The Impact of Mandatory Carbon Disclosure Regulation on Operating Lease Activities
研究美国温室气体报告计划（GHGRP）实施后，受规制的企业如何通过增加经营租赁来应对转型风险，保持财务灵活性，并揭示了机构投资者压力、融资约束和固定资产投资减少三条影响路径。
ABSTRACT This study examines whether mandatory carbon disclosure influences firms' financing strategies. Using the 2010 implementation of the U.S. Greenhouse Gas Reporting Program (GHGRP) as a regulatory shock, we find that affected firms increase their use of operating leases. This shift reflects a strategic response to transition risk, allowing firms to preserve financial flexibility and avoid long‐term capital commitments. We identify three channels through which GHGRP impacts leasing behaviour, institutional investor pressure, increased financial constraints, and reduced investment in fixed assets. Our findings enhance understanding of how environmental regulation influences corporate capital structure and asset financing decisions.