Carbon information disclosure of enterprises and their value creation through market liquidity and cost of equity capital

Purpose: Drawing on asymmetric information and stakeholder theories, this paper investigates two mechanisms, namely market liquidity and cost of equity capital, by which the carbon information disclosure of enterprises can benefit their value creation. Design/methodology/approach: In this research, web crawler technology is employed to study the link between carbon information disclosure and enterprises value creation，and the carbon information data are provided by all companies listed in Chinese A-share market Findings: The results show that carbon information disclosure have significant positive influence on enterprise value creation, which is embodied in the relationship between carbon information disclosure quantity, depth and enterprise value creation, and market liquidity and cost of equity capital play partially mediating role in it, while the influence of carbon information disclosure quality and concentration on enterprise value creation are not significant in statistics. Research limitations/implications: This paper explains the influence path and mechanism between carbon information disclosure and enterprise value creation deeply, answers the question of whether carbon information disclosure affects enterprise value creation or not in China.Practical implications: This paper finds that carbon information disclosure contributes positively to enterprise value creation suggests that managers can reap more financial benefits by disclosing more carbon information and investing carbon emissions management. So, managers in the enterprises should strengthen the management of carbon information disclosure behavior. Originality/value: The paper gives a different perspective on the influence of carbon information disclosure on enterprise value creation, and suggests a new direction to understand carbon information disclosure behavior.Peer Reviewe

Carbon information disclosure of enterprises and their value creation through market liquidity and cost of equity capital

Purpose: Drawing on asymmetric information and stakeholder theories, this paper investigates two mechanisms, namely market liquidity and cost of equity capital, by which the carbon information disclosure of enterprises can benefit their value creation. Design/methodology/approach: In this research, web crawler technology is employed to study the link between carbon information disclosure and enterprises value creation，and the carbon information data are provided by all companies listed in Chinese A-share market Findings: The results show that carbon information disclosure have significant positive influence on enterprise value creation, which is embodied in the relationship between carbon information disclosure quantity, depth and enterprise value creation, and market liquidity and cost of equity capital play partially mediating role in it, while the influence of carbon information disclosure quality and concentration on enterprise value creation are not significant in statistics. Research limitations/implications: This paper explains the influence path and mechanism between carbon information disclosure and enterprise value creation deeply, answers the question of whether carbon information disclosure affects enterprise value creation or not in China.Practical implications: This paper finds that carbon information disclosure contributes positively to enterprise value creation suggests that managers can reap more financial benefits by disclosing more carbon information and investing carbon emissions management. So, managers in the enterprises should strengthen the management of carbon information disclosure behavior. Originality/value: The paper gives a different perspective on the influence of carbon information disclosure on enterprise value creation, and suggests a new direction to understand carbon information disclosure behavior.Peer Reviewe

Double Effects of Environmental Regulation on Carbon Emissions in China: Empirical Research Based on Spatial Econometric Model

This paper theoretically analyzes the direct impact of environmental regulation on carbon emissions and its indirect effects on carbon emissions through foreign direct investment (FDI), energy consumption, industrial structure, and technological innovation. Then, this paper constructs a spatial lag model to empirically test the dual effects of environmental regulation on carbon emissions based on the provincial panel data of 2003–2017 in China. The results show that the average Moran’s I value of carbon emissions during 2003–2017 is 0.2506, passing the significance test at 1% level, and carbon emissions have spatial correlation characteristics. The direct impact of environmental regulation on carbon emissions is significant and positive. Environmental regulation could indirectly influence carbon emissions by influencing FDI, energy consumption, and technological innovation, and meanwhile, FDI, energy consumption, and technological innovation help to reduce carbon emissions under the constraint of environmental regulation, specifically. However, the impact of environmental regulation on carbon emissions through industrial structure is not significant

Green Credit Financing and Emission Reduction Decisions in a Retailer-Dominated Supply Chain with Capital Constraint

In the context of low-carbon transformation, many small and medium-sized suppliers face financial difficulties. How to encourage and motivate capital-constrained suppliers to implement low-carbon strategies has become an important problem. There is a lack of quantitative research on green financing problems in the supply chain, especially considering the bank’s green credit financing (GCF) with discounted interest rates related to a low-carbon level. This paper formulates a Stackelberg game model to analyze the green financing and emission reduction decisions of a retailer-dominated supply chain consisting of one capital-constrained supplier and one capital-sufficient retailer. The retailer’s environmental purchasing requirement is considered. The result shows that the retailer’s procurement requirement cannot always motivate the capital-constrained supplier to improve their emission reduction rate. The mixed credit mode, which includes the bank’s GCF and the retailer’s partial prepayment, can help relieve the financing pressure of the capital-constrained supplier. It is found that the GCF at a discounted interest rate can effectively improve the supplier’s emission reduction enthusiasm. This paper tries to provide some meaningful insights for the government and supply chain members when making sustainable strategies

Green Credit Financing and Emission Reduction Decisions in a Retailer-Dominated Supply Chain with Capital Constraint

