The Impact Mechanism of Environmental Information Disclosure on Corporate Sustainability Performance—Micro-Evidence from China

Xiaowei Ding, Lyu Ye (), Yueying Yang, Olga Efimova, Alina Steblyanskaya and Junfeng Zhang
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Xiaowei Ding: School of Economics, Peoples’ Friendship University of Russia, 117198 Moscow, Russia
Lyu Ye: Institute of Industrial Management, Economics and Trade, Peter the Great St. Petersburg Polytechnic University, 195251 Saint Petersburg, Russia
Yueying Yang: Department of Economic Theory and Management, Moscow State Pedagogical University, 119435 Moscow, Russia
Olga Efimova: Department of Economics, Organization of Production and Management, Russian University of Transport (MIIT), 127055 Moscow, Russia
Alina Steblyanskaya: School of Economics and Management, Harbin Engineering University, Harbin 150009, China
Junfeng Zhang: School of Economics, Peoples’ Friendship University of Russia, 117198 Moscow, Russia

Sustainability, 2022, vol. 14, issue 19, 1-22

Abstract: As an effective regulatory tool, environmental information disclosure is significant in promoting the green upgrading of industrial structures and achieving green transformation of enterprises. In order to explore the impact mechanism of environmental information disclosure on corporate sustainability performance, this paper constructs a two-way fixed-effect model using balanced panel data of Chinese A-share listed manufacturing companies from 2015 to 2020. We find that environmental information disclosure significantly impacts green innovation, thereby improving corporate sustainability performance. Furthermore, financing constraints inhibit the impact of environmental disclosure on sustainability performance, while female directors have only symbolic effect. The reliability of the paper’s findings is verified by replacing the dependent variable and introducing instrumental variables. Heterogeneity analysis shows that the effect of environmental information disclosure on corporate sustainability performance is more substantial among non-state and eastern and heavily polluting enterprises. Comprehensive analysis from the financing perspective shows the differences in the moderating effects of debt and equity financing regarding the impact mechanism. This study enriches the theory of green innovation and provides financing strategies for enterprises to achieve green transformation, as well as suggestions for improving the government environmental information disclosure system.

Keywords: environmental information disclosure; green innovation; corporate sustainability performance; financing constraints; moderation mediating effect (search for similar items in EconPapers)
JEL-codes: O13 Q Q0 Q2 Q3 Q5 Q56 (search for similar items in EconPapers)
Date: 2022
References: View references in EconPapers View complete reference list from CitEc
Citations: View citations in EconPapers (5)

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