This study examines how carbon performance affects carbon disclosure and how carbon disclosure affects financial performance. With a sample of global firms, the study analyses how relationships between carbon disclosure, carbon performance and financial performance vary in institutional contexts. Our results show that carbon disclosure positively affects carbon performance, consistent with the signalling theory. We find that carbon disclosure negatively (positively) affects financial performance in the short-term (long-term). Our findings have significant implications for investors as some firms use carbon disclosure as part of impression management. Our results help regulators to monitor carbon disclosure and assist investors with investment decisions.

这项研究探讨了碳绩效如何影响碳披露以及碳披露如何影响财务绩效。该研究以全球公司为样本，分析了碳披露，碳绩效和财务绩效之间的关系在制度背景下如何变化。我们的结果表明，与信号理论相一致，碳泄漏对碳的性能有积极影响。我们发现碳披露在短期（长期）内负面（正面）影响财务绩效。我们的发现对投资者具有重要意义，因为一些公司将碳披露作为印象管理的一部分。我们的结果可帮助监管机构监控碳披露并协助投资者进行投资决策。