Can carbon commitments enhance the consistency of carbon disclosure and carbon performance? A natural experiment based on China's carbon neutrality commitment

Increasing the consistency between corporate carbon disclosures and carbon performance is essential for combating climate change. This study utilizes China’s 2020 carbon neutrality commitment as a natural experiment. Employing a difference-in-differences (DID) methodology, the research examines how carbon commitments influence the consistency of corporate carbon disclosure and carbon performance. The findings indicate that carbon commitments significantly enhance both carbon disclosure and carbon performance, while also fostering greater consistency between the two. Mechanism analysis suggests that carbon commitments mainly promote consistency by influencing corporate executives’ green perceptions and attracting heightened external green attention. Additional analysis reveals that these effects are more pronounced in regions with stronger external regulatory pressures and in firms with robust internal controls, higher-quality financial disclosures, and more advanced digital transformations. These insights offer a deeper understanding of the policy effects of carbon commitments and the factors that influence corporate carbon governance.