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Carbon reduction consciousness, determinants and value of low-carbon transition: Evidence from textual and empirical analysis of Chinese listed manufacturing enterprises

Author

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  • Bian, Huabin
  • Jin, Fei
  • Tong, Xinle

Abstract

In this paper, we first construct a carbon reduction consciousness score using a textual analysis method, applied to annual reports of Chinese manufacturing enterprises from 2006 to 2021. Then, we categorize the low-carbon transition level of enterprises based on content analysis to analyze its determinants and value. We find that carbon reduction consciousness can facilitate low-carbon transition level. Meanwhile, larger and state-owned enterprises are more likely to implement low-carbon transition. Furthermore, we observe that implementing low-carbon transition creates enterprise value, and the effect is stronger for non-state-owned enterprises and sub-samples from 2016 to 2021. In mechanism analysis, we find that a higher low-carbon transition level promotes the increase of research and development (R&D) investment to generate enterprise value. Our study provides theoretical support for strengthening dynamic management of enterprise low-carbon emission reduction process to achieve carbon neutrality and emission peak goals.

Suggested Citation

  • Bian, Huabin & Jin, Fei & Tong, Xinle, 2023. "Carbon reduction consciousness, determinants and value of low-carbon transition: Evidence from textual and empirical analysis of Chinese listed manufacturing enterprises," International Review of Economics & Finance, Elsevier, vol. 88(C), pages 1301-1323.
    • Handle: RePEc:eee:reveco:v:88:y:2023:i:c:p:1301-1323
    DOI: 10.1016/j.iref.2023.07.061
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    More about this item

    Keywords

    Carbon reduction consciousness; Low-carbon transition; Enterprise value; Textual analysis;
    All these keywords.

    JEL classification:

    • G32 - Financial Economics - - Corporate Finance and Governance - - - Financing Policy; Financial Risk and Risk Management; Capital and Ownership Structure; Value of Firms; Goodwill
    • L60 - Industrial Organization - - Industry Studies: Manufacturing - - - General
    • Q55 - Agricultural and Natural Resource Economics; Environmental and Ecological Economics - - Environmental Economics - - - Environmental Economics: Technological Innovation

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