Corporate Social Responsibility and Maturity Mismatch of Investment and Financing: Evidence from Polluting and Non-Polluting Companies

Bao, Xiaolan; Luo, Qiaosheng; Li, Sicheng; Crabbe, M. James C.; Yue, Xiao‐Guang

doi:10.3390/su12124972

Cited by 23 publications

(10 citation statements)

References 24 publications

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“…Thirdly, the third sectors, companies and the public should be encouraged in air protection. Some empirical analyses have been shown that Environmental Non-Governmental Organizations (ENGOs) and companies have a positive impact on the improvement of environmental quality (Bao et al, 2020;Li et al, 2021). Local people can be mobilized and organized by ENGOs and companies to participate in environmental improvement activities , which will alleviate the pressure of governments on environmental protection.…”

Section: Discussionmentioning

confidence: 99%

Environmental governance investment and Air Quality: Based on China’s provincial panel data

Zhang

et al. 2022

Front. Environ. Sci.

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Ambient air pollution is an important environmental problem that impacts the health and sustainable development of human beings. Many measures have been taken by governments to decrease air pollution. This paper focuses on whether government investment has a positive effect on air quality. Based on China’s environmental statistics from 2003 to 2020, the Spatiotemporal Weighted Regression Model is used to observe the spatiotemporal correlation between environmental governance investment and air quality in different provinces in China, finding that there is a negative time-space correlation between environmental governance investment and air quality. In addition, environmental governance investment will not immediately improve air quality, and air pollution has the characteristics of spatial overflow that the pollution between regions affect each other. Then, to further research governments how to deal with environmental protection, configuration analysis has been used, and finds out four high-performance paths for environmental governance of China’s provinces. At the end of this research, we put forward four suggestions for air protection. Firstly, government should formulate long-term air governance policies. Secondly, government environmental governance of air pollution should pay attention to the cooperativity of environmental governance between regions. Thirdly, the third sectors, companies and the public should be encouraged in air protection. Fourthly, government should build a whole-process air governance strategy.

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Section: Discussionmentioning

confidence: 99%

Environmental governance investment and Air Quality: Based on China’s provincial panel data

Zhang

et al. 2022

Front. Environ. Sci.

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“…There are various control mechanisms to minimize asymmetric information and better control over managerial activities, such as quality and disclosure of social responsibility. Credit rating agencies also tend to evaluate the credit reliability of companies based on their non-financial information, such as sustainability reports (Bao et al, 2020). Therefore, companies with high social responsibility tend to find it easier to get long-term debt (Hung et al, 2020).…”

Section: Hypothesis Developmentmentioning

confidence: 99%

Financial Reporting Quality, Tax Avoidance, Debt Maturity, and Investment Efficiency: The Moderating Role of Corporate Social Responsibility Disclosure

Sukarno¹,

Firmansyah

Jadi³

et al. 2022

Journal of Accounting and Business Dynamics

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This research investigates the influence of financial reporting quality, tax avoidance, and debt maturity on investment efficiency in Indonesia. This study also examines the role of corporate social responsibility disclosure as a moderating variable. Samples of manufacturing companies listed in Indonesia between 2014 and 2019 were selected (414 observations). Using panel regression, this study unveiled a positive effect of financial report quality, while a negative effect of tax avoidance and debt maturity on investment efficiency. Corporate social responsibility disclosure fails to moderate the impact of financial report quality and tax avoidance on investment efficiency. In contrast, corporate social responsibility disclosure strengthens the influence of debt maturity on investment efficiency. This study suggests that the Indonesian Tax Authority needs to improve its supervision on Indonesian companies to suppress tax avoidance by companies that may reduce investment efficiency.

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“…When negative corporate news accumulates for a long time and suddenly breaks out, it will cause negative reactions from investors, leading to the company's stock price turmoil (Kim and Zhang, 2016;Wei and Zeng, 2018;Wu et al, 2019). Therefore, it is important to improve the information environment for stabilizing the financial market (Han et al, 2019;Bao et al, 2020). The more transparent the information disclosed by the company, the lower the stock price crash risk (Hutton et al, 2009).…”

Section: Introductionmentioning

confidence: 99%

Evaluation of ESG Ratings for Chinese Listed Companies From the Perspective of Stock Price Crash Risk

Peng

Liu

2022

Front. Environ. Sci.

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ESG investment strategy has attracted increasing attention from the financial market, and the inconsistency of enterprise ESG rating results of different rating agencies has gradually become the focus of attention of regulators and investors. In this article, the listed companies with ESG ratings in Shanghai and Shenzhen A-shares from 2016 to 2020 were selected as the research samples. Combined with difference-in-differences model and ordinary least squares methods, the rationality of these ESG ratings was evaluated by examining the difference in the impact of three international ESG rating agencies, such as Bloomberg, and three Chinese ESG rating agencies, such as Sino-securities, on the stock price crash risk. The research findings are as follows: First, after incorporating the ESG ratings of FTSE Russell, MSCI, and China Alliance of Social Value Investment, the stock price crash risk of enterprises is significantly reduced. Second, the company's share price crash risk will be lower when the ESG evaluation results of Bloomberg or MSCI is better. Third, compared with social indicators, investors pay more attention to the environmental performance of enterprises in decision making. Enterprises with high environmental scores have lower stock price crash risk. The findings of this article play an enlightening role for China to improve its ESG system, construct an ESG disclosure policy, and improve the market role of ESG rating.

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Corporate Social Responsibility and Maturity Mismatch of Investment and Financing: Evidence from Polluting and Non-Polluting Companies

Cited by 23 publications

References 24 publications

Environmental governance investment and Air Quality: Based on China’s provincial panel data

Environmental governance investment and Air Quality: Based on China’s provincial panel data

Financial Reporting Quality, Tax Avoidance, Debt Maturity, and Investment Efficiency: The Moderating Role of Corporate Social Responsibility Disclosure

Evaluation of ESG Ratings for Chinese Listed Companies From the Perspective of Stock Price Crash Risk

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