Environmental information disclosure in capital raising

Zhiying Ji, Xiao Yu and Jiefei Yang

Australian Economic Papers, 2020, vol. 59, issue 3, 183-214

Abstract: In 2010, the Chinese Government issued a policy to require enterprises to disclose environmental information. Using the environmental disclosure information of 204 Chinese listed companies in 20 polluting sectors over the period of 2011–2015, we find that managers tend to withhold environmental information and selectively disguise sensitive environmental information in the face of financial pressure, and where the disclosure of sensitive environmental information would significantly increase the cost of debt financing. Furthermore, agency conflicts and information asymmetry between managers and outside investors promote the managers' tendencies to withhold environmental information when facing financial pressure.

Date: 2020
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https://doi.org/10.1111/1467-8454.12176

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