Does environmental information disclosure make financial markets more informative? Evidence from China

IF 2.9 3区 管理学 Q2 BUSINESS, FINANCE
Yongliang Yang , Jitao Zhang , Changting Song , Yingying Wu , Bingbing Zhang
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Abstract

We investigate the effect of environmental information disclosure on the information content of stock prices using data from Chinese-listed companies from 2008 to 2020. We find the following: (1) Environmental information disclosure can increase the information content of future cash flows in stock prices. This effect is long-term, not short-term. (2) This effect is more pronounced in state-owned enterprises, firms with higher institutional ownership and lower management ownership. Voluntary and soft disclosures have a significant effect on stock price informativeness. (3) Environmental information disclosure helps management obtain more investment information from stock prices and promotes the real investment efficiency of enterprises. This research is of great significance for the correct understanding of corporate ESG practices and improvements to the efficiency of capital market allocation.

Abstract Image

环境信息披露是否使金融市场更具信息性?来自中国的证据
本文利用2008 - 2020年中国上市公司的数据,考察了环境信息披露对股价信息含量的影响。研究发现:(1)环境信息披露可以增加股票价格中未来现金流量的信息含量。这种影响是长期的,而不是短期的。(2)这种效应在国有企业、机构所有权较高、管理层所有权较低的企业中更为明显。自愿披露和软披露对股价信息性有显著影响。(3)环境信息披露有助于管理层从股票价格中获取更多的投资信息,促进企业真正的投资效率。本研究对于正确认识企业ESG实践,提高资本市场配置效率具有重要意义。
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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CiteScore
6.00
自引率
3.00%
发文量
24
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