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The impact mechanism of interactive carbon disclosure on firm value moderated by investors’ online social networks

Author

Listed:
  • Zhu, Jing
  • Zhang, Chen
  • Sun, Jiaojiao
  • Ding, Jiajun

Abstract

This study investigates the value relevance of interactive carbon disclosure within the global “carbon neutrality” initiative and the rise of social media. Interactive carbon disclosure serves as a crucial communication bridge between investors and firms and fosters investors’ online social networks. This paper introduces the moderating role of investors’ online social networks and explores the relationship between interactive carbon disclosure and firm value, considering the economic beneficial effect and social identity effect. Using a sample of Shanghai-listed A-share firms in China from 2013 to 2021 and a combination of random forest regression and a biased bootstrap method, we find that interactive carbon disclosure enhances firm value by reducing the cost of equity and strengthening firm reputation. However, the impact mechanism weakens as firms interact with more centrally located investors. Further analysis reveals that disclosing non-negative carbon information and information related to the firm’s low-carbon operations boosts firm value.

Suggested Citation

  • Zhu, Jing & Zhang, Chen & Sun, Jiaojiao & Ding, Jiajun, 2025. "The impact mechanism of interactive carbon disclosure on firm value moderated by investors’ online social networks," Research in International Business and Finance, Elsevier, vol. 75(C).
    • Handle: RePEc:eee:riibaf:v:75:y:2025:i:c:s0275531925000273
    DOI: 10.1016/j.ribaf.2025.102771
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