The impact of environmental information disclosure quality on corporate value: The mediating role of innovation investment

Xianzi Yang, Chao Zheng and Miao Wang

Finance Research Letters, 2025, vol. 79, issue C

Abstract: This study examines how environmental information disclosure (EID) affects corporate value (CV) using data from pollution-intensive enterprises(2015–2023). The results reveal a positive, U-shaped relationship between EID and CV, with innovation investment playing a significant mediating role. Additionally, quantile regression analysis indicates that the effect of EID on CV varies across different corporate levels, being particularly significant for high-value enterprises. Further analysis shows that the impact of EID on CV is more pronounced in regions with weaker market development and nonstate-owned enterprises. These findings provide valuable theoretical and practical guidance for enterprises in environmental management and information disclosure decision-making.

Keywords: Heavy-polluting industries; Environmental information disclosure quality; Innovation investment; Corporate value; Highly marketized (search for similar items in EconPapers)
Date: 2025
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Persistent link: https://EconPapers.repec.org/RePEc:eee:finlet:v:79:y:2025:i:c:s1544612325005677

DOI: 10.1016/j.frl.2025.107304

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