Purpose

In this study, the authors examine the relationships between market-based regulations and corporate carbon disclosure and carbon performance. The authors also investigate whether these relationships vary across emission-intensive and non-emission intensive industries.

Design/methodology/approach

The study sample consists of the world's 500 largest companies across most major industries over a recent five-year period. Country-specific random effect multiple regression analysis is used to test empirical models that predict relationships between market-based regulations and carbon disclosure and carbon performance.

Findings

Results indicate that market-based regulations significantly and positively affect corporate carbon performance. However, market-based regulations do not significantly affect corporate carbon disclosure. This study also finds that the association between regulatory pressures and carbon disclosure and carbon performance varies across emission-intensive and non-emission-intensive industries.

Research limitations/implications

The findings of this study have key implications for policymakers, practitioners and future researchers in terms of understanding the factors that drive businesses to increase their carbon performance and disclosure. The study sample consists of only large firms, and future researchers can undertake similar studies with small and medium-sized firms.

Practical implications

The results of this study are expected to help business managers to identify the benefits of adopting market-based regulations. Regulators can use this study’s results to evaluate if market-based regulations effectively improve corporate carbon performance and disclosure. Furthermore, stakeholders may use this study to evaluate and improve their businesses' reporting of carbon disclosure and performance.

Originality/value

In contrast to current literature that has used command and control regulations as a proxy for regulation, this study uses market-based regulations as a proxy for climate change regulations. In addition, this study uses a more comprehensive measure of carbon disclosure and carbon performance compared to the previous studies. It also uses global multi-sector data from carbon disclosure project (CDP) in contrast to most current studies that use national data from annual reports of sample firms of specific sectors.

中文翻译：

---

基于市场的监管对企业碳披露和碳绩效的影响：全球证据

目的

在这项研究中，作者研究了基于市场的法规与企业碳披露和碳绩效之间的关系。作者还调查了这些关系是否因排放密集型和非排放密集型行业而异。

设计/方法/途径

研究样本包括最近五年中大多数主要行业的世界 500 强公司。特定国家/地区的随机效应多元回归分析用于测试预测基于市场的法规与碳披露和碳绩效之间关系的经验模型。

发现

结果表明，基于市场的监管对企业碳绩效有显着和积极的影响。然而，基于市场的监管不会显着影响企业碳披露。这项研究还发现，监管压力与碳披露和碳绩效之间的关联因排放密集型和非排放密集型行业而异。

研究局限性/影响

这项研究的结果对决策者、从业者和未来的研究人员在理解推动企业提高碳绩效和披露的因素方面具有重要意义。研究样本仅由大公司组成，未来的研究人员可以对中小型公司进行类似的研究。

实际影响

这项研究的结果有望帮助企业经理确定采用基于市场的法规的好处。监管机构可以使用这项研究的结果来评估基于市场的监管是否有效地改善了企业的碳绩效和信息披露。此外，利益相关者可以使用这项研究来评估和改进他们企业的碳披露和绩效报告。

原创性/价值

与使用命令和控制法规作为监管代理的当前文献相比，本研究使用基于市场的法规作为气候变化法规的代理。此外，与之前的研究相比，本研究使用了更全面的碳披露和碳绩效衡量标准。它还使用来自碳披露项目 (CDP) 的全球多部门数据，与大多数当前使用来自特定部门样本公司年度报告的国家数据的研究形成对比。