The Impact of Carbon Trading on Corporate Reputation
With the rapid development of the global carbon trading market and the continuous implementation of the policy of"carbon peaking and carbon neutralization",governments,enterprises,and society are increasingly focusing on corporate actions to address climate change.The issue of wheth-er enterprises'participation in carbon trading activities can help improve their corporate reputation has become more prominent.Using China's A-share lis-ted companies participating in carbon trading activities from 2010 to 2019 as the research sample,this study explores the impact of carbon trading on cor-porate reputation.The findings reveal that enterprises'participation in carbon trading activities significantly improves their reputation level.Mechanism tests indicate that the implementation of carbon trading activities can promote participating companies to increase R&D innovation investment,enhance media exposure to their low-carbon behaviors,and facilitate positive evaluations from analysts,thereby enhancing corporate reputation.Heterogeneity tests dem-onstrate that the improvement effect of carbon trading on corporate reputation is more significant in companies participating in market-based carbon trading,non-state-owned enterprises,and those disclosing quantitative environmental information.The conclusion of this study provides evidence for en-couraging enterprises to participate in carbon trading activities and offers a useful reference for building enterprise reputation in the"carbon peaking and carbon neutralization"era.
Carbon TradingCorporate ReputationCDM ProjectProject-based Carbon Trading and Market-based Carbon Trading
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