This study aims to examine the moderating role of a firm’s environmental performance, measured by its environmental strength and concern ratings, on the influences of Twitter dissemination of carbon-related information (Carbon_Tweets) on a firm’s cost of equity (COE). Our key focus is to provide an insight as to whether different levels of environmental strength and concern would influence the effect of Carbon_Tweets on the COE. Employing the sample of non-financial NASDAQ firms covering the period between 2009 and 2015, we found that the negative association of Carbon_Tweets and COE is strengthened for firms that have higher levels of environmental concerns, meanwhile the results stay the same for different level of environmental strength. These findings imply that although all firms can achieve lower COE by employing Twitter as a dissemination channel of Carbon information, firms with a concerning environmental status may benefit more by strategically disseminating via Twitter.

本研究旨在考察公司环境绩效（通过其环境强度和关注评级来衡量）对 Twitter 传播碳相关信息（Carbon_Tweets）对公司股权成本（COE）的影响的调节作用。我们的重点是深入了解不同程度的环境强度和关注是否会影响 Carbon_Tweets 对 COE 的影响。采用 2009 年至 2015 年非金融纳斯达克公司样本，我们发现，对于环境关注程度较高的公司，Carbon_Tweets 与 COE 的负相关性增强，同时对于不同环境水平的公司，结果保持不变。力量。这些发现表明，尽管所有公司都可以通过使用 Twitter 作为碳信息的传播渠道来实现较低的 COE，但环境状况令人担忧的公司可能通过 Twitter 进行战略性传播而受益更多。