Can corporate site visits by institutional investors improve the quality of corporate environmental information disclosure? Evidence from China

Chao Feng, Xi Cheng, Jiaxing Luo, Hao Zheng and Miao Wang

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

Abstract: With global environmental challenges intensifying, the environmental impact of economic activities has garnered widespread societal attention, heightening stakeholder concerns about the transparency and quality of corporate environmental information. This study examines the influence of institutional investors' corporate site visits on the quality of corporate environmental information disclosure, using a sample of 2264 A-share companies listed on the Shenzhen Stock Exchange from 2013 to 2022. The findings reveal that (1) institutional investors' site visits contribute to improving the quality of corporate environmental information disclosure. (2) Economic policy uncertainty amplifies this positive impact, but environmental regulations weaken this effect. (3) Media attention plays a crucial mediating role in this relationship. (4) The visits enhance the quality of monetary environmental disclosure more significantly than non-monetary disclosure. (5) The impact is more pronounced in non-state-owned enterprises, small- and medium-sized firms, and companies with low equity concentration. These findings offer valuable insights for governments, businesses, and institutional investors seeking to promote and support sustainable development.

Keywords: Institutional investors' site visit; Environmental information disclosure; Economic policy uncertainty; Environmental regulation; Media attention (search for similar items in EconPapers)
Date: 2025
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Persistent link: https://EconPapers.repec.org/RePEc:eee:finana:v:102:y:2025:i:c:s105752192500225x

DOI: 10.1016/j.irfa.2025.104138

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