85) |
TrdhSP | 0.014 (1.33) | 0.010 * (1.68) | −0.000 (−0.02) |
Constant | −0.971 (−1.33) | −1.777 *** (−4.35) | −2.959 *** (−11.57) |
F | 5.40 *** | - | - |
chi2 | - | 64.12 *** | 126.43 *** |
Observations | 471 | 471 | 460 |
R-squared | 0.193 | 0.162 | - |
Number of idcode | 95 | 95 | 84 |
idcode FE | YES | YES | YES |
Year FE | YES | YES | YES |
Model 2 | |||
---|---|---|---|
(1) FE | (2) RE | (3) FGLS | |
VARIABLES | DebtCost | ||
CarbDisc | −0.094 ** (−2.22) | −0.124 *** (−3.16) | −0.061 ** (−2.43) |
SustaDe | −0.043 (−0.86) | −0.023 (−0.47) | −0.033 (−1.08) |
CarbDisc * SustaDe | 0.030 (1.31) | 0.021 (0.97) | 0.023 * (1.85) |
Indus | 0.037 (0.10) | −0.237 (−1.62) | −0.134 ** (−2.32) |
Sales | 0.678 *** (5.64) | 0.324 *** (3.63) | 0.112 ** (2.32) |
Asset | −0.878 *** (−3.45) | −0.412 ** (−1.99) | −0.131 (−1.15) |
Liab | 0.037 (0.20) | 0.059 (0.36) | −0.037 (−0.40) |
ROA | −0.089 (−0.10) | −0.183 (−0.23) | 0.014 (0.03) |
FixedRa | 1.146 *** (3.73) | 0.864 *** (3.35) | 0.523 *** (3.96) |
QuickRa | 0.085 (1.28) | 0.087 (1.56) | 0.048 (1.24) |
TotalTu | −1.102 *** (−4.85) | −0.710 *** (−3.88) | −0.345 *** (−2.93) |
EC1 | 0.199 (0.39) | 0.157 (0.40) | −0.095 (−0.56) |
EC5 | −1.347 (−0.96) | −1.831 (−1.48) | −1.705 *** (−2.98) |
EC10 | 0.763 (0.59) | 1.113 (0.93) | 1.713 *** (2.92) |
EC11 | −0.005 (−0.09) | −0.021 (−0.45) | 0.058 ** (2.16) |
TrdaSP | −0.000 (−0.01) | 0.001 (0.20) | −0.003 (−0.92) |
TrdhSP | 0.014 (1.37) | 0.010 * (1.71) | −0.000 (−0.12) |
Constant | −0.961 (−1.32) | −1.866 *** (−4.44) | −3.117 *** (−11.66) |
F | 5.19 *** | - | - |
chi2 | - | 65.27 *** | - |
Observations | 471 | 471 | 460 |
R-squared | 0.197 | 0.165 | - |
Number of idcode | 95 | 95 | 84 |
idcode FE | YES | YES | YES |
Year FE | YES | YES | YES |
Model 1 | Model 2 | |||||
---|---|---|---|---|---|---|
(1) FE | (2) RE | (3) FGLS | (1) FE | (2) RE | (3) FGLS | |
VARIABLES | DebtCost | |||||
CarbDisc | −0.131 *** (−2.97) | −0.148 *** (−3.57) | −0.083 *** (−2.99) | −0.123 *** (−2.74) | −0.143 *** (−3.42) | −0.081 *** (−2.94) |
SustaDe | 0.012 (0.47) | 0.016 (0.63) | 0.020 * (1.66) | −0.050 (−0.82) | −0.030 (−0.52) | −0.043 (−1.17) |
CarbDisc * SustaDe | - | - | - | 0.027 (1.12) | 0.020 (0.87) | 0.024* (1.78) |
Indus | 0.027 (0.07) | −0.226 (−1.55) | −0.120 ** (−2.08) | 0.014 (0.04) | −0.225 (−1.54) | −0.127 ** (−2.25) |
Sales | 0.670 *** (5.63) | 0.317 *** (3.58) | 0.103 ** (2.13) | 0.686 *** (5.72) | 0.327 *** (3.66) | 0.111 ** (2.30) |
Asset | −0.795 *** (−3.19) | −0.377 * (−1.84) | −0.107 (−0.95) | −0.844 *** (−3.34) | −0.400 * (−1.94) | −0.124 (−1.10) |
