Glorious Sun School of Business and Management, Donghua University, Shanghai 200051, China.
College of Public Administration, Nanjing Agricultural University, Nanjing 210095, China.
Int J Environ Res Public Health. 2020 Nov 26;17(23):8796. doi: 10.3390/ijerph17238796.
Contest between the international or national enterprises stimulates the formation of innovative or improved products or of well-organized processes. Nevertheless, reliance on carbon-based materials and energy emission sources has been highlighted as a primary problem of the 21st century. The current study examines the influence of carbon disclosure information (CDI), media reporting and financial influence on state-owned enterprises (SOEs) and non-state-owned enterprises (NSOEs) by using Shenzhen and Shanghai's heavy polluting listed industries' dataset from 2014 to 2019. By applying different data approaches, the estimated results demonstrate that the CDI level is significantly negative related to SOE compared to NSOE. The estimated results explain that media's positive reporting offsets the additional benefits to stakeholders. While media's negative reporting negatively influences a firm's competitive position, it mitigates the stock price and its social value. Our results suggest that external factors are encouraging for the financial values of stakeholders, along with those of enterprises.
国际或国内企业之间的竞争刺激了创新或改进产品或组织良好的流程的形成。然而，对基于碳的材料和能源排放源的依赖已被突出为 21 世纪的主要问题。本研究通过使用 2014 年至 2019 年深圳和上海重污染上市行业的数据，考察了碳披露信息（CDI）、媒体报道和财务影响对国有企业（SOE）和非国有企业（NSOE）的影响。通过应用不同的数据方法，估计结果表明，与 NSOE 相比，CDI 水平与 SOE 呈显著负相关。估计结果表明，媒体的正面报道抵消了对利益相关者的额外好处。虽然媒体的负面报道会对公司的竞争地位产生负面影响，但它可以减轻股价及其社会价值。我们的研究结果表明，外部因素对利益相关者和企业的财务价值都有鼓励作用。
