Search Results (593)

In the context of the global pursuit of the ‘carbon neutrality’ objective, Chinese enterprises are proactively advancing green development and low-carbon transformation. Among these efforts, climate transition risks have emerged as a crucial factor affecting strategic enterprise decisions and long-term competitiveness. This study utilizes a sample comprising Chinese A-share listed enterprises over the period from 2012 to 2024 to construct an enterprise climate transition risk index using text analysis methods. It empirically investigates this index’s impact on enterprise green innovation by adopting panel data analysis method to construct a fixed effects model and further examines the moderating roles of institutional investors’ shareholding and enterprise environmental uncertainties in response to climate transition risks. The research findings indicate the following: First, climate transition risks significantly enhance enterprise green innovation. The validity of this conclusion persists following a series of robustness and endogeneity tests, including replacing the explained variable, lagging the explanatory variable, controlling for city-level fixed effects, and applying instrumental variable methods. Second, both institutional investors’ shareholding and enterprise environmental uncertainties exert a significant positive regulatory effect on the relationship between climate transition risk and green innovation, indicating that external monitoring and heightened risk perception jointly enhance enterprises’ responsiveness in driving green innovation. Thirdly, heterogeneity analysis indicates that the positive impact of climate transition risks on green innovation is notably amplified within non-state-owned enterprises and manufacturing enterprises. By examining the dual regulatory mechanisms of ‘external monitoring’ and ‘risk perception’, this study broadens the study framework on the relationship between climate risks and enterprise green innovation, offering new empirical evidence supporting the applicability of the ‘Porter Hypothesis’ within the context of climate-related challenges. Furthermore, it provides valuable implications for policymakers in refining climate information disclosure policies and assists enterprises in developing forward-looking green innovation strategies. Full article

This paper examines the impact of environmental, social, and governance (ESG) disclosure on the cost of capital for banks as well as financial technology companies in Europe, America, and Asia from 2010 to 2024. The study investigates how sustainability affects financing conditions in the two institutional settings of conventional and digital financial intermediaries. We estimate the average cost of capital using the traditional WACC (weighted average cost of capital) formula, which calculates the cost and proportions of debt and equity capital. Panel regressions with firm and year fixed effects are used, along with an instrumental variable (IV) approach (2SLS), by way of peer-based ESG instruments to correct for endogeneity. The paper also carries out robustness checks such as the Anderson–Rubin weak IV tests and over identification diagnostics. The findings indicate that more ESG disclosure has a significant negative effect on WACC and debt costs and no robust impact on equity cost. Governance disclosure is revealed to be the dominant dimension and it always correlates with lower financing costs. Environmental disclosure is occasionally associated with a higher cost of equity, owing to investors’ expectation of short-term compliance costs. The results shed light on the dynamic relationship between innovation and sustainability in driving banks and financial technology firms financing environment. Full article

Despite growing interest in sustainable supply chains, we still know relatively little about how environmental requirements transmitted from key customers along the supply chain affect firms’ productivity and long-run economic sustainability. To address this gap, we introduce the notion of green supply chain pressure, downstream customers’ explicit green and low-carbon requirements on suppliers, and examine its implications for firm-level productivity and the mechanisms involved. Using a panel of Chinese A-share listed firms over 2014–2024, we construct a novel text-based index of green supply chain pressure by combining supply-chain relationship data with MD&A disclosures of major customers. Firm-level economic sustainability is measured by Levinsohn–Petrin total factor productivity, with Olley–Pakes estimates used for robustness. Fixed-effects regressions with industry–year and city–year controls show that stronger green supply chain pressure is associated with significantly higher productivity. Mediation analysis reveals that this effect operates partly through three resource-intensive adjustment channels: (i) a higher share of green patents in total innovation, (ii) capital deepening via a higher share of digital and intelligent fixed assets in total net fixed assets, and (iii) human capital upgrading through a larger proportion of highly educated employees. Interaction models further indicate that financing constraints critically condition these gains: the productivity effect of green supply chain pressure is stronger for firms with greater financial slack, and for high-tech, green-attribute and larger firms. Overall, the results highlight supply chain-based governance as a powerful complement to formal regulation for promoting long-run economic sustainability at the firm level. Full article

