Can environmental information disclosure regulate the relationship between environmental cost and enterprise value

2020 ◽  
Vol 67 (2/3/4) ◽  
pp. 95
Author(s):  
Liping Wang ◽  
Chuang Li ◽  
Shuqin Li
2020 ◽  
Vol 11 (5) ◽  
pp. 903-931 ◽  
Author(s):  
Yue Pan ◽  
Qiuping Chen ◽  
Pengdong Zhang

Purpose The purpose of this study is to investigate whether and how policy uncertainty affect corporate environmental information disclosure. Design/methodology/approach This study conducts a difference-in-difference estimation and systematically investigates the relationship between policy uncertainty and corporate environmental information disclosure. The baseline regression results are robust to a series of robustness and endogeneity tests. Findings The authors show that firms located in cities with stronger policy uncertainty disclose less information on environmental issues. Furthermore, this negative relationship is stronger in the Midwest and in pre-industrial regions and for stated-owned firms and firms in highly polluting industries. Practical implications This study argues that policy uncertainty reduce the corporate disclosure of environmental information. Therefore, the results provide evidence on how to better emphasize the importance of green gross domestic product in the performance appraisal system for officials. Social implications This study confirms that corporate environmental disclosure is a response to public pressure. The results encourage the government and the public to increase corporate awareness of environmental protection. Originality/value This study contributes to the literature in the following ways. First, the authors provide a new perspective to study the relationship between policy uncertainty and corporate finance. Second, it contributes to the literature on corporate environmental information disclosure by linking policy uncertainty with firms’ disclosure of environmental information. Third, this study is a serious attempt to solve the problem of endogeneity between policy uncertainty and corporate environmental information disclosure.


Author(s):  
Hua Yin ◽  
Mingyu Li ◽  
Yuan Ma ◽  
Qiang Zhang

Combined with the existing research gap, this paper divides firms’ environmental information disclosure styles into two types: Substantive style and symbolic style. This paper elaborates on the relationship between environmental information disclosure and firms’ profitability of these two disclosure types and tests this relationship using the data from 676 firms employed from the heave-polluting industry. Considering the endogenous and heteroscedasticity problems, 2-stage least squares method and weighted least square method were adopted. The results showed that (1) positive relationships exist between environmental information disclosure and profitability for both types; and (2) the contribution of symbolic-style disclosure to profitability is larger than that of substantive-style disclosure. These findings are important for corporate managers and highlight some policy implications in developing countries.


2021 ◽  
Vol 4 (1) ◽  
pp. 41
Author(s):  
Pricilia Angela ◽  
Sofik Handoyo

Sustainability issues have increased the need for stakeholder toward environmental information disclosure. Quality of environmental information is pivotal for stakeholders to make a proper assessment of a firm’s environmental performance. This study examines the relationship between a firm’s characteristics and environmental disclosure quality. Firm’s characteristics in this study refer to the size, ownership concentration, age, and leverage. Content analysis of sustainability reporting was applied in this study. The study involved 33 listed firms in Indonesia Stock Exchange (IDX) that are consistently issued sustainability reporting during 2014-2016. Simultaneously test indicated that characteristics of the firm significantly explain the variance of environmental disclosure quality. However, partially test showed that leverage is the only variable significantly influenced environmental disclosure quality. 


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