Yao Shanshan, Li Yuehan, Ni Jingjie
School of Business, Henan University of Science and Technology, Luoyang, 471000, Henan, China.
Heliyon. 2024 Jun 14;10(12):e32933. doi: 10.1016/j.heliyon.2024.e32933. eCollection 2024 Jun 30.
We examine the effects of the disclosure of internal control material deficiency remediation (ICMDR) information on firms' environmental, social and governance (ESG) performance. Using a sample of Chinese listed firms that disclosed ICMD information in the period 2012-2021, we find that firms which disclose their remediation information show better ESG performance and this improvement is achieved by mitigating financial risk. The results hold for various endogeneity concerns. In addition, the signal transmission effects of ICMDR disclosure on ESG performance occur mainly in the social and governance dimensions, whereas the effect on the environmental dimension is insignificant. Further heterogeneity analysis shows that, remediation information disclosure strongly improves ESG performance in firms that actively disclose remediation information, as well as in state-owned and non-heavily polluting enterprises. This study adds to the existing literature by revealing the role of remediation information disclosure in ESG performance, which has been a less explored topic. It also analyses the mediation role of financial risk to inform enterprises to disclose their remediation information as a means of achieving better sustainable development.
我们考察了内部控制重大缺陷整改（ICMDR）信息披露对企业环境、社会和治理（ESG）绩效的影响。以2012年至2021年期间披露ICMD信息的中国上市公司为样本，我们发现，披露整改信息的企业表现出更好的ESG绩效，且这种改善是通过降低财务风险实现的。这些结果在各种内生性问题上均成立。此外，ICMDR披露对ESG绩效的信号传递效应主要发生在社会和治理维度，而对环境维度的影响不显著。进一步的异质性分析表明，整改信息披露有力地提升了积极披露整改信息的企业以及国有企业和非重污染企业的ESG绩效。本研究通过揭示整改信息披露在ESG绩效中的作用，为现有文献做出了贡献，这是一个较少被探讨的话题。它还分析了财务风险的中介作用，以告知企业披露其整改信息是实现更好可持续发展的一种手段。
