Biodiversity conservation and corporate environmental information disclosure: Evidence from a quasi-natural experiment in China

Yinying Chen, Liang Yin, Shiyang Hu and Xiang Li

International Review of Financial Analysis, 2025, vol. 102, issue C

Abstract: This study examines the causal relationship between biodiversity conservation and corporate environmental information disclosure (EID) by leveraging the exogenous shock to neighboring urban firms in China brought about by the National Park Pilot (NPP) policy. Using a staggered difference-in-differences model, our findings demonstrate a significant causal increase in the EID levels of firms affected by the NPP policy. Further analysis reveals that the positive impact of this policy on corporate EID level is more pronounced among firms without green investors, having lower levels of retail investor interaction, and operating in non-heavily polluting industries. Overall, our study suggests that the implementation of the NPP policy enhances the market value of affected firms substantially.

Keywords: Environmental information disclosure; Biodiversity conservation (search for similar items in EconPapers)
Date: 2025
References: Add references at CitEc
Citations:

Downloads: (external link)
http://www.sciencedirect.com/science/article/pii/S1057521925001565
Full text for ScienceDirect subscribers only

Related works:
This item may be available elsewhere in EconPapers: Search for items with the same title.

Export reference: BibTeX RIS (EndNote, ProCite, RefMan) HTML/Text

Persistent link: https://EconPapers.repec.org/RePEc:eee:finana:v:102:y:2025:i:c:s1057521925001565

DOI: 10.1016/j.irfa.2025.104069

Access Statistics for this article

International Review of Financial Analysis is currently edited by B.M. Lucey

More articles in International Review of Financial Analysis from Elsevier
Bibliographic data for series maintained by Catherine Liu ().