As an effective regulatory tool, environmental information disclosure is significant in promoting the green upgrading of industrial structures and achieving green transformation of enterprises. In order to explore the impact mechanism of environmental information disclosure on corporate sustainability performance, this paper constructs a two-way fixed-effect model using balanced panel data of Chinese A-share listed manufacturing companies from 2015 to 2020. We find that environmental information disclosure significantly impacts green innovation, thereby improving corporate sustainability performance. Furthermore, financing constraints inhibit the impact of environmental disclosure on sustainability performance, while female directors have only symbolic effect. The reliability of the paper’s findings is verified by replacing the dependent variable and introducing instrumental variables. Heterogeneity analysis shows that the effect of environmental information disclosure on corporate sustainability performance is more substantial among non-state and eastern and heavily polluting enterprises. Comprehensive analysis from the financing perspective shows the differences in the moderating effects of debt and equity financing regarding the impact mechanism. This study enriches the theory of green innovation and provides financing strategies for enterprises to achieve green transformation, as well as suggestions for improving the government environmental information disclosure system.

The allocation of executives’ environmental attention (EEA) is of great significance in promoting the green upgrading of industrial structures and achieving corporate green transformation. Based on upper echelon theory and the attention-based view, we use panel data of Chinese manufacturing companies from 2015 to 2020 to construct a two-way fixed effects model to explore the impact mechanism of EEA on corporate green transformation performance (CGTP). Baseline regression shows that EEA significantly improves CGTP. The reliability of findings is verified by reducing time windows, replacing the independent variable, expanding the data source, and adding missing variables. In the heterogeneity analysis, the positive effect of EEA on CGTP is significant for eastern companies and does not differ in the property rights grouping. After propensity score matching, environmental attribute grouping shows that the positive effect of EEA on CGTP is more significant for non-heavy polluters. Extended research shows that government subsidies have a positive moderating effect, while female executives play only a symbolic role. Moreover, green innovation activities have positive partial mediating effects. Green innovation is the best way to address environmental pollution and achieve corporate green transformation. Our research provides implications for decision-makers to allocate their attention, and thereby achieve green development appropriately.

The allocation of executives' environmental attention (EEA) is of great significance in promoting the green upgrading of industrial structures and achieving corporate green transformation. Based on upper echelon theory and the attention-based view, we use panel data of Chinese manufacturing companies from 2015-2020 to construct a two-way fixed effects model to explore the impact mechanism of EEA on corporate green transformation performance (CGTP). Baseline regression shows that EEA significantly improves CGTP. The reliability of findings is verified by reducing time windows, replacing the independent variable, expanding the data source and adding missing variables. In the heterogeneity analysis, the positive effect of EEA on CGTP is significant for eastern companies and does not differ in the property rights grouping. After propensity score matching, environmental attributes grouping shows that the positive effect of EEA on CGTP is more significant for non-heavy polluters. Extended research shows that government subsidies have a positive moderating effect, while female executives play only a symbolic role. Moreover, green innovation activities have positive partial mediating effects. Green innovation is the best way to address environmental pollution and achieve corporate green transformation. Our research provides implications for decision-makers to allocate their attention, and thereby achieve green development appropriately.

As a formal environmental regulation, environmental tax is important for the green upgrading of industrial structure. In order to explore the impact mechanism of environmental tax on corporate financial performance, this paper constructs a difference-difference (DID) model with two-way fixed effects based on financial data of Chinese A-share manufacturing listed companies from 2015 to 2019. We have found that environmental taxes contribute directly and significantly to the improvement of financial performance and that technological innovation, in some degree, produces mediating effect. Financing constraints not only negatively moderate the relationship between environmental taxes and technological innovation; they also inhibit the impact of technological innovation on financial performance and have a moderate mediating effect as part of the indirect influence. In the heterogeneity analysis, the direct effect is more significant among State-owned enterprises (SOEs) and eastern enterprises, and the moderating effect of financing constraints is more significant among non-SOEs and eastern enterprises. This paper advances the understanding of economic consequences of environmental tax levies from the perspective of property and regional heterogeneity. It provides empirical evidence in support of the applicability of Porter’s hypothesis in China and makes suggestions for the optimization of environmental policy and improvement of financial performance of enterprises.