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August 22, 2026Global Business Review

Carbon Emission Disclosure Quality and Corporate Default Risk: Evidence from China

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Authors

ZWZepeng WangJLJialin LiKZKexin Zhang

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Overview

Panel study demonstrates higher carbon emission disclosure quality reduces corporate default risk in listed firms, indicating that transparent sustainability reporting enhances financial stability.

Key Points

  • To investigate the effect of carbon emission disclosure quality on corporate default risk and determine the mediating roles of financialization, operational risk, and green governance.
  • Analyzed an empirical panel dataset of A-share listed firms in China from 2013 to 2022.
  • Conducted mechanism and heterogeneity analyses evaluating firm financialization levels, operational risk, green innovation output, and green governance expenditures.
  • Higher carbon emission disclosure quality significantly correlates with reduced corporate default risk across multiple robustness specifications.
  • The default-risk mitigating effect is significantly more pronounced among firms with lower levels of financialization and lower operational risk.
  • Firms exhibiting higher green innovation activity and larger expenditures on green governance experience stronger risk reductions from high-quality disclosures.

Cite This Study

Wang et al. (2026) studied this question.

synapsesocial.com/papers/6a895ffeca7ade938187ef72https://doi.org/10.1177/09721509261474273
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Also Consider

Synapse has enriched 5 closely related papers on similar clinical questions. Consider them for comparative context:

  1. 1Carbon Information Disclosure and Firm Risk‐Taking: Evidence From China2026
  2. 2The quality of corporate carbon information disclosure and investment efficiency2026
  3. 3Inter-Provincial Differences and Influencing Factors of Carbon Information Disclosure in China: Empirical Evidence from Listed Firms in Low-Carbon Pilot Provinces and Cities2025
  4. 4Carbon Disclosure and Carbon Performance in Green Transition: An Empirical Study of Policy Regulation and Regional Differences2025 · 5 citations
  5. 5Can Climate Risk Disclosure Improve the Carbon Performance of High-Carbon Enterprises? Empirical Evidence from China2026