School of Business, Central South University, Changsha, 410083, China.
Graduate School of Economics and Management, Ural Federal University, Yekaterinburg, 620002, Russia; MEU Research Unit, Middle East University, Amman, Jordan.
J Environ Manage. 2024 Jun;360:121237. doi: 10.1016/j.jenvman.2024.121237. Epub 2024 May 25.
This study aims to investigate the impact of third-party environmental information disclosure (EiD) on the corporate financial performance (CFP) of Chinese semiconductor companies listed on the Shanghai and Shenzhen Stock Exchanges from 2008 to 2022. Utilizing the two-way fixed effects model and method of moments quantile regression (MMQR), the results reveal that for each unit increase in third-party EiD index, there is a corresponding 0.87% increase in investments returns. However, this impact is moderated by the presence of female executives and strengthened by CEO political ties. The findings further identify financial constraints and green subsidies as mediating mechanisms, indicating that while financial constraints can deter third-party EiD adoption, green subsidies can facilitate it. High transparency does not always result in financial gains despite the general benefits. This study contributes to understanding the role of third-party EiD in driving corporate sustainability and provides empirical evidence regarding the financial and operational implications of voluntary engagement of the public in environmental governance. Such findings can inform corporate decision-making and policy formulation, encouraging more firms to participate in environmental regulation initiatives voluntarily.
本研究旨在探讨第三方环境信息披露（EiD）对 2008 年至 2022 年在上海和深圳证券交易所上市的中国半导体公司的企业财务绩效（CFP）的影响。利用双向固定效应模型和矩分位数回归（MMQR）方法，结果表明，第三方 EiD 指数每增加一个单位，投资回报率就会相应增加 0.87%。然而，这种影响受到女性高管的存在和 CEO 政治关系的调节。研究结果进一步确定了财务约束和绿色补贴作为中介机制，表明尽管普遍受益，但财务约束可能会阻止第三方 EiD 的采用，而绿色补贴则可以促进其采用。高透明度并不总是带来财务收益。本研究有助于理解第三方 EiD 在推动企业可持续发展方面的作用，并提供了关于公众自愿参与环境治理的财务和运营影响的经验证据。这些发现可以为企业决策和政策制定提供信息，鼓励更多的公司自愿参与环境监管倡议。
