Industry-specific information disclosure regulation and corporate ESG performance: Evidence from China

IF 7.4 2区经济学 Q1 BUSINESS, FINANCE

Finance Research Letters Pub Date : 2024-11-16 DOI:10.1016/j.frl.2024.106483

Gaocai Chen , Mengqi Zou

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Abstract

Finding ways to promote environmental, social, and governance (ESG) development through effective capital market regulation is crucial. China has initiated industry-specific information disclosure regulation since 2013 to enhance market efficiency and drive economic transformation. Using data of listed firms from 2009 to 2020, this study employs a difference-in-differences model to investigate the influence and underlying mechanisms of industry-specific information disclosure regulation on corporate ESG performance. The findings indicate that industry-specific information disclosure regulation can promote corporate ESG performance by enhancing the comparability of accounting information, which fosters industry competition, facilitates external oversight, and reduces internal agency costs. Heterogeneity tests reveal that the influence is more pronounced in enterprises with higher industry fundamentals relevance, state-owned enterprises, and enterprises in regions with high market development. These findings broaden the scope of information disclosure regulation studies and offer tangible regulatory strategies for transitional economies to bolster ESG development.

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特定行业的信息披露监管与企业的环境、社会和公司治理绩效：来自中国的证据

如何通过有效的资本市场监管促进环境、社会和治理（ESG）的发展至关重要。为提高市场效率，推动经济转型，中国自 2013 年起启动了针对特定行业的信息披露监管。本研究利用 2009 年至 2020 年的上市公司数据，采用差分模型研究特定行业信息披露监管对企业环境、社会和治理绩效的影响及其内在机制。研究结果表明，特定行业信息披露监管可以通过提高会计信息的可比性，促进行业竞争，方便外部监督，降低内部代理成本，从而促进企业环境、社会和治理绩效。异质性检验表明，这种影响在行业基本面相关性较高的企业、国有企业和市场发展程度较高地区的企业中更为明显。这些发现拓宽了信息披露监管研究的范围，并为转型经济体促进环境、社会和公司治理发展提供了切实可行的监管策略。

本文章由计算机程序翻译，如有差异，请以英文原文为准。

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来源期刊

Finance Research Letters BUSINESS, FINANCE-

CiteScore

11.10

自引率

14.40%

发文量

863

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