Does carbon information disclosure drive firm green innovation?

This study draws on the behavioral theory of the firm to investigate how carbon information disclosure affects exploitative and exploratory green innovation. The study employs a two-way fixed effects model for theoretical analysis and empirical tests, based on data from Chinese A-share listed firms from 2014 to 2023. The results show that carbon information disclosure promotes exploitative green innovation but inhibits exploratory green innovation. Further analysis reveals that regulatory distance weakens the positive effect of carbon information disclosure on exploitative green innovation and its negative effect on exploratory green innovation, while media attention strengthens both effects. Our study contributes to the literature by revealing the differential impact of carbon information disclosure on dual green innovation. It provides important empirical evidence to guide corporate green innovation efforts and to inform the green transformation of the economy and society.