The impact of corporate characteristics and external pressure on environmental information disclosure: a model using env
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RESEARCH IN ENVIRONMENTAL GOVERNANCE AND INNOVATION
The impact of corporate characteristics and external pressure on environmental information disclosure: a model using environmental management as a mediator Xin Chen 1 & Xiaoxia Li 1 & Xiaoyi Huang 2 Received: 6 May 2020 / Accepted: 26 October 2020 # Springer-Verlag GmbH Germany, part of Springer Nature 2020
Abstract Since the beginning of the 21st century, a number of regulations on corporate environmental information disclosure have been issued. Given the bottom-up nature of environmental information disclosure policy, increasing concerns about influencing factors have emerged; however, the specific influencing factors and mechanisms of environmental information disclosure remain unknown. This article explores the influencing factors and mechanisms of corporate environmental information disclosure. Through a random-effect GLS regression analysis of 363 listed manufacturing companies from the Shanghai Stock Exchange for 2012–2018, we find empirical support for our prediction that the link between internal/external factors and environmental information disclosure is mediated by corporate environmental management. Some characteristics of environmental information disclosure are also identified. We present influencing mechanisms from a corporate perspective, which will be useful for top managers and regulators interested in enhancing environmental information disclosure. Keywords Environmental information disclosure . Environmental management . Corporate characteristics . Mediating effect
Introduction Since the 1990s, most European countries have praised voluntary environmental regulation, which aims to encourage companies to take voluntary measures to achieve environmental improvement. As an effective means of pollutant reduction, environmental information disclosure (EID) has received extensive attention. Initially, EID was viewed as part of corporate social responsibility information disclosure. As environmental issues have become more serious, studies on EID have Responsible Editor: Eyup Dogan * Xin Chen [email protected] Xiaoxia Li [email protected] Xiaoyi Huang [email protected] 1
Business School, Shandong University, Shandong, People’s Republic of China
2
Chinese Academy of Fiscal Sciences, Beijing, People’s Republic of China
gradually become more prevalent (Ingram and Frazier 1980; Trotman and Bradley 1981; Cowen et al. 1987; Mathews 1997). Especially over the long run, EID is regarded as an effective means to realize the sustainable development of enterprises (Ikram et al. 2019; Ikram et al. 2020). Luo et al. (2019) found that improving the quality of EID can significantly reduce the debt financing costs of heavily polluting companies. EID also has innovation, financing and subsidy effects, which can expand the export scale and promote enterprise exports (Lu et al. 2020). The existing research on EID mainly focuses on the following four issues: describing the status of EID and providing normative views (Gamble et al. 1996; Dixon et al. 2005;
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