Greenwashing in environmental, social, and governance reporting poses a significant threat to corporate accountability and stakeholder trust. This article provides a comprehensive synthesis of existing research to evaluate the role and effectiveness of sustainability assurance as a primary mechanism to combat greenwashing and proposes a framework for it. Based on a systematic literature review, this paper consolidates empirical findings indicating that sustainability assurance has a significant inhibitory effect on corporate greenwashing and is positively valued by capital markets, as evidenced by lower equity capital costs. However, the analysis also reveals that the effectiveness of assurance is not uniform; it is moderated by contextual factors such as the strength of the national legal environment and, in particular, regulatory environments, which can be exploited to legitimize overstated disclosures. This paper proposes a conceptual framework for anti-greenwashing assurance that integrates five interconnected pillars (regulatory, stakeholder engagement, third-party verification, corporate culture and internal controls, and technologies), forming a synergistic ecosystem of deterrents which collectively shape the integrity and credibility of sustainability reporting practices. To enhance the effectiveness of greenwashing mitigation, the proposed framework must be further strengthened by integrating the core principles of transparency, materiality, and verifiability across all its pillars. Full article

In the face of increasingly severe global environmental challenges, corporate environmental information disclosure (CEID) has become a critical link connecting national ecological governance goals with firms’ green development practices. From the perspective of green signaling, this study examines whether government environmental concerns (GEC) in China incentivize CEID and the mechanisms underlying this effect. We theoretically elaborate the transmission pathways and moderating effects of GEC, and measure GEC and CEID indicators using text analysis of local government work reports and corporate annual reports. Based on a series of empirical tests on Chinese A-share listed firms from 2008 to 2023, we find that: (1) GEC can significantly enhance CEID by attracting green investors and fostering greater media scrutiny. (2) Green technological innovation exhibits a masking effect, which reveals a counterintuitive mechanism whereby stringent environmental regulation may divert innovation resources toward pollution control investments. (3) The impact of GEC is positively moderated by external volatility such as climate policy and market uncertainty and internal capabilities such as firms’ digital transformation. (4) Further heterogeneity analysis shows that GEC has a more significant impact on non-state-owned enterprises, enterprises in heavily polluting industries, and those in the mature or declining stage. This study provides a new theoretical lens for understanding the dynamic interplay between institutional pressure and corporate behavioral responses, and offers empirical insights for calibrating the intensity of GEC to maximize incentives for firms to engage in sustainable practices. Full article

The Asia Pacific, led by the resource-dependent ASEAN-5, is the largest carbon contributor, yet its firms exhibit critically low transparency. This study examines the relationship between voluntary Sustainability Assurance (SA) and carbon disclosure transparency using 875 firm-year observations (2018–2022). Applying panel regression and several robustness tests, we find that SA adoption has a positive relationship with the magnitude of disclosed carbon emissions, indicating enhanced transparency. This positive relationship is significantly more pronounced in firms with high environmental performance and greater property, plant, and equipment (PPE) efficiency, suggesting SA aligns with genuine sustainability efforts rather than symbolic reporting. Furthermore, SA increases the likelihood of disclosing the complex Scope 3 emissions. However, the effectiveness of SA is conditional: its transparency benefit is statistically significant only within mandatory sustainability reporting (SR) regimes and in non-environmentally sensitive industries, highlighting crucial variations across regulatory and industrial contexts within ASEAN-5. This research provides evidence on the role of SA in emerging markets, extending Agency Theory by demonstrating its function as a credibility signal that reduces information asymmetry. We offer practical guidance for managers seeking market differentiation, and for regulators aiming to align voluntary SA with IFRS S1/S2 to enhance disclosure quality. Full article

Sustainable development represents a fundamental pathway for advancing high-quality economic and social transformation. Taking China’s Sustainable Development Agenda Pilot Zones Policy as a quasi-natural experiment and drawing on data from A-share listed firms from 2013 to 2022, this study constructs a difference-in-differences model to systematically assess the policy’s impact on corporate green development and the underlying mechanisms. The empirical results indicate that the policy significantly improves corporate green development and that entrepreneurial green attention exerts a significant positive moderating effect. The mechanism analysis shows that improvements in the digital–real integration, the strengthening of regional green innovation capability, and increases in media attention constitute the primary channels through which the policy takes effect. The heterogeneity analysis further reveals that the policy impact is more pronounced among non-state-owned enterprises, firms in non-heavily polluting industries, regions oriented toward modern urban development, and cities with higher levels of governmental environmental concern. Additional analyses suggest that, while fostering green development, the policy is also associated with a greater tendency toward inflation in green invention patents and a decline in the quality of environmental information disclosure. These findings deepen the understanding of the micro-level effects of differentiated environmental regulation and provide empirical evidence for improving the green governance system and promoting high-quality development in China. Full article

