Green development has become an integral part of sustainable development. As the primary driving force for green development, environmental innovation is aimed at promoting the research, diffusion, and application of green technologies, to achieve the coordination of environmental protection and economic development (Benhabib & Spiegel, 1994; Kesidou & Demirel, 2012; Lucas, 1988). However, environmental innovation is a complex process from technical research to market application, characterized by high investment and high risk. It is difficult to meet social demand by the spontaneous regulation of the market. Therefore, it is one of the key issues that has been focused by scholars and policy makers that how to improve the level of environmental innovation and encourage enterprises to carry out environmental innovation. It is worth noting that local governments play a
Effective information disclosure is the cornerstone of sustainable operation of the capital market. In the IPO market, whether public information in the prospectus can be fully captured by investors largely depends on the quality of valuation-relevant information. Based on Chinese prospectuses, we create five unique indicators to measure the information quality and examine the relationship between information quality and IPO underpricing. We find that high quality of information disclosure results in less underpricing because they relieve serious information asymmetry between issuing companies and investors. We provide a new method to supervise and improve the quality of non-financial information disclosure.
scite is a Brooklyn-based organization that helps researchers better discover and understand research articles through Smart Citations–citations that display the context of the citation and describe whether the article provides supporting or contrasting evidence. scite is used by students and researchers from around the world and is funded in part by the National Science Foundation and the National Institute on Drug Abuse of the National Institutes of Health.