Liab | −0.009 (−0.05) | 0.040 (0.25) | −0.049 (−0.53) | 0.010 (0.06) | 0.051 (0.31) | −0.038 (−0.42) |
ROA | −0.344 (−0.41) | −0.334 (−0.42) | −0.307 (−0.57) | −0.109 (−0.13) | −0.180 (−0.22) | 0.032 (0.06) |
FixedRa | 1.191 *** (3.92) | 0.871 *** (3.40) | 0.508 *** (3.78) | 1.149 *** (3.75) | 0.859 *** (3.34) | 0.522 *** (4.02) |
QuickRa | 0.085 (1.28) | 0.088 (1.58) | 0.047 (1.20) | 0.084 (1.27) | 0.087 (1.57) | 0.045 (1.15) |
TotalTu | −1.048 *** (−4.74) | −0.683 *** (−3.78) | −0.324 *** (−2.74) | −1.098 *** (−4.87) | −0.708 *** (−3.88) | −0.343 *** (−2.90) |
EC1 | 0.286 (0.56) | 0.174 (0.44) | −0.061 (−0.35) | 0.234 (0.45) | 0.167 (0.43) | −0.093 (−0.56) |
EC5 | −1.500 (−1.07) | −1.863 (−1.50) | −1.768 *** (−2.99) | −1.456 (−1.04) | −1.869 (−1.51) | −1.643 *** (−2.91) |
EC10 | 0.790 (0.61) | 1.072 (0.90) | 1.702 *** (2.82) | 0.762 (0.59) | 1.092 (0.91) | 1.612 *** (2.77) |
EC11 | −0.003 (−0.06) | −0.023 (−0.49) | 0.056 ** (2.07) | −0.010 (−0.18) | −0.025 (−0.53) | 0.056 ** (2.08) |
TrdaSP | −0.000 (−0.07) | 0.001 (0.23) | −0.002 (−0.82) | 0.000 (0.03) | 0.001 (0.27) | −0.002 (−0.86) |
TrdhSP | 0.014 (1.34) | 0.011 * (1.80) | 0.001 (0.21) | 0.014 (1.39) | 0.011 * (1.84) | 0.000 (0.13) |
Constant | −0.868 (−1.20) | −1.699 *** (−4.15) | −2.892 *** (−11.15) | −0.891 (−1.23) | −1.804 *** (−4.21) | −3.076 *** (−11.13) |
F | 5.61 *** | - | - | 5.35 *** | - | - |
chi2 | - | 66.25 *** | 130.22 *** | - | 67.17 *** | 141.74 *** |
Observations | 471 | 471 | 460 | 471 | 471 | 460 |
R-squared | 0.199 | 0.168 | 0.202 | 0.170 | ||
Number of idcode | 95 | 95 | 84 | 95 | 95 | 84 |
idcode FE | YES | YES | YES | YES | YES | YES |
Year FE | YES | YES | YES | YES | YES | YES |
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Wang, G.; Lou, X.; Shen, J.; Dan, E.; Zheng, X.; Shao, J.; Li, J. Corporate Carbon Information Disclosure and Financing Costs: The Moderating Effect of Sustainable Development. Sustainability 2022, 14, 9159. https://doi.org/10.3390/su14159159
Wang G, Lou X, Shen J, Dan E, Zheng X, Shao J, Li J. Corporate Carbon Information Disclosure and Financing Costs: The Moderating Effect of Sustainable Development. Sustainability. 2022; 14(15):9159. https://doi.org/10.3390/su14159159
Chicago/Turabian StyleWang, Guangyang, Xinxuan Lou, Jianfei Shen, Erli Dan, Xinyuan Zheng, Jiaxin Shao, and Jingjie Li. 2022. "Corporate Carbon Information Disclosure and Financing Costs: The Moderating Effect of Sustainable Development" Sustainability 14, no. 15: 9159. https://doi.org/10.3390/su14159159