Climate Policy Uncertainty and Corporate Carbon Information Disclosure Catering Behavior: An Empirical Study Based on Chinese Manufacturing Enterprises

ABSTRACT This study focuses on manufacturing firms listed on China's Shanghai and Shenzhen A‐share markets that published corporate social responsibility reports from 2014 to 2022. It analyzes the mechanisms and economic consequences of climate policy uncertainty's influence on corporate carbon information disclosure catering behavior. Empirical results show climate policy uncertainty exerts a significantly positive impact on such catering behavior, induced by inhibiting firms' green investments and exacerbating their financing constraints. Heterogeneity analysis reveals structural differences: Firms in eastern and western regions are more sensitive to climate policy uncertainty (western firms show stronger catering tendencies), while central‐region firms are less sensitive. High‐carbon region companies and those in highly competitive and heavy‐pollution industries tend to cater more, whereas low‐carbon region companies and those in low‐competition/non‐heavy‐pollution industries lack such incentives. Additionally, high‐attention companies are more motivated to cater via embellished disclosures, while low‐attention companies do not show this tendency.