The Impact of Carbon Disclosure on Financial Performance under Low Carbon Constraints
Abstract
:1. Introduction
2. Literature Review and Theoretical Hypotheses
2.1. Literature Review
The impact on financial performance from the perspective of carbon information disclosure is rarely studied. There are some scholars pay more attention to carbon information disclosure, but most of the studies are on the impact factors related to carbon information disclosure, and few empirical studies involve the impact on current financial performance and whether it is deferred to the next period. Moreover, in previous studies, many scholars have scored carbon information disclosure based on whether to disclose or the number of disclosures, which is highly subjective. Given that the Carbon Disclosure Project (CDP) benefits from the guidance of PricewaterhouseCoopers, its scoring system is more comprehensive and more authoritative, and the data also has stronger depth and breadth. Therefore, this paper will use the Carbon Disclosure Leader Index published by CDP as a proxy variable for carbon disclosure in CDP reports.
2.2. Theoretical Hypothesis
3. Materials and Model Design
3.1. Sample Selection and Data Sources
3.2. Variable Selection
3.2.1. Measurement of Financial Performance
3.2.2. Measurement of Carbon Disclosure
3.2.3. Measurement of Financial Performance
3.3. Regression Model Setting
4. Empirical Results and Analysis
4.1. Descriptive Statistics
4.1.1. Descriptive Statistical Analysis of the Full Sample
4.1.2. Descriptive Statistical Analysis of Sub-Samples
4.1.3. Mean Difference
4.2. Correlation Analysis between Carbon Disclosure and Current Financial Performance
4.3. Regression Analysis
4.3.1. Sub-Sample Regression Analysis
4.3.2. Full Sample Regression Analysis
4.4. Robustness Test
5. Discussion and Conclusions
Author Contributions
Funding
Institutional Review Board Statement
Informed Consent Statement
Data Availability Statement
Acknowledgments
Conflicts of Interest
References
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Variable Type | Variable Name | Symbol | Description |
---|---|---|---|
Dependent Variable | Return on Assets | ROA | Return on Assets = Net Income/Total Assets |
Independent Variable | Carbon Disclosure | CDLI | Carbon Disclosure Leader Index |
Control Variable | Net Profit Margin | NPM | Net Profit Margin = Net Profit/Sales Revenue |
Debt to Asset Ratio | LEV | Debt to Asset Ratio = Debt/Total Assets | |
Enterprise Scale | SIZE | Enterprise Scale = lnTotal Assets | |
Growth Rate of Total Operating Income | GR | Growth Rate of Total Operating Income = (Current Period Gross Operating Income – Previous Period Gross Operating Income) /Current Period Gross Operating Income | |
Grouping Variable | Whether belongs to carbon intensive industry | IND | 1 for carbon-intensive industries and 0 for non-carbon-intensive industries |
Category | Quantity | Proportion |
---|---|---|
Energy | 112 | 14.89% |
Industrial | 80 | 10.64% |
Materials | 88 | 11.70% |
Public Utilities | 40 | 5.32% |
Consumer Discretionary | 40 | 5.32% |
Consumer staples | 56 | 7.45% |
Finance | 160 | 21.28% |
Health Care | 80 | 10.64% |
Information Technology | 64 | 8.51% |
Telecommunication services | 32 | 4.26% |
Total | 752 | 100% |
Minimum | Maximum | Average Value | Standard Deviation | |
---|---|---|---|---|
ROA | −0.2122 | 0.3344 | 0.0883 | 0.0741 |
CDLI | 25.0000 | 100.0000 | 80.8546 | 14.1486 |
NPM | −0.8475 | 0.4107 | 0.1102 | 0.1162 |
LEV | 0.1578 | 0.9747 | 0.6472 | 0.2057 |
SIZE | 22.4130 | 28.6619 | 25.1815 | 1.4681 |
GR | −0.3216 | 2.9728 | 0.0913 | 0.2342 |
Minimum | Maximum | Average Value | Standard Deviation | |
---|---|---|---|---|
ROA | −0.2122 | 0.3344 | 0.0938 | 0.0698 |
CDLI | 34.0000 | 99.0000 | 79.1833 | 14.3732 |
NPM | −0.8475 | 0.4107 | 0.0841 | 0.1443 |
LEV | 0.2654 | 0.9549 | 0.5741 | 0.1404 |
SIZE | 23.1833 | 27.2987 | 24.7454 | 0.8002 |
GR | −0.3216 | 2.9728 | 0.1224 | 0.3147 |
Minimum | Maximum | Average Value | Standard Deviation | |
