College of Economics and Management, Shandong University of Science and Technology, Qingdao 266590, China.
Int J Environ Res Public Health. 2019 May 3;16(9):1556. doi: 10.3390/ijerph16091556.
Combined with the existing research gap, this paper divides firms' environmental information disclosure styles into two types: Substantive style and symbolic style. This paper elaborates on the relationship between environmental information disclosure and firms' profitability of these two disclosure types and tests this relationship using the data from 676 firms employed from the heave-polluting industry. Considering the endogenous and heteroscedasticity problems, 2-stage least squares method and weighted least square method were adopted. The results showed that (1) positive relationships exist between environmental information disclosure and profitability for both types; and (2) the contribution of symbolic-style disclosure to profitability is larger than that of substantive-style disclosure. These findings are important for corporate managers and highlight some policy implications in developing countries.
结合现有研究空白，本文将企业的环境信息披露方式分为实质性和象征性两种类型。本文详细阐述了这两种披露类型与企业盈利能力之间的关系，并利用重污染行业 676 家企业的数据对这一关系进行了检验。考虑到内生性和异方差性问题，本文采用了两阶段最小二乘法和加权最小二乘法。结果表明：（1）两种类型的环境信息披露与盈利能力均呈正相关关系；（2）象征性披露对盈利能力的贡献大于实质性披露。这些发现对企业管理者具有重要意义，并为发展中国家制定相关政策提供了启示。
