Could the corporate carbon information disclosure strategy influence a firm’s brand value, and how does corporate carbon information affect it? Previous research mainly examines the impact of ESG information disclosure on firm value and other financial indicators, but little research has focused on the effect of carbon information on brand value. This paper focuses on the influence of corporate carbon information disclosure on brand value, and we find that it positively impacts corporate brand value. In addition, when a company chooses to adopt a more quantitative and diverse carbon information strategy, it increases its brand value. We also examine the potential mechanisms involved in how corporate carbon information disclosure influences brand value. We focus on three types of factor: analyst rating, customer attitude, and corporate financial performance, and find that higher analyst forecasts and positive customer attitudes have a positive impact on the association between the carbon information strategy and corporate brand value. In contrast, corporate financial performance provides only weak evidence. These results are consistent with demands by users for more precise guidelines from regulators and standard-setters for measuring and disclosing carbon-related information.

This paper empirically investigates the heterogeneous impacts of the media sentiment about policies with different themes on the real estate market in China. Based on the policy texts collected from both official and unofficial sources, we construct sentiment indices to capture the sentiment about policies with different themes, including real estate policies, fiscal policies, monetary policies, land policies, healthcare policies, household registration policies, and education policies, using text mining methods. Mediation models and GARCH models are then established to examine the impact of these sentiment indices on the real estate market. The E-GARCH model is established to examine the asymmetric effect of positive and negative sentiment on real estate market. The results show the following: (1) The real estate market in China is more affected by the policy sentiment on official media compared with the unofficial ones. (2) Policy sentiment affects the real estate price through the mediating variables of interest rate, real estate construction area, and real estate sales. (3) The impacts of sentiment with different themes on the volatility of the real estate market are heterogeneous. (4) The impacts of policy sentiment on official media are more pronounced in a tight government-policy environment than those in a loose one. (5) The effect of negative unofficial media policies sentiment on real estate price is bigger than the positive unofficial media policies sentiment.