The effect of a list: How firms on key pollution supervisory list disclose environmental information?

Jintao Zhang, Xinghui Lei, Taoyong Su and Li Tang

Finance Research Letters, 2022, vol. 47, issue PA

Abstract: This paper studied how firms on China's key pollution supervisory list (KPSL) disclose environmental information in corporate social responsibility (CSR) reports according to legitimacy theory. Using a sample of A-shares listed Chinese firms from 2012 to 2019, it is shown that firms on KPSL utilize longer text and more tables and figures in their environmental information disclosure (EID), but adopt less positive textual tone to describe environmental performance. Besides, state-owned enterprises (SOEs) and non-state-owned enterprises (NSOEs) have different presentation styles. These styles for EID do not contribute to firm performance, especially adopting less positive textual tone negatively influences firm reputation.

Keywords: Key pollution supervisory list; Environmental information disclosure; CSR reports (search for similar items in EconPapers)
Date: 2022
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Citations: View citations in EconPapers (2)

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Persistent link: https://EconPapers.repec.org/RePEc:eee:finlet:v:47:y:2022:i:pa:s1544612321005523

DOI: 10.1016/j.frl.2021.102614

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