The Influencing Mechanism of Carbon Disclosure on Financial Performance——“Inverted U-shaped” Moderating Role of Media Governance

Abstract

Abstract:

As global warming continues to attract worldwide attention, carbon emission has become one of the important indicators to measure the quality of economic growth. Carbon disclosure and its impact on the financial performance have been a research focus in recent years. However, the visibility of carbon information is relatively low and the existing researches almost focus on the direct relationship between carbon disclosure and financial performance, with little attention to the role of the media in it. This paper analyzes the influencing mechanism of carbon disclosure on financial performance and the moderating role of the media on the relationship. This research shows that:(1) Carbon disclosure has a significant positive influence on return on assets (ROA) and return on equity (ROE); (2) Different from previous findings, this paper finds that the media has insignificant linear moderating effect, but a significant "inverted U-shaped" moderating effect on the positive relationship between carbon disclosure and the financial performance.

Key words: carbon disclosure, media governance, financial performance, "inverted U-shaped", moderating role

Wen Subin, Zhou Liuliu. The Influencing Mechanism of Carbon Disclosure on Financial Performance——“Inverted U-shaped” Moderating Role of Media Governance[J]. , 2017, 29(11): 183-195.

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