Voluntary environmental regulation and carbon information disclosure: evidence from the green factory certification in China
自主的環境規制と炭素情報開示：中国のグリーンファクトリー認証からのエビデンス (AI 翻訳)
Ping Zhang, Rui Xiang, Biao Shi
🤖 gxceed AI 要約
日本語
本論文は、中国のグリーンファクトリー認証を自然実験として、自主的環境規制が企業の炭素情報開示（CID）を向上させるかを検証。2010～2023年の中国A株上場企業を対象に多期間DID分析を実施。認証はCIDを有意に改善し、その経路として経営陣の環境意識向上、投資家・メディアの注目増加、グリーン投資・革新の促進が確認された。また、認証は形式的・実質的開示の両方を促進し、グリーンウォッシュを低減、実排出削減にも寄与する「トーク＆ウォーク」効果を示した。さらに、業界・都市・サプライチェーン下流への波及効果も確認。
English
This study uses China's Green Factory Certification as a quasi-natural experiment to examine whether voluntary environmental regulation improves corporate carbon information disclosure (CID). Analyzing Chinese A-share listed firms from 2010-2023 with a multi-period DID approach, the authors find that certification significantly enhances CID. Mechanism tests reveal three channels: heightened managerial green awareness, increased investor and media attention, and promotion of green investment and innovation. Certification also reduces greenwashing and actual emissions, supporting a 'talk-and-walk' governance effect, with positive spillovers to industry peers, city peers, and downstream supply-chain customers.
Unofficial AI-generated summary based on the public title and abstract. Not an official translation.
📝 gxceed 編集解説 — Why this matters
日本のGX文脈において
中国の自主的規制（グリーンファクトリー認証）が炭素情報開示に与える因果効果を実証した研究。日本ではSSBJや有報での気候関連開示が進む中、自主的認証制度の設計や開示促進策の参考となる。特に、認証が実質的な排出削減とグリーンウォッシュ抑制に寄与する「トーク＆ウォーク」効果は、日本の制度設計にも示唆を与える。
In the global GX context
This paper provides causal evidence on how voluntary environmental regulation (Green Factory Certification) enhances carbon disclosure in China. Globally, as ISSB and CSRD mandate broader climate disclosures, the study's findings on certification mechanisms, spillover effects, and greenwashing reduction are relevant for policymakers designing voluntary programs that complement mandatory disclosure. The 'talk-and-walk' governance effect offers a framework for evaluating the substance behind disclosure.
👥 読者別の含意
🔬研究者:Offers robust causal evidence on the effectiveness of voluntary certification for carbon disclosure, with detailed mechanism and spillover analyses.
🏢実務担当者:Highlights how voluntary certifications like green factory labels can improve carbon transparency and reduce greenwashing, useful for sustainability managers.
🏛政策担当者:Provides evidence that voluntary regulation with dynamic monitoring can effectively enhance carbon disclosure and reduce emissions, informing policy design.
📄 Abstract（原文）
This study examines whether voluntary environmental regulations enhance corporate carbon information disclosure (CID), an underexplored issue in carbon governance. Based on Chinese A-share listed firms from 2010 to 2023, we use green factory certification as a quasi-natural experiment and employ a multi-period difference-in-differences approach. Data were obtained from the CSMAR and CNRDS databases. The final sample consists of 4,966 firms, yielding 40,953 firm-year observations. Results show that certification significantly improves firms’ CID. Mechanism tests reveal three channels: stronger managerial and organizational green awareness, increased investor and media attention, and promoted green investment and innovation. Heterogeneity tests indicate the effect is stronger for firms in non-high-carbon industries, non-key-polluting firms, those in regions with cash incentives and those in areas with weaker low-carbon regulation. Certified firms that receive environmental penalties do not improve CID, verifying the effectiveness of post-certification dynamic monitoring. Furthermore, certification promotes both symbolic and substantive disclosure, reduces greenwashing and cuts real carbon emissions, supporting a ‘talk-and-walk’ governance effect. Certified firms also generate positive spillover effects, motivating industry peers, city peers and downstream supply-chain customers to enhance CID. This study offers causal evidence for voluntary environmental regulation in carbon governance and implications for incentivizing credible carbon disclosure.
🔗 Provenance — このレコードを発見したソース
- openalex https://doi.org/10.1080/00036846.2026.2698030first seen 2026-07-29 05:12:03
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