This study investigates how consumer brand trust is shaped by the interplay of sustainability disclosure valence (positive/negative), domain (social/environmental), and information source credibility (internet influencer/scientific report). Using a mixed-methods approach, combining a series of focus groups and a 2 × 2 × 2 between-subjects scenario experiment with a sample of 354 university students, we analyzed both the main and interactive effects of these factors on brand trust via hierarchical regression. The findings confirm that positive disclosures in both social and environmental domains significantly enhance brand trust. We observed a significant synergistic interaction, where consistent positive disclosures across both sustainability domains yield the greatest increase in trust. The study uncovers a domain-specific boundary condition for source credibility. While the source of information significantly moderates the impact of social sustainability disclosures—with influencers failing to generate the same punitive impact as scientific reports regarding social transgressions—source credibility exerts no significant influence on environmental disclosure processing. These findings suggest that consumers process environmental data as technical information (source-neutral) but social data as moral signals (source-dependent). Practically, the results suggest that brands require a holistic sustainability communication strategy and rely on highly credible sources for sensitive social messaging, especially when managing reputational risk or responding to negative disclosures. Full article

This study examines how major global hotel groups construct sustainability through corporate communication, assessing both the thematic content and the internal coherence of their Environmental-Social-Governance (ESG) narratives. The research question is How do international hotel corporations construct sustainability through their corporate communication and ESG reporting? The research applies qualitative content analysis of sustainability reports from ten international hotel corporations and a four-layer discursive coherence model (performance, operational, narrative, strategic), the study analyses 888 coded quotations and 205 sustainability-theme occurrences in ATLAS.ti version 25, a qualitative data-analysis software. Results show that while measurable, performance-based disclosures dominate—such as digital food-waste monitoring, emissions-intensity reductions, and responsible sourcing—symbolic language remains strategically deployed to reinforce identity, purpose, and legitimacy. Across the sector, sustainability discourse converges around four recurring pillars: environmental performance leadership, community resilience, responsible business governance, and inclusive economic empowerment. The study advances theoretical work on sustainability communication by conceptualizing discursive coherence as an indicator of organizational authenticity and offers actionable insights for enhancing credibility and stakeholder trust in corporate ESG reporting. Full article

This research evaluates the extent to which firms’ “green” bond disclosures create and convey a meaningful representation of their Environmental, Social, and Governance (“ESG”) commitments. Additionally, this research explores how investors distinguish between disclosures that represent genuine commitment to sustainability and those that may be indicative of “greenwashing,” and how such distinctions impact their assessment of an issuer’s credibility as well as the issuer’s performance subsequent to the issuance of a “green” bond. The methodology employed in this research employs a convergent mixed-methods approach that combines quantitative methods (Natural Language Processing (“NLP”), financial modeling, etc.) with qualitative methodologies (case studies, interviews). The NLP methodology employed in this research includes sentiment analysis, topic modeling, and ambiguity measurement in order to determine the tone, thematic content, and linguistic clarity of the disclosure texts. Subsequently, the results of the NLP methodologies are correlated with firm level outcomes using cross validated partial least squares regression (“PLS-R”), event study methodologies, and one way ANOVA to test for temporal and industrial variability. Finally, the results of the computational and financial methodologies are supplemented by qualitative case studies and interviews to provide context for the patterns identified in the computational and financial methodologies. In summary, the results of this research demonstrate that firms that communicate in a clear, balanced, and verifiable manner experience better market reaction and more favorable accounting results subsequent to the issuance of a “green” bond than do firms whose communications are vague, overly optimistic, or lacking in consistency. Conversely, the findings suggest that investors have become increasingly sensitive to potential “greenwashing” and therefore are less likely to respond favorably to communications characterized by the aforementioned characteristics. Full article

Virtual reality (VR) offers new opportunities for delivering psychologically meaningful conversations in digitally mediated settings. This study examined how environmental designs influence user experience during emotionally relevant self-disclosure. Fifty university students completed a within-subjects experiment in which they engaged in a structured positive and negative self-disclosure task across four immersive environments (seaside, garden, urban, and sci-fi). After each interaction, participants rated six experiential dimensions relevant to therapeutic communication: comfort, calmness, pleasantness, focus, privacy, and perceived overall suitability for psychological therapy. Repeated-measures analyses showed that nature-themed environments were rated more positively than non-nature environments across all dimensions. Although the seaside and garden environments did not differ in overall composite ratings, the seaside setting was most frequently preferred for comfort, calmness, and pleasantness in participants’ final rankings. These findings demonstrate that virtual environment design meaningfully shapes users’ emotional and interpersonal experience in VR, highlighting the value of nature-based environments for VR counselling systems and digital mental-health applications. Full article

