The impact of carbon disclosure mandates on emissions and financial operating performance
研究了英国2013年实施的温室气体排放强制披露政策对企业后续排放和财务绩效的影响，发现受政策影响的企业排放减少约8%，但毛利率未显著变化。
Abstract We examine the impact of a disclosure mandate for greenhouse gas emissions on firms’ subsequent emission levels and financial operating performance. For UK-incorporated listed firms a carbon disclosure mandate was adopted in 2013. Our difference-in-differences design shows that firms affected by the mandate reduced their emissions by about 8% relative to a control group of European firms. At the same time, our tests indicate that the treated firms experienced no significant changes in their gross margins. Taken together, our findings indicate that the reporting mandate had a real effect on the variable to be disclosed without adversely affecting the financial operating performance of the treated firms.