School of Economics and Management, Ningbo University of Technology, Ningbo 315211, China.
School of Management, China University of Mining and Technology, Xuzhou 221116, China.
Int J Environ Res Public Health. 2023 Feb 27;20(5):4229. doi: 10.3390/ijerph20054229.
This study examines the impact of environmental information disclosure quality on firm value for Chinese listed companies in heavily polluting industries from 2010 to 2021. By controlling for the level of leverage, growth, and corporate governance, a fixed effects model is constructed to test this relationship. Furthermore, this study analyzes the moderating effects of annual report text features, such as length, similarity, and readability, on the relationship between environmental information disclosure and firm value and the heterogeneous impact of firm ownership on this relationship. The main findings of this study are as follows: There is a positive correlation between the level of environmental information disclosure and firm value for Chinese listed companies in heavily polluting industries. Annual report text length and readability positively moderate the relationship between environmental information disclosure and firm value. Annual report text similarity negatively moderates the relationship between environmental information disclosure and firm value performance. Compared with state-owned enterprises, the impact of environmental information disclosure quality on the firm value of no-state-owned enterprises is more significant.
本研究考察了 2010 年至 2021 年重污染行业中国上市公司环境信息披露质量对企业价值的影响。通过控制杠杆水平、增长和公司治理，构建固定效应模型来检验这种关系。此外，本研究还分析了年度报告文本特征（如长度、相似度和可读性）对环境信息披露与企业价值之间关系的调节作用，以及企业所有权对这种关系的异质性影响。本研究的主要结论如下：重污染行业中国上市公司的环境信息披露水平与企业价值之间呈正相关关系。年度报告文本长度和可读性正向调节环境信息披露与企业价值之间的关系。年度报告文本相似度负向调节环境信息披露与企业价值表现之间的关系。与国有企业相比，环境信息披露质量对非国有企业企业价值的影响更为显著。