---|---|---|---|---|
ROA | −0.0928 | 0.3220 | 0.0843 | 0.0771 |
CDLI | 25.0000 | 100.0000 | 82.0926 | 13.8948 |
NPM | −0.1051 | 0.3551 | 0.1295 | 0.0855 |
LEV | 0.1578 | 0.9747 | 0.7013 | 0.2287 |
SIZE | 22.4130 | 28.6619 | 25.5046 | 1.7441 |
GR | −0.2643 | 1.0015 | 0.0683 | 0.1459 |
IND | N | Average | Standard Deviation | Standard Error of Mean | |
---|---|---|---|---|---|
ROA | 1 | 320 | 0.0938 | 0.0698 | 0.0064 |
0 | 432 | 0.0843 | 0.0771 | 0.0061 | |
CDLI | 1 | 320 | 79.1833 | 14.3732 | 1.3121 |
0 | 432 | 82.0926 | 13.8948 | 1.0917 |
IND = 1 | IND = 0 | Difference in Mean | t | Sig. | |
---|---|---|---|---|---|
ROA | 0.0938 | 0.0843 | 0.0095 | 1.08 | 0.2800 |
CDLI | 79.1833 | 82.0926 | −2.9093 | −1.71 | 0.0880 |
ROA | CD | NPM | LEV | SIZE | GR | |
---|---|---|---|---|---|---|
ROA | 1 | |||||
CDLI | −0.1563 | 1 | ||||
NPM | 0.6409 ** | −0.1401 | 1 | |||
LEV | −0.3000 ** | 0.2527 ** | −0.0694 | 1 | ||
SIZE | −0.1645 | 0.0295 | −0.0282 | 0.3438 ** | 1 | |
GR | 0.2158 * | −0.2912 ** | 0.1346 | −0.0175 | 0.0131 | 1 |
ROA | CD | NPM | LEV | SIZE | GR | |
---|---|---|---|---|---|---|
ROA | 1 | |||||
CDLI | −0.1889 * | 1 | ||||
NPM | 0.4797 ** | −0.2718 ** | 1 | |||
LEV | −0.5098 ** | 0.2329 ** | −0.2757 ** | 1 | ||
SIZE | −0.7362 ** | 0.3399 ** | −0.2357 ** | 0.7357 ** | 1 | |
GR | 0.1338 | −0.0356 | 0.1049 | −0.2178 ** | −0.1723 * | 1 |
Variable | Coefficient | t-Value | p-Value |
---|---|---|---|
CDLI | 0.0157 | 0.48 | 0.6330 |
NPM | 0.2940 *** | 7.83 | 0.0000 |
LEV | −0.1194 *** | −2.68 | 0.0090 |
SIZE | −0.00589 | −0.86 | 0.3900 |
GR | 0.03107 *** | 3.26 | 0.0010 |
Constant term | 0.26702 | 1.54 | 0.1270 |
Adjusted R2 | 0.4761 | ||
F−statistic of the model | 15.18 | ||
Sig. | 0.0000 | ||
Number of samples | 320 |
Variable | Coefficient | t−Value | p−Value |
---|---|---|---|
CDLI | 0.0009 *** | 3.39 | 0.0010 |
NPM | 0.3362 *** | 6.50 | 0.0000 |
LEV | 0.0529 * | 1.75 | 0.0830 |
SIZE | −0.0361 *** | −8.08 | 0.0000 |
GR | −0.0034 | −0.13 | 0.8990 |
Constant term | 0.8556 *** | 9.47 | 0.0000 |
Adjusted R2 | 0.6600 | ||
F−statistic of the model | 58.77 | ||
Sig. | 0.0000 | ||
Number of samples | 432 |
Variable | Coefficient | t-Value | p-Value |
---|---|---|---|
CDLI | 0.0008 *** | 2.99 | 0.0030 |
NPM | 0.2644 *** | 5.39 | 0.0000 |
LEV | 0.0615 * | 1.97 | 0.0510 |
SIZE | −0.0367 *** | −7.84 | 0.0000 |
GR | −0.0229 | −0.71 | 0.4810 |
Constant term | 0.8768 *** | 9.19 | 0.0000 |
Adjusted R2 | 0.6034 | ||
F-statistic of the model | 51.88 | ||
Sig. | 0.0000 | ||
Number of samples | 432 |
Model | Number of Samples | Sig. | Adjusted R2 | Variable | Coefficient | t-Value | p-Value |
---|---|---|---|---|---|---|---|
Model 1 | 752 | 0.0000 | 0.5537 | CDLI | 0.0003 | 1.40 | 0.1630 |
Variable | Model 1 | Model 2 | |
---|---|---|---|
IND = 1 | IND = 0 | IND = 0 | |
CDLI | 0.0005 (0.83) | −0.0008 (−0.23) | 0.0023 ** (2.42) |
NPM | 0.5679 *** (3.97) | 0.8411 *** (4.62) | 0.7596 *** (5.16) |
LEV | 0.5662 *** (2.84) | 0.8613 *** (5.17) | 0.8378 *** (5.50) |
SIZE | −0.0287 ** (−2.05) | −0.1236 *** (−6.99) | −0.1387 *** (−6.68) |
GR | 0.0346 ** (2.11) | −0.0154 (−0.22) | −0.1250 (−1.47) |
Constant term | 0.4468 (1.37) | 2.7141 *** (6.63) | 2.8638 *** (6.88) |
Adjusted R2 | 0.3764 | 0.2958 | 0.4827 |
F-statistic of the model | 4.85 | 17.77 | 18.78 |
Sig. | 0.0005 | 0.0000 | 0.0000 |
Number of samples | 320 | 432 | 432 |
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Lu, W.; Zhu, N.; Zhang, J. The Impact of Carbon Disclosure on Financial Performance under Low Carbon Constraints. Energies 2021, 14, 4126. https://doi.org/10.3390/en14144126
Lu W, Zhu N, Zhang J. The Impact of Carbon Disclosure on Financial Performance under Low Carbon Constraints. Energies. 2021; 14(14):4126. https://doi.org/10.3390/en14144126
Chicago/Turabian StyleLu, Wenting, Naiping Zhu, and Jing Zhang. 2021. "The Impact of Carbon Disclosure on Financial Performance under Low Carbon Constraints" Energies 14, no. 14: 4126. https://doi.org/10.3390/en14144126