Silence vs. Catering: Carbon Information Disclosure Strategies and High-Quality Corporate Development

Abstract

A corporate carbon information disclosure strategy is essentially an environmental responsibility manifestation of “inconsistency between words and deeds”. It has two forms:, green “silence” and green “catering”, both of which restrict the externalization of green productivity and affect the high-quality development of enterprises. This study shows that ① there is a U-shaped relationship between carbon information disclosure strategies and the high-quality development of enterprises. Green “silence” positively affects the high-quality development of enterprises, and the impact of green “catering” on the high-quality development of enterprises changes from negative to positive. ② Green “silence” affects the high-quality development of enterprises by increasing R&D investment, reducing tax burdens, and intensifying financing constraints, while green “catering” affects the high-quality development of enterprises by decreasing R&D investment, increasing the tax burden, and easing financing constraints. ③ If the competition in the industry is fierce, the green “silence” strategy should be adopted. When there is monopoly in the industry, the green “catering” strategy is dominant. The findings of this study not only provide management suggestions for enterprises on how to correctly treat the carbon information disclosure strategies that have been implemented or planned to promote their own high-quality development, but also provide policy inspiration for relevant regulatory authorities to complete the transition from voluntary disclosure to mandatory disclosure.