In the context of low-carbon transformation, many small and medium-sized suppliers face financial difficulties. How to encourage and motivate capital-constrained suppliers to implement low-carbon strategies has become an important problem. There is a lack of quantitative research on green financing problems in the supply chain, especially considering the bank’s green credit financing (GCF) with discounted interest rates related to a low-carbon level. This paper formulates a Stackelberg game model to analyze the green financing and emission reduction decisions of a retailer-dominated supply chain consisting of one capital-constrained supplier and one capital-sufficient retailer. The retailer’s environmental purchasing requirement is considered. The result shows that the retailer’s procurement requirement cannot always motivate the capital-constrained supplier to improve their emission reduction rate. The mixed credit mode, which includes the bank’s GCF and the retailer’s partial prepayment, can help relieve the financing pressure of the capital-constrained supplier. It is found that the GCF at a discounted interest rate can effectively improve the supplier’s emission reduction enthusiasm. This paper tries to provide some meaningful insights for the government and supply chain members when making sustainable strategies

Carbon information disclosure of enterprises and their value creation through market liquidity and cost of equity capital

Purpose: Drawing on asymmetric information and stakeholder theories, this paper investigates two mechanisms, namely market liquidity and cost of equity capital, by which the carbon information disclosure of enterprises can benefit their value creation. Design/methodology/approach: In this research, web crawler technology is employed to study the link between carbon information disclosure and enterprises value creation，and the carbon information data are provided by all companies listed in Chinese A-share market Findings: The results show that carbon information disclosure have significant positive influence on enterprise value creation, which is embodied in the relationship between carbon information disclosure quantity, depth and enterprise value creation, and market liquidity and cost of equity capital play partially mediating role in it, while the influence of carbon information disclosure quality and concentration on enterprise value creation are not significant in statistics. Research limitations/implications: This paper explains the influence path and mechanism between carbon information disclosure and enterprise value creation deeply, answers the question of whether carbon information disclosure affects enterprise value creation or not in China.Practical implications: This paper finds that carbon information disclosure contributes positively to enterprise value creation suggests that managers can reap more financial benefits by disclosing more carbon information and investing carbon emissions management. So, managers in the enterprises should strengthen the management of carbon information disclosure behavior. Originality/value: The paper gives a different perspective on the influence of carbon information disclosure on enterprise value creation, and suggests a new direction to understand carbon information disclosure behavior

Regional Difference in Spatial Effects: A Theoretical and Empirical Study on the Environmental Effects of FDI and Corruption in China

Environmental pollution has aroused extensive concern worldwide in recent years. Existing studies on the relationship between foreign direct investment (FDI) and environmental pollution have, however, paid little attention to spatial effects and regional corruption’s environmental performance from a spatial perspective. To address this gap, we investigate the spatial agglomeration effects of environmental pollution in China and the environmental effects of FDI and regional corruption using spatial econometric analysis method. The results indicate significant spatial agglomeration effects in environmental pollution. The results of spatial panel data models reveal that the estimation coefficient of FDI is significantly negative, and FDI inflows reduce China’s environmental pollution. Regional corruption is shown to increase environmental pollution, thereby contributing further to environmental degradation. The interaction coefficient of FDI and regional corruption is significantly positive, indicating that regional corruption reduces the environmental benefits derived from FDI. In addition, regional differences in spatial effects verify that regional corruption also reduces the environmental performance of FDI in the central region. Meanwhile, regional corruption increases the environmental aggravation effects of FDI in the eastern region but weakens it in the western region. Our findings lead to some policy recommendations with regard to environmental protection and pollution control

Efficacy and safety of minimal invasive surgery treatment in hypertensive intracerebral hemorrhage: a systematic review and meta-analysis

Abstract Background Recently, minimal invasive surgery (MIS) has been applied as a common therapeutic approach for treatment of hypertensive intracerebral hemorrhage (HICH). However, the efficacy and safety of MIS is still controversial compared with conservative medical treatment or conventional craniotomy. This meta-analysis aimed to systematically assess the safety and efficacy of MIS compared with conservative method and craniotomy in treating HICH patients. Methods PubMed, Embase, Web of Science, and Cochrane Controlled Trials Register were used to identify relevant studies on MIS treatment of HICH up to November 2017. This study evaluated Glasgow Outcome Scale (GOS) score, Activities of Daily Living (ADL) score, pulmonary infection rate, mortality rate, and rebleeding rate for patients who underwent MIS, or conservative method, or craniotomy. Subgroup analyses were performed to compare randomization versus non-randomization and large hematoma versus small or mild hematoma. Begg’s test and Egger’s test were used to determine the potential presence of publication bias. Results Sixteen studies consisting of 1912 patients were included in this study to compare the efficacy and safety of MIS to conservative method or craniotomy. MIS contributed to a significant improvement on the prognosis of the patients comparing with conservative group or craniotomy group. Patients undergoing MIS had a lower mortality rate when compared to those receiving conservative method. Also, MIS led to a notable reduction of rebleeding rate and an effective improvement of the patient’s quality of life by contrast with craniotomy. No obvious difference was found in terms of the pulmonary infection rate among the comparisons of three treatment methods. Randomization is not the potential source of heterogeneity, but hematoma volume may be a risk factor for post-operative mortality rate. No statistical evidence of publication bias among studies was found under most of comparison models. Conclusion This meta-analysis suggests that minimal invasive surgery is an efficient and safe method for the treatment of hypertensive intracerebral hemorrhage, which is associated with a low mortality rate and rebleeding rate, as well as a significant improvement of the prognosis and the quality life of patients when compared with conservative medical treatment or craniotomy