Year: 2025
Type: article
Abstract: This study examines the impact of green finance policies on corporate biodiversity disclosures, focusing on China’s Green Finance Reform and Innovation Pilot Zones (GFPZs). Utilizing a comprehensive dataset of Chinese-listed firms from 2010 to 2022, we apply textual analysis to annual reports to quantify biodiversity-related disclosures. Our findings reveal that GFPZ policies significantly reduce biodiversity disclosures, suggesting a trade-off between carbon-focused financial incentives and broader environmental transparency. Cross-sectional analysis indicates that firms with higher R&D intensity and those in regions with stricter environmental enforcement exhibit fewer negative effects. Mechanism analysis highlights that carbon production intensity and green information disclosure quality mediate this relationship. Robustness checks, including propensity score matching, confirm these results. Our study underscores the need for policymakers to integrate biodiversity considerations into green finance frameworks to ensure balanced ESG priorities.
Source: Sustainability
DOI: 10.3390/su17094245
Authors: Ting Yang, Kai Wu
Institution: Central University of Finance and Economics
Language: English
Subfield: Strategy and Management
Domain: Social Sciences
SDG: Climate action
Open Access status: gold
Estimated APC paid: $2,896
OpenAlex ID: W4410157543