Wang Ge, Du Qi'ang, Li Xiaodong, Deng Xiaopeng, Niu Yanliang
College of Public Administration, Huazhong Agricultural University, 1 Shizishan Street, Wuhan, 430070, China.
Antai College of Economics and Management, Shanghai Jiao Tong University, 1954 Huashan Road, Shanghai, 200030, China.
Environ Sci Pollut Res Int. 2023 Jan;30(4):10226-10244. doi: 10.1007/s11356-022-22664-y. Epub 2022 Sep 7.
Environmental sustainability is an important strategy for firms to expand market reach and space in pursuit of profitable growth. In the context of internationalization, environment information disclosure (EID) is considered an environmental signal released by a firm to external stakeholders. Using a sample of Chinese construction firms listed in the global Engineering News-Record (ENR), two periods, from 2008 to 2014 and 2015 to 2019, were set up from the perspective of the EID guideline changes. The regression results illustrate a negative relationship between EID and financial performance in the first period. The moderating effect of internationalization on the relationship between EID and financial performance changes from negative to positive over time. Quantile regressions further reveal how EID and internationalization affect firms at different levels of financial performance. This study proposed a periodic contingency perspective to reconcile the changes in the influence of EID on financial performance within the context of internationalization.
环境可持续性是企业扩大市场范围和空间以追求盈利性增长的重要战略。在国际化背景下，环境信息披露（EID）被视为企业向外部利益相关者发布的一种环境信号。以全球工程新闻记录（ENR）中列出的中国建筑企业为样本，从EID指南变化的角度设定了2008年至2014年以及2015年至2019年两个时间段。回归结果表明，在第一个时间段内，EID与财务绩效之间存在负相关关系。随着时间的推移，国际化对EID与财务绩效之间关系的调节作用从负向正转变。分位数回归进一步揭示了EID和国际化如何影响处于不同财务绩效水平的企业。本研究提出了一个周期性权变视角，以协调国际化背景下EID对财务绩效影响的变化。
