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Authors
Peng, Jiachao
Zeng, Yuxin
Fu, Shuke
Tian, Jiali
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Funding
Funding for this research was provided by:
National Natrual Science Foundation of China (72303174)
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Article History
Received: 20 January 2026
Accepted: 27 February 2026
First Online: 8 April 2026
Declarations
:
: Not applicable.
: Not applicable.
: The data used in this study come from several publicly accessible and proprietary sources. Carbon price data are obtained from China’s national carbon emissions trading market (CEA). Firm-level stock market data are collected from the Wind database, and firm-level carbon emission intensity data are compiled from companies’ ESG reports. Policy event information is collected from official documents released by the Ministry of Ecology and Environment of the People’s Republic of China.Due to licensing restrictions of the Wind database and firm-level ESG disclosures, the datasets generated and analyzed during the current study are available from the corresponding author upon reasonable request.
: The authors declare no competing interests.
