Can green investors improve the quality of corporate environmental information disclosure?

Abstract

This paper examines the impact of green investors on the quality of corporate environmental information disclosure and its role mechanism in A-share listed companies in China from 2008 to 2022. The study found that green investors significantly improved the quality of corporate environmental information disclosure, and this conclusion still holds true after passing a series of robustness tests. Mechanism tests show that green investors enhance the quality of corporate environmental information disclosure through three major channels: the green innovation effect, the financing medium effect, and the media attention effect. A heterogeneity analysis revealed that the observed improvement effect was more pronounced in state-owned enterprises, large firms, firms in regions with low environmental regulation intensity and low financial development levels.