The Impact of Carbon Disclosure Intensity on Innovation Behavior in Textile and Apparel Enterprises

Under the guidance of China’s “dual carbon” goals, the importance of carbon information disclosure in textile and apparel enterprises has become increasingly prominent, and its mechanism for enhancing corporate innovation behavior requires further clarification. Based on regression analysis, this study examines listed textile and apparel companies in China’s Shanghai and Shenzhen A-share markets from 2012 to 2024 using a fixed-effects model to empirically test the impact of carbon information disclosure intensity on corporate innovation behavior and its underlying mechanisms. The results demonstrate that increased carbon information disclosure intensity significantly promotes growth in corporate innovation behavior, a core conclusion that remains valid even after conducting a series of robustness tests addressing endogeneity issues. Mechanistic analysis reveals that the positive driving effect of carbon information disclosure intensity on innovation behavior is weakened by investor attention, with investor focus playing a negative moderating role in this relationship: high-quality carbon information disclosure should enhance innovation by reducing information asymmetry; however, under heightened investor scrutiny, short-term investment orientation and management pressure for immediate performance may distort this transmission pathway, thereby inhibiting innovation promotion. Heterogeneity analysis further shows significant differences in the impact of carbon information disclosure intensity on innovation behavior across textile and apparel firms with varying ownership structures and industry categories. This study provides theoretical foundations and practical guidance for advancing carbon information disclosure practices in the textile and apparel sector, guiding investor focus appropriately, and fostering corporate innovation development.