As global concerns over climate change intensify, carbon information disclosure has emerged as a critical factor influencing firm value. However, the relationship between carbon information disclosure and firm value remains inconclusive in the existing literature, particularly within the context of China’s evolving environmental policies. This study investigates the impact of carbon information disclosure on firm value while examining the moderating role of green innovation and the moderating moderated effect of environmental regulation. Drawing on stakeholder theory, resource-based theory, and institutional theory, this study constructs a comprehensive research framework and employs panel data regression analysis on a sample of 1753 firm ten-year observations from A-share listed companies in China between 2013 and 2022. The results reveal that carbon information disclosure significantly enhances firm value, and green innovation positively moderates this relationship. Furthermore, environmental regulation strengthens the moderating effect of green innovation, acting as a leverage effect that amplifies the financial benefits of carbon information disclosure. These findings highlight the importance of integrating regulatory policies with corporate sustainability strategies. This study contributes to the literature by providing empirical evidence on the synergistic effects of carbon information disclosure, green innovation, and environmental regulation, offering insights for sustainable corporate development.

This study investigates how firms in emerging markets respond to climate policy risk, with a particular focus on the dynamic role of green innovation in shaping carbon information disclosure. Using a difference-in-differences (DID) framework, we examine the impact of China’s 2018 carbon reporting policy, which represents an institutionally significant but non-mandatory regulatory intervention, on the disclosure behaviors of A-share listed firms from 2013 to 2022. The results show that the policy significantly increased firms’ attention to carbon information disclosure, especially among those with limited green innovation capacity. In contrast, firms with stronger innovation capabilities exhibited more stable disclosure practices, suggesting a buffering effect against regulatory uncertainty. Further analysis reveals that the moderating effect of green innovation changes over time, as innovation-oriented firms gradually adjust their disclosure strategies in response to evolving policy expectations. These findings highlight green innovation as a key internal resource that enables firms to strategically adapt to climate policy risks. This study contributes to the literature on climate risk management and corporate sustainability by providing empirical evidence on how dynamic capabilities shape disclosure outcomes and risk management strategies under changing regulatory conditions.

This study examines the causal and dynamic effects of carbon information disclosure on firm value, using a policy-driven setting in China’s carbon-intensive industries. In 2018, the Ministry of Ecology and Environment implemented a regulatory policy requiring internal carbon accounting and third-party verification for carbon-intensive enterprises, without mandating public disclosure. This exogenous policy shock offers a quasi-natural experiment to investigate how firms in carbon-intensive industries respond to environmental mandates through voluntary disclosure and how such disclosure affects their market valuation. Employing a difference-in-differences framework combined with two-stage least squares estimation, we identify a significant increase in carbon information disclosure following the policy intervention. This disclosure leads to a positive and growing effect on firm value, particularly when sustained over multiple years. Moreover, the valuation effect is moderated by regional environmental regulation: firms in areas with lower enforcement intensity benefit more from disclosure, as the signal is perceived to be more voluntary and credible. These findings provide robust causal evidence on the role of carbon information disclosure in shaping market outcomes under regulatory pressure. The study contributes to the literature on environmental regulation and corporate financial behavior in emerging markets.

Objective: This study aims to investigate the value effects of carbon information disclosure, with the goal of understanding its motivations, influencing factors, and consequences. As corporate environmental sustainability and low-carbon transitions gain global attention, carbon information disclosure serves as a key mechanism for organisations to fulfil their environmental commitments, aligning with SDG 13 Climate Action. Theoretical Framework: This study is grounded in stakeholder theory and signalling theory, which provide a solid foundation for understanding how carbon information disclosure influences firm value. These theoretical perspectives help explain how enterprises respond to external pressures and use disclosure as a strategic tool to signal environmental responsibility. Method: A systematic literature review was conducted, screening and analysing 81 papers to synthesise existing research on carbon information disclosure. The review process involved identifying relevant studies, categorising key findings, and examining the empirical evidence supporting the relationship between carbon information disclosure and firm value. Results and Discussion: The findings reveal that carbon information disclosure has significant value effects, influenced by factors such as regulatory pressures, market expectations, and corporate governance. The discussion contextualises these findings within the theoretical framework, highlighting the complexities of disclosure practices and their implications for firms. Limitations and potential research gaps are also considered. Research Implications: The study offers both theoretical and practical contributions by providing insights into how carbon information disclosure can enhance firm value and inform corporate sustainability strategies. Policymakers, investors, and business leaders can leverage these findings to improve disclosure practices and regulatory frameworks, thus supporting the achievement of SDG 13 Climate Action. Originality/Value: This study contributes to the literature by systematically analysing the value effects of carbon information disclosure, offering a comprehensive overview of its drivers and consequences. The findings provide a foundation for future research and inform sustainable corporate decision-making, supporting the global climate action agenda.

This study investigates how carbon information disclosure attention affects firm value in China’s carbon-intensive industries. The analysis emphasizes the constraint-to-breakthrough logic that characterizes the low-carbon transition. Existing studies report conflicting findings regarding the value implications of carbon information disclosure attention. Limited research explains why it may simultaneously reflect both sustainability orientation and transition burden. The study measures disclosure attention with a text-mining index, green innovation with patent data, and environmental regulation with regional investment indicators. The dataset covers A-share listed firms from 2013 to 2022. The analysis employs multi-dimensional fixed effects models, robustness checks, and dynamic estimations to ensure reliable inference. Findings indicate that carbon information disclosure enhances firm value, although investors initially perceive it as a signal of compliance burden and transition pressure. Green innovation further strengthens the relationship between carbon information disclosure and firm value. It does so by helping firms transform carbon information disclosure attention from symbolic compliance into substantive strategic adaptation. Environmental regulation does not directly moderate the relationship between disclosure and firm value. However, it indirectly reinforces this relationship by stimulating innovation and increasing firms’ incentives to pursue sustainable transformation. This study advances the literature by reconceptualizing carbon information disclosure as a form of managerial attention with dual implications for firm value and by clarifying the interaction between disclosure, innovation, and regulation. The findings also provide policy implications that regulators should combine compliance requirements with innovation incentives, and firms should leverage environmental pressures to support sustainable competitiveness.