Environmental regulation, corporate environmental disclosure, and firm performance: Evidence from China

被引：10

作者：

Liu, Jianlei ^{[1
]}

Uchida, Konari ^{[2
,4
]}

Bao, Chenyu ^{[3
]}

机构：

[1] Capital Univ Econ & Business, Sch Finance, Beijing, Peoples R China

[2] Waseda Univ, Grad Sch Business & Finance, Tokyo, Japan

[3] Univ Int Business & Econ, Sch Banking & Finance, Beijing, Peoples R China

[4] 1-6-1 Nishi-Waseda,Shinjuku Ku, Tokyo 1698050, Japan

来源：

PACIFIC-BASIN FINANCE JOURNAL | 2024年 / 85卷

关键词：

Environmental information disclosure; Environmental regulation; Enforcement; Corporate financial performance; Cost of equity capital; SOCIAL-RESPONSIBILITY; NONFINANCIAL DISCLOSURE; FINANCIAL PERFORMANCE; VALUATION; RELEVANCE; EARNINGS; QUALITY; IMPACT; COST;

D O I：

10.1016/j.pacfin.2024.102367

中图分类号：

F8 [财政、金融];

学科分类号：

0202 ;

摘要：

Using 1,347 Chinese A-share-listed manufacturing firms from 2012 to 2018, we find the New Environmental Protection Law significantly strengthens the relationship between environmental disclosure quality and firms' financial performance. The regulation effect was particularly pronounced during the period of the massive crackdown on environmental violations, while heavily polluting industries showed a significant regulation effect immediately after the implementation of the new law. Non-state-owned enterprises in the eastern region show the strongest regulation effects. These results suggest environmental disclosure following the implementation of stringent environmental regulations has positively influenced firms' financial performance, especially when these regulations have been effectively enforced.

引用

页数：18

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