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<p>The escalating climate crisis and the global push for carbon neutrality have heightened the need for environmental accountability, particularly in emerging markets where transparency remains a significant challenge. This study examines the interplay between corporate governance dynamics, financing decisions, and carbon performance (CP) among chemical firms in Belt and Road Initiative (BRI) nations—regions responsible for nearly 40% of global CO₂ emissions. Specifically, it investigates how different ownership structures influence CP, with eco-digitalization (ED) acting as a moderating factor. The analysis is based on a dataset of 4446 firm-year observations, utilizing robust econometric techniques. Static models such as panel-corrected standard errors (PCSE) and feasible generalized least squares (FGLS) are employed, alongside instrumental variable two-stage least squares (IV-2SLS) and lagged effect estimations to address endogeneity concerns. The findings indicate that government and blockholder ownership significantly enhance CP, whereas management ownership has a negative effect. Additionally, equity financing is positively associated with carbon performance, while debt financing appears to impede transparency. Notably, eco-digitalization strengthens the positive effects of governance structures and financing mechanisms on CP. These insights underscore the critical role of eco-digitalization and effective governance in promoting environmental transparency, supporting global carbon neutrality goals, and advancing SDG 13 (Climate Action). The study offers policymakers and corporate leaders actionable strategies to accelerate the carbon neutrality agenda and foster a more sustainable future in emerging markets.</p>

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Carbon Accounting and Climate Change: Leveraging Eco-digitalization and Governance Dynamics for Environmental Sustainability in Emerging Markets

  • 期刊论文

  • 发表日期：

    2025年5月4日

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  • Ummar Faruk Saeed,
  • Timothy Masuni Nagriwum

摘要

The escalating climate crisis and the global push for carbon neutrality have heightened the need for environmental accountability, particularly in emerging markets where transparency remains a significant challenge. This study examines the interplay between corporate governance dynamics, financing decisions, and carbon performance (CP) among chemical firms in Belt and Road Initiative (BRI) nations—regions responsible for nearly 40% of global CO₂ emissions. Specifically, it investigates how different ownership structures influence CP, with eco-digitalization (ED) acting as a moderating factor. The analysis is based on a dataset of 4446 firm-year observations, utilizing robust econometric techniques. Static models such as panel-corrected standard errors (PCSE) and feasible generalized least squares (FGLS) are employed, alongside instrumental variable two-stage least squares (IV-2SLS) and lagged effect estimations to address endogeneity concerns. The findings indicate that government and blockholder ownership significantly enhance CP, whereas management ownership has a negative effect. Additionally, equity financing is positively associated with carbon performance, while debt financing appears to impede transparency. Notably, eco-digitalization strengthens the positive effects of governance structures and financing mechanisms on CP. These insights underscore the critical role of eco-digitalization and effective governance in promoting environmental transparency, supporting global carbon neutrality goals, and advancing SDG 13 (Climate Action). The study offers policymakers and corporate leaders actionable strategies to accelerate the carbon neutrality agenda and foster a more sustainable future in emerging markets.