Research on the Impact of Carbon Information Disclosure on Corporate ESG Performance: Evidence from China’s Manufacturing Industry

In response to escalating global ecological and environmental challenges, this study examines the impact of carbon information disclosure on environmental, social, and governance (ESG) performance to encourage corporate transition toward pollution reduction and carbon mitigation, thereby contributing to the practical advancement of the “dual carbon” strategy. Based on a hierarchical regression analysis of manufacturing listed companies on the Shanghai and Shenzhen A-share markets from 2009 to 2023, the findings reveal that carbon information disclosure significantly enhances corporate ESG performance. Mechanism tests reveal that green technology innovation partially mediates the relationship between carbon information disclosure and ESG performance, while environmental regulations, media attention, and market competition exert positive moderating effects on this relationship. Heterogeneity analysis indicates that carbon information disclosure exerts a pronounced positive effect on ESG performance for high-tech, heavily polluting, and eastern enterprises. This research expands the understanding of the value of carbon information disclosure and provides theoretical foundations and practical insights for enterprises pursuing sustainable development.