The Impact of Carbon Disclosure on Corporate Financial Performance: Empirical Evidence from China
DOI:
https://doi.org/10.55959/MSU2070-1381-113-2025-205-218Keywords:
Carbon disclosure, carbon performance, financial performance, highly polluting industries, sustainable development, China.Abstract
The increase in greenhouse gas emissions has become one of the main causes of global warming, prompting a transition toward a low-carbon economic model. In the context of this transformation, carbon disclosure has gained strategic importance, serving as a key instrument in combating climate change. China, in actively promoting the concept of green development, encourages enterprises to enhance their level of environmental transparency. This study is based on data from Chinese companies in highly polluting industries listed on the Shanghai and Shenzhen stock exchanges (A-shares) during the period from 2015 to 2020. The aim of the research is to empirically assess the impact of carbon disclosure on corporate financial performance, as well as to examine the mediating role of carbon performance in this relationship. The analysis results show that carbon disclosure has a positive impact on firms’ market performance. Moreover, carbon performance partially mediates this effect, confirming the existence of indirect influence channels through environmental indicators. These findings are of high practical relevance and can serve as a foundation for developing corporate sustainability strategies, optimizing carbon management systems, and improving mechanisms for corporate environmental information disclosure.
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