Environmental information disclosure and corporate financial performance: Evidence from China

Xinyue Fan, Zishen Tang, Yelin Fu and Jiayi Yan

Accounting and Finance, 2024, vol. 64, issue S1, 5039-5068

Abstract: Corporate environmental disclosure has gained prominence in capital markets, yet opinions vary on whether its benefits outweigh its costs. Based on a sample of Chinese listed A‐share firms spanning 2010–2020, we reveal that the environmental information disclosed by listed companies significantly enhances the economic value added. Key mechanisms include positive media attention, institutional investor shareholding and corporate R&D investment. Additionally, government investment in environmental governance plays a positive moderating role. Furthermore, we also find that non‐monetised disclosures bring more benefits than monetised ones. Also green signals have a peer effect in the same industry and province.

Date: 2024
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https://doi.org/10.1111/acfi.13327

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