Attracting Green Capital: Climate Targets Disclosure, Green Female Directors, and Policy Uncertainty
研究中国A股上市公司2010-2022年数据，发现气候目标披露能通过降低信息不对称吸引绿色投资者，其中绿色女性董事发挥重要作用，且披露质量是关键机制。
ABSTRACT This study examines climate target disclosure (CTD) signaling to attract green investors in emerging markets. The dataset comprises China's A‐share listed companies for the period 2010–2022. The findings show that CTD is effective in signaling corporate commitment to climate change, reduces information asymmetry, and attracts green investors. The findings also highlight the important role of green female directors in the signaling effect of CTD. The results suggest that CTD acts as a strategic tool for companies navigating volatile regulatory environments. A channel analysis reveals that environmental disclosure quality is the mechanism that explains the signaling role of CTD in attracting green investors. The cross‐sectional results show that the signaling effect of CTD is more pronounced for financially and environmentally sensitive firms. Furthermore, the threshold effect results reveal that low levels of disclosure do not generate meaningful investor response. This research findings provide significant insights for firms seeking to navigate financial constraints and for policymakers intending to promote sustainable corporate practices in emerging markets.