In the digital economy, promoting enterprise data asset trading and cultivating enterprises’ new quality productive forces are systemic issues. The present paper employs a combined method of QCA and regression analysis to construct a complex mediation model, based on the TOE framework theory and from a configurational perspective. This study examines the driving mechanisms behind corporate data asset transactions and the development of new-quality productive forces among Chinese A-share listed companies from 2020 to 2024, focusing on the interplay of technological, organizational, and environmental factors. The study finds that there are three configurations for achieving high-level enterprise data asset trading: the “technology–organization–environment” synergistic-driven type, the “environmental constraint–technological compensation” driven type, and the “organizational operation–environmental ecology” driven type. Among them, the level of enterprise data elements, the structure of enterprise human capital, and urban data governance are key factors in achieving high disclosure of enterprise data asset trading and a leap in new quality productive forces. The research conclusions provide valuable insights for enterprises considering a development strategy that combines data asset trading with new quality productive forces. Full article

Environmental information disclosure plays a critical role in corporate sustainability, yet existing evaluation approaches often rely on subjective judgment or limited textual features. This study proposes a structured framework for assessing the environmental information disclosure quality (EIDQ) of chemical enterprises and develops a generative artificial intelligence (GAI)-driven automated scoring system to enhance evaluation consistency. Using 190 Environmental, Social, and Governance (ESG) reports from 38 Chinese chemical firms between 2020 and 2024, we applied a multi-stage process combining indicator construction, DeepSeek-V3.2–based large language model (LLM) scoring, and cross-model validation. The results show that EIDQ exhibited a steady upward trend over the study period, reflecting a shift toward more quantitative and verifiable disclosure practices. The AI-generated scores demonstrated a high degree of alignment with human expert evaluations, and robustness tests confirmed the method’s transferability across different large language models. These findings provide methodological evidence for the feasibility of AI-assisted EIDQ assessment and offer practical implications for corporate sustainability reporting and regulatory oversight. Full article

The growing emphasis on environmental sustainability and green finance has intensified the need for effective corporate disclosures, particularly regarding biodiversity. Despite the increasing relevance of biodiversity in global investment strategies, there remains a significant research gap in understanding how corporate biodiversity information disclosure influences retail investors, particularly in emerging markets such as China. Based on this, in order to fill this research gap, this study conducts an empirical analysis using valid sample data from 464 retail investors in China and the structural equation modeling method. The results indicate that: (1) Corporate biodiversity information disclosure (CD) has a positive impact on investors’ investment confidence (IC) and investment willingness (IW). (2) Investors’ IC positively influences their IW. (3) Risk aversion (QA) weakens (negatively moderates) the effect of CD on enhancing investors’ IC. (4) QA also weakens (negatively moderates) the effect of CD on promoting investors’ IW. (5) Climate risk awareness (CA) positively moderates the effect of CD on enhancing investors’ IC. (6) CA also positively moderates the effect of CD on promoting investors’ IW. This study enriches relevant theories by emphasizing how psychological factors influence investment behavior and provides important insights for companies, policymakers, and financial intermediaries to promote sustainable investment practices. Full article

Against the backdrop of the deepening “dual carbon” strategy and the globalization of ESG investment, China’s construction industry, an important key carbon-emitting sector, faces a “triple institutional dilemma”. It includes high carbon lock-in, human capital alienation, and an ambiguous governance structure. Current research on the practical paths of ESG compliance and its localized adaptation in this industry remains limited. Drawing on the green transformation theory, this study systematically explores the theoretical logic, realistic picture, and breakthrough path of ESG compliance in the industry. Firstly, it clarifies the connotation of ESG compliance and maps out the industry’s policy framework and practical patterns. Secondly, it analyzes core dilemmas from three dimensions: environmental constraints related to technical pathways, social conflicts between labor and community arising from institutional imbalances, and governance inefficiencies caused by irregular information disclosure and imperfect structure. Finally, it proposes a “three-dimensional collaborative” mitigation mechanism. This study provides localized, practical pathways for ESG compliance in the construction industry and offers a theoretical reference for the sector’s green transformation, thereby contributing to advancing Chinese-style modernization and ecological civilization construction. Full article