Do online media and investor attention affect corporate environmental information disclosure？Evidence from Chinese listed companies

Hongtao Chen, Xiumei Fang, Erwei Xiang, Xiaojia Ji and Maolin An

International Review of Economics & Finance, 2023, vol. 86, issue C, 1022-1040

Abstract: Environmental information disclosure (EID) is a reference way for enterprises to fulfill their social responsibility. It's essential to explore the factors influencing corporate EID for high-quality economic development and low carbon development. This paper empirically investigates the effect of online media attention and investor attention measured by the Baidu index on the quality of corporate EID using a sample of 309 Chinese listed firms in heavily polluting industries in 2015–2017. We find that both long-term online media attention and investor attention are negatively associated with the quality of corporate EID, and the effects of short-term media attention and investor attention on the quality of corporate EID are mixed. Moreover, we examine the moderating effect of online media attention on the relationship between investor attention and the quality of corporate EID and find that the negative effect of investor attention on the quality of corporate EID is strengthened by online media attention. The results remain robust after conducting a series of robustness tests, and implications of these findings for theory and practice are discussed.

Keywords: Corporate environmental information disclosure; Online media attention; Investor attention; Baidu index; Heavily polluting industries (search for similar items in EconPapers)
Date: 2023
References: View references in EconPapers View complete reference list from CitEc
Citations: View citations in EconPapers (2)

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Persistent link: https://EconPapers.repec.org/RePEc:eee:reveco:v:86:y:2023:i:c:p:1022-1040

DOI: 10.1016/j.iref.2023.01.022

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