This study explores the quality of carbon reporting (QCR) by New Zealand (NZ) firms and its changes over time. It also explores the impact of QCR on the market reputation of firms. Using a sample of 300 company-year observations between 2015 and 2020 from top listed firms of NZ, the study develops a 14-item QCR index. The study finds that the company-level QCR reporting by NZ firms overall is not praiseworthy, as firms need to improve QCR in many aspects (both in-house efforts as well as external reporting). Although QCR has increased over time, firms' QCR efforts cannot be treated completely authentic. Majority of firms in NZ have disclosed unaudited carbon information to investors and other stakeholders. Additionally, our study finds that QCR positively affects the market reputations of firms, and the market behaves accordingly. Specifically, firms' organic carbon efforts are paid-off (through increased market reputation) by the market players and cosmetic/decoupled behaviour is penalised (through decreased market reputation). This study is the first on QCR reporting using a sample of NZ firms and an account of their initiatives towards the carbon emission reduction initiative and related disclosures. The study's findings have policy implications.

中文翻译：

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新西兰顶级公司碳报告质量的有机与表面努力。市场是奖励还是惩罚？

本研究探讨了新西兰 (NZ) 公司的碳报告 (QCR) 质量及其随时间的变化。它还探讨了 QCR 对公司市场声誉的影响。该研究使用 2015 年至 2020 年新西兰顶级上市公司的 300 家公司年度观察样本，开发了一个包含 14 项的 QCR 指数。该研究发现，新西兰公司总体上的公司级 QCR 报告并不值得称赞，因为公司需要在许多方面（内部工作和外部报告）改进 QCR。尽管 QCR 随着时间的推移而增加，但公司的 QCR 努力不能完全真实。新西兰的大多数公司都向投资者和其他利益相关者披露了未经审计的碳信息。此外，我们的研究发现 QCR 对公司的市场声誉产生积极影响，并且市场行为相应。具体来说，公司的有机碳努力得到市场参与者的回报（通过提高市场声誉），并且表面/脱钩行为受到惩罚（通过降低市场声誉）。这项研究首次使用新西兰公司样本进行 QCR 报告，并说明了他们对碳减排倡议和相关披露的倡议。该研究的结果具有政策意义。