RESEARCH ARTICLE
Environmental information disclosure and corporate financial performance: Evidence from China
Xinyue Fan,
Zishen Tang,
Yelin Fu,
Jiayi Yan,
Xinyue Fan
College of Economics, Shenzhen University, Shenzhen, China
Search for more papers by this authorZishen Tang
Bay Area International Business School, Beijing Normal University, Zhuhai, China
Search for more papers by this authorCorresponding Author
Yelin Fu
College of Economics, Shenzhen University, Shenzhen, China
Correspondence
Yelin Fu, College of Economics, Shenzhen University, Shenzhen 518000, China.
Email: [email protected]
Search for more papers by this authorJiayi Yan
College of Economics, Shenzhen University, Shenzhen, China
Search for more papers by this authorXinyue Fan,
Zishen Tang,
Yelin Fu,
Jiayi Yan,
Xinyue Fan
College of Economics, Shenzhen University, Shenzhen, China
Search for more papers by this authorZishen Tang
Bay Area International Business School, Beijing Normal University, Zhuhai, China
Search for more papers by this authorCorresponding Author
Yelin Fu
College of Economics, Shenzhen University, Shenzhen, China
Correspondence
Yelin Fu, College of Economics, Shenzhen University, Shenzhen 518000, China.
Email: [email protected]
Search for more papers by this authorJiayi Yan
College of Economics, Shenzhen University, Shenzhen, China
Search for more papers by this authorAbstract
Corporate environmental disclosure has gained prominence in capital markets, yet opinions vary on whether its benefits outweigh its costs. Based on a sample of Chinese listed A-share firms spanning 2010–2020, we reveal that the environmental information disclosed by listed companies significantly enhances the economic value added. Key mechanisms include positive media attention, institutional investor shareholding and corporate R&D investment. Additionally, government investment in environmental governance plays a positive moderating role. Furthermore, we also find that non-monetised disclosures bring more benefits than monetised ones. Also green signals have a peer effect in the same industry and province.
Open Research
DATA AVAILABILITY STATEMENT
The data that support the findings of this study are available from the corresponding author upon reasonable request.
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