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Information or power? Financial infrastructure and carbon information disclosure

Author

Listed:
  • Wu, Yuhui
  • Tian, Yanan
  • Han, Jie
  • Zhang, Zhilun

Abstract

Using a sample of Chinese bond issuers from 2013 to 2022, we examine the impact of the China Central Depository & Clearing Co., Ltd.'s (CCDC) release of the Green Bond Environmental Benefit Information Disclosure Indicator System (EBIS) on the carbon disclosure of green-oriented issuers. We find that the EBIS release significantly increases carbon disclosure by green-oriented issuers, primarily through information sharing and informal regulatory pressure. The positive relationship is stronger for issuers with high financing needs, greater informal environmental oversight, and stricter formal environmental regulations. Additionally, the EBIS reduces risk premiums for green-oriented bonds and increases holdings by green investors. However, the EBIS also crowds out other disclosures and employee welfare. Finally, we find that carbon disclosure by green-oriented issuers contributes to greater divergence in ESG ratings. Our findings highlight the critical role of financial infrastructure in promoting corporate carbon disclosure.

Suggested Citation

  • Wu, Yuhui & Tian, Yanan & Han, Jie & Zhang, Zhilun, 2025. "Information or power? Financial infrastructure and carbon information disclosure," International Review of Financial Analysis, Elsevier, vol. 106(C).
    • Handle: RePEc:eee:finana:v:106:y:2025:i:c:s1057521925006222
    DOI: 10.1016/j.irfa.2025.104535
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    JEL classification:

    • G30 - Financial Economics - - Corporate Finance and Governance - - - General
    • G12 - Financial Economics - - General Financial Markets - - - Asset Pricing; Trading Volume; Bond Interest Rates
    • E51 - Macroeconomics and Monetary Economics - - Monetary Policy, Central Banking, and the Supply of Money and Credit - - - Money Supply; Credit; Money Multipliers
    • Q56 - Agricultural and Natural Resource Economics; Environmental and Ecological Economics - - Environmental Economics - - - Environment and Development; Environment and Trade; Sustainability; Environmental Accounts and Accounting; Environmental Equity; Population Growth

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