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Does national carbon pricing policy affect voluntary environmental disclosures? A global evidence

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Abstract

This paper examines the relationship between institutional pressure of national carbon pricing policy and the voluntary environmental disclosures (VED) of electricity-generating firms. Using a sample of 103 firms from forty-four countries for 2015–2017, we find that the implementation of carbon pricing policies at the national level increases the VED quantity significantly. Put differently, firms located in the carbon pricing countries disclose more environmental information than those in non-carbon pricing countries. Besides, we also provide evidence that firms adopting internal carbon reduction strategies disclose more information than firms with no carbon reduction strategies. Overall, our findings are consistent with the view of the coercive isomorphism branch of the institutional theory that the government's policy for one aspect of environmental issues (i.e., emissions reduction) may have a pervasive indirect impact on the other environmental aspects (i.e., VED) of the organizations.

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Notes

  1. For further details, access to https://climate.nasa.gov/evidence/

  2. Carbon tax is a type of charge on carbon emissions from the use of fossil fuel content (Hoeller and Coppel 1991).

  3. ETS is a government-mandated cap-and-trade system that enables businesses to purchase a government 'permit' if they emit greenhouse gas to regulate emissions by offering financial incentives to achieve emission reduction targets (Stavins 2003).

  4. Voluntary environmental disclosures entail the discretionary publication of information concerning firm’s environmental performance and activities (e.g., energy consumption, GHG emissions, water consumption, waste management, and biodiversity management) to broader stakeholders to remove information asymmetry (Borie et al. 2016).

  5. According to DiMaggio and Powell (1983, p. 150), "Coercive isomorphism results from both formal and informal pressures exerted on organizations by other organizations upon which they are dependent and by cultural expectations within which organizations function.".

  6. This annually released report offers a comprehensive summary of current and emerging global carbon pricing instruments, including international, national, and sub-national initiatives. It also examines trends in the development and implementation of carbon price instruments in the near future (World Bank 2019).

  7. According to the Companies ACT 2006 (Strategic Report and Director’s) Regulation 201[1], UK is the first country that requires its firms to include GHG emission data in their annual reports. In 2012, France also introduced the “Grenelle II” law, which requires (in article 225) specific industries (our sample, electricity-generating sector fall in the category) to publish “social and environmental report” with their annual reports.

  8. For further details, access to https://database.globalreporting.org/search

  9. We note that the sample electricity firms of this study are not selected in a strictly random manner. Instead, they are chosen based on their domicile of origin in carbon pricing or non-carbon pricing countries. Although our test could suffer from selection bias as environmental disclosures are discretionary in nature (Clarkson et al. 2013); however, we believe that sample selection bias due to the selection process would be minimal for the following reasons. First, when firms voluntarily provide environmental disclosures, they do not consider these disclosures to be used for a research study. Even if they consider it, it is difficult to observe any incentives to bias the results because of the keen eye of the key stakeholders of the environmentally sensitive firms (Bewley and Li 2000). Second, the amount of environmental disclosure observed does show significant variation across the firms (see Table 3). Finally, we have selected all the sample firms (population) for each sample country. Thus, the concern for selectivity bias is reduced significantly.

  10. Global Reporting Initiative (GRI) published G4 guidelines in 2013 and GRI standards in 2018. GRI guidelines are used by the companies to disclose their most significant effects—be they positive or negative—on the environment, society, and the economy.

  11. The environmental performance index (EPI) score was repetitive for 2015 and 2016. EPI score for every country is produced jointly by Yale University and Columbia University in every 2 years. All environmental variables included in the EPI score calculation are inspired by the Millennium Development Goals set up by the United Nations (Halkos and Zisiadou 2018). For further details, access to https://epi.yale.edu/.

  12. Eight percent of the sample does not have any VED, and twenty-seven percent of the sample had a VED score, following Wiseman (1982), below .3.

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Authors and Affiliations

  1. Faculty of Business Administration, Eastern University, Dhaka, Bangladesh

    Mumtaheena Anwar

  2. School of Accountancy, QUT Business School, Queensland University of Technology, Brisbane, Australia

    Sohanur Rahman

  3. Department of Accounting and Finance, North South University, Dhaka, Bangladesh

    Md. Nurul Kabir

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  1. Mumtaheena Anwar
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Appendices

Appendices

1.1 Appendix A

See Table 11.

Table 11 Variable definition and source of data
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1.2 Appendix B

See Table 12.

Table 12 Structure of the assessment tool for quantity of VED measurement
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Anwar, M., Rahman, S. & Kabir, M.N. Does national carbon pricing policy affect voluntary environmental disclosures? A global evidence. Environ Econ Policy Stud 23, 211–244 (2021). https://doi.org/10.1007/s10018-020-00287-2

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