Mandatory climate change reporting is suggested as a mechanism for mitigating firms' climate change impact and, in particular, their carbon emissions. Although extant literature provides evidence of a negative association between the introduction of carbon reporting regulation and firms' carbon emissions, the literature on real effects of climate change reporting regulation is still in its infancy and has yet to provide evidence of the channels through which reporting regulation affects firms' real climate change-related activities. By adopting the theoretical framework of the targeted transparency action cycle, which describes the mechanism leading to the real effects of reporting regulation, we provide empirical evidence on how external pressures exerted on firms and internal policies adopted by them shape the effects of carbon reporting regulation on firms' actual carbon emissions. We take advantage of the 2013 amendments of the UK Companies Act 2006, which made the United Kingdom the first country in the world to require its listed firms to report carbon emissions in their annual reports, and we empirically show that, first, after the introduction of the new reporting regulation, firms exhibit significantly lower levels of carbon emissions; second, these effects are more prominent in firms under higher external pressure; and third, firms that engage with relevant climate change policies exhibit a much larger reduction of their carbon emissions after the regulation took effect.

中文翻译：

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碳报告监管：实际影响、外部压力和内部政策

建议将强制性气候变化报告作为减轻企业气候变化影响（特别是碳排放）的机制。尽管现有文献提供了碳报告监管的引入与企业碳排放之间负相关的证据，但有关气候变化报告监管实际影响的文献仍处于起步阶段，尚未提供报告监管渠道的证据。影响企业实际的气候变化相关活动。通过采用目标透明度行动周期的理论框架（描述了导致报告监管实际效果的机制），我们提供了经验证据，说明对企业施加的外部压力和企业采取的内部政策如何影响碳报告监管对企业的影响。企业实际碳排放量。我们利用 2006 年英国公司法 2013 年修正案，该修正案使英国成为世界上第一个要求其上市公司在年度报告中报告碳排放量的国家，我们实证表明，首先，在引入根据新的报告规定，企业的碳排放水平显着降低；其次，这些效应在外部压力较大的企业中更为突出；第三，参与相关气候变化政策的企业在法规生效后碳排放量减少幅度要大得多。