Arbeitspapier
Corporate Environmental Information Disclosure and Investor Response: Empirical Evidence from China's Capital Market
This paper aims at analyzing the impact of corporate environmenral information disclosure from the perspective of investors. To that end, we have collected environmental information disclosure data of all Chinese listed companies from 2004 to 2020 and controlled the impacts of annual reports on investor response. We apply the Fama-French five-factor model to calculate the accumulative abnormal returns of stocks during the event window period. Our results suggest that environmental information disclosure can have a significant negative response among investors when we take the impacts of annual reports into consideration. Moreover, we find that heavy-polluting companies and companies with high institutional shareholding are more likely to have negative reactions from investors. Notably, the negative response is found significant after the Ambient Air Quality Standard was revised in 2012. Furthermore, high environmental expenditure and strict environmental regulation will result in negative investor responses, while the political connection can alleviate the negative impacts of environmental information disclosure. The results remain robust in different ways. The findings suggest that listed companies may lack the incentive to engage in environmental management and are reluctant to disclose environmental information. Consequently, the government should formulate a mandatory disclosure policy and provide administrative support to environmentalfriendly companies. Besides, companies should improve innovation technology to cut down environmental costs. Meanwhile, investors should be aware of the importance of corporate environmental behaviors and realize the long-term benefits of environmental management of listed companies.
- Sprache
-
Englisch
- Erschienen in
-
Series: Working Paper ; No. 03.2022
- Klassifikation
-
Wirtschaft
Contracting Out; Joint Ventures; Technology Licensing
- Thema
-
Environmental information disclosure
Investor response
Corporate annual reports
Fama-french five factor model
China's capital market
- Ereignis
-
Geistige Schöpfung
- (wer)
-
Meng, Jia
Zhang, ZhongXiang
- Ereignis
-
Veröffentlichung
- (wer)
-
Fondazione Eni Enrico Mattei (FEEM)
- (wo)
-
Milano
- (wann)
-
2022
- Handle
- Letzte Aktualisierung
-
20.09.2024, 08:21 MESZ
Datenpartner
ZBW - Deutsche Zentralbibliothek für Wirtschaftswissenschaften - Leibniz-Informationszentrum Wirtschaft. Bei Fragen zum Objekt wenden Sie sich bitte an den Datenpartner.
Objekttyp
- Arbeitspapier
Beteiligte
- Meng, Jia
- Zhang, ZhongXiang
- Fondazione Eni Enrico Mattei (FEEM)
Entstanden
- 2022
Ähnliche Objekte (12)
Energy and Environmental Issues and Policy in China
Effective environmental protection in the context of government decentralization
Programs, Prices and Policies Towards Energy Conservation and Environmental Quality in China
Trade in environmental goods, with focus on climate-friendly goods and technologies
Policies and measures to mitigate the potential environmental impacts of cross-border infrastructure projects in Asia
Is it fair to treat China as a christmas tree to hang everybody's complaints? Putting its own energy saving into perspective
Climate change meets trade in promoting green growth: potential conflicts and synergies
Liberalizing climate-friendly goods and technologies in the WTO: product coverage, modalities, challenges and the way forward
Why are the stakes so high? Misconceptions and misunderstandings in China's global quest for energy security
China's Carbon Market: Development, Evaluation, Coordination of Local and National Carbon Markets and Common Prosperity
In what format and under what timeframe would China take on climate commitments? A roadmap to 2050
Multilateral trade measures in a post-2012 climate change regime? What can be taken from the Montreal Protocol and the WTO?
Energy and Environmental Issues and Policy in China
Effective environmental protection in the context of government decentralization
Programs, Prices and Policies Towards Energy Conservation and Environmental Quality in China
Trade in environmental goods, with focus on climate-friendly goods and technologies
Policies and measures to mitigate the potential environmental impacts of cross-border infrastructure projects in Asia
Is it fair to treat China as a christmas tree to hang everybody's complaints? Putting its own energy saving into perspective
Climate change meets trade in promoting green growth: potential conflicts and synergies
Liberalizing climate-friendly goods and technologies in the WTO: product coverage, modalities, challenges and the way forward
Why are the stakes so high? Misconceptions and misunderstandings in China's global quest for energy security
China's Carbon Market: Development, Evaluation, Coordination of Local and National Carbon Markets and Common Prosperity
In what format and under what timeframe would China take on climate commitments? A roadmap to 2050
Multilateral trade measures in a post-2012 climate change regime? What can be taken from the Montreal Protocol and the WTO?
Energy and Environmental Issues and Policy in China
Effective environmental protection in the context of government decentralization
Programs, Prices and Policies Towards Energy Conservation and Environmental Quality in China
Trade in environmental goods, with focus on climate-friendly goods and technologies
Policies and measures to mitigate the potential environmental impacts of cross-border infrastructure projects in Asia
Is it fair to treat China as a christmas tree to hang everybody's complaints? Putting its own energy saving into perspective
Climate change meets trade in promoting green growth: potential conflicts and synergies
Liberalizing climate-friendly goods and technologies in the WTO: product coverage, modalities, challenges and the way forward
Why are the stakes so high? Misconceptions and misunderstandings in China's global quest for energy security
China's Carbon Market: Development, Evaluation, Coordination of Local and National Carbon Markets and Common Prosperity
In what format and under what timeframe would China take on climate commitments? A roadmap to 2050