000			01859nam a22002777a 4500
003			ZW-GwMSU
005			20210413091329.0
008			210413b ||||| |||| 00| 0 eng d
022			_a2169-7221
040			_aMSU _cMSU _erda
100	1		_aHe Yu _eauthor
245	1	0	_aCarbon disclosure,carbon perfomance,and cost of capital
264			_aOxon: _bTaylor and Francis _c2013.
336			_2rdacontent _atext _btxt
337			_2rdamedia _aunmediated _bn
338			_2rdacarrier _avolume _bnc
440			_aChina Journal of Accounting Studies _vVolume 1 , number 3-4 ,
520			_aMore and more firms are voluntarily disclosing carbon information as a response to the challenge of climate change. This research investigated the interactions among carbon disclosure, carbon performance, and the cost of capital. Because unobservable overall strategic decisions by management affect each of these outcomes and phenomena, we used a simultaneous equations model to analyse our data. We used data from S&P 500 firms that participated in the Carbon Disclosure Project (CDP) in 2010. We found that the cost of capital is negatively associated with carbon disclosure, which is consistent with voluntary disclosure theory. This relationship is weaker for firms with good carbon performance. In addition, there is an inverse relationship between carbon disclosure and carbon performance, which is consistent with legitimacy theory. Our results suggest that voluntary carbon disclosure is a rational choice that firms make to reduce the pressure exerted by legitimacy threats and to lower the cost of capital.
650	4		_aCarbon disclosure
650	4		_aCarbon performance
650	4		_aCost of capital
700	1		_aTang Qingliang _eauthor
700	1		_aWang Kaitian _eauthor
856			_uhttps://doi.org/10.1080/21697221.2014.855976
942			_2lcc _cJA
999			_c156508 _d156508