Does environmental information disclosure contribute to improve firm financial performance? An examination of the underlying mechanism

被引：175

作者：

Wang, Shanyong ^{[1
]}

Wang, Hualong ^{[1
]}

Wang, Jing ^{[1
]}

Yang, Feng ^{[1
]}

机构：

[1] Univ Sci & Technol China, Sch Management, 96 Jinzhai Rd, Hefei 230026, Anhui, Peoples R China

来源：

SCIENCE OF THE TOTAL ENVIRONMENT | 2020年 / 714卷

基金：

中国国家自然科学基金;

关键词：

Environmental information disclosure; Visibility; Liquidity; Firm financial performance; Mediating effect; CORPORATE SOCIAL PERFORMANCE; INSTITUTIONAL PRESSURES; VOLUNTARY DISCLOSURE; PERCEIVED BENEFIT; CARBON EMISSIONS; STOCK LIQUIDITY; EXTENDED THEORY; CO2; EMISSIONS; RESPONSIBILITY; GOVERNANCE;

D O I：

10.1016/j.scitotenv.2020.136855

中图分类号：

X [环境科学、安全科学];

学科分类号：

08 ; 0830 ;

摘要：

Given the widespread impacts of firm activities on the environment, firms are increasingly required to disclose environmental information. However, the relation between environmental information disclosure and firm financial performance is controversial and the mechanism through which environmental information disclosure affects financial performance is insufficiently investigated. This research examined the effect of environmental information disclosure on financial performance and explored the mediating effects of visibility (e.g., analyst coverage and institutional ownership) and liquidity. Panel data from 289 Chinese listed firms were analyzed with the assistance of STATA Software. The results revealed that environmental information disclosure positively (directly) affects financial performance. Further, environmental information disclosure also indirectly affects financial performance via analyst coverage (e.g., number of analysts and number of reports) and liquidity. Analyst coverage and liquidity mediate the relationship between environmental information disclosure and financial performance while institutional ownership has no mediating effect. According to the results, practical implications were discussed and future research directions were noted. (C) 2020 Elsevier B.V. All rights reserved.

引用

页数：11

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