School of Management, University of Science and Technology of China, Hefei, Anhui Province 230026, PR China.
School of Management, University of Science and Technology of China, Hefei, Anhui Province 230026, PR China.
Sci Total Environ. 2020 Apr 20;714:136855. doi: 10.1016/j.scitotenv.2020.136855. Epub 2020 Jan 22.
Given the widespread impacts of firm activities on the environment, firms are increasingly required to disclose environmental information. However, the relation between environmental information disclosure and firm financial performance is controversial and the mechanism through which environmental information disclosure affects financial performance is insufficiently investigated. This research examined the effect of environmental information disclosure on financial performance and explored the mediating effects of visibility (e.g., analyst coverage and institutional ownership) and liquidity. Panel data from 289 Chinese listed firms were analyzed with the assistance of STATA Software. The results revealed that environmental information disclosure positively (directly) affects financial performance. Further, environmental information disclosure also indirectly affects financial performance via analyst coverage (e.g., number of analysts and number of reports) and liquidity. Analyst coverage and liquidity mediate the relationship between environmental information disclosure and financial performance while institutional ownership has no mediating effect. According to the results, practical implications were discussed and future research directions were noted.
鉴于企业活动对环境的广泛影响，企业越来越需要披露环境信息。然而，环境信息披露与企业财务绩效之间的关系存在争议，环境信息披露影响财务绩效的机制也未得到充分研究。本研究考察了环境信息披露对财务绩效的影响，并探讨了能见度（如分析师覆盖范围和机构所有权）和流动性的中介效应。本研究利用 STATA 软件对 289 家中国上市公司的面板数据进行了分析。结果表明，环境信息披露对财务绩效有正向（直接）影响。此外，环境信息披露还通过分析师覆盖范围（如分析师人数和报告数量）和流动性间接影响财务绩效。分析师覆盖范围和流动性中介了环境信息披露与财务绩效之间的关系，而机构所有权则没有中介效应。根据研究结果，本研究讨论了实际意义，并指出了未来的研究方向。
