New media environment, environmental information disclosure and firm valuation: Evidence from high-polluting enterprises in China

Fan, Liu; Yang, Kaili; Liu, Liping

doi:10.1016/j.jclepro.2020.123253

Cited by 93 publications

(69 citation statements)

References 44 publications

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“…Strengthening government supervision and expanding public media coverage have a positive impact on corporate environmental performance [3][4][5] and environmental information disclosure [10,11]. Based on the institutional theory, listed firms would improve their EID quality to pursue corporate legitimacy and recognition from government and public media [15][16][17][18]. Under the standardized government regulation, listed firms should disclose environmental information of high quality and trustworthiness by improving corporate management and environmental performance [23,24].…”

Section: Literature Review and Hypothesismentioning

confidence: 99%

“…Cai (2017) and Fornes (2019) discovered significant differences in the degree of Chinese local government supervision because of the different legal, economic and environmental environment [3,14]. Other authors classified Chinese government supervision into two parts, namely the macro-governance of the central regulatory authority and the micro-governance of local governments [15][16][17][18][19][20]. Lee (2017) found that high macro-governance significantly improves the environmental awareness of heavy-polluting firms.…”

Section: Government Regulatory Pressure and Eidmentioning

confidence: 99%

“…Second, under the correct propaganda and guidance of the society and public media, the pressure of social norms can prompt enterprises to manage their environmental performance [11,17]. Third, in order to obtain legal recognition from social media and the government, companies will strictly ensure the quality of disclosed information [15][16][17][18][19]. However, these studies only make a single-variable analysis of the government regulation or media supervision on corporate environmental performance [22][23][24][25][26], and they have not studied the interrelationship between government and media supervision.…”

Section: The Interactive Impact Of Media and Government Supervision On Eidmentioning

confidence: 99%

“…The previous research shows a stronger implementation of government supervision, obviously improve corporate environmental performance [2][3][4][5][6][7][8][9][10][11]. Based on legitimacy theory, listed firms will strengthen their own legality management and disclose environmental information in strict accordance with the policies and regulations to obtain the recognition from government [15,16]. Empirical studies have pointed out that the reinforced government supervisions significantly improve the EID quality and reduce litigation risks and administrative penalties [17].…”

Section: Introductionmentioning

confidence: 99%

See 3 more Smart Citations

Incentives for Corporate Environmental Information Disclosure in China: Public Media Pressure, Local Government Supervision and Interactive Effects

Xue

Liu

et al. 2021

Sustainability

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Disclosing environmental information is essential for listed firms to demonstrate social conscience. To fulfill government and public media supervision, Chinese listed firms are increasing the quality and quantity of disclosed environmental information. This elicits a new topic of interest: the correlation between media/government supervision and corporate environmental information disclosure (EID). The paper addresses this issue through data analysis and factor correlation study in data from some high-pollution firms in China during 2017–2019. The study first introduces a standardized definition for the quantification of media and government supervision, as well as the degree to which the corporation discloses the environmental information. Then, the correlations between the factors are isolated and refined to three sub-topics: (1) how public media and local government supervision affect the quality of corporate EID; (2) how is the interactive effect of public media and government supervision related to corporate EID; (3) how is the distinct ownership of corporate affect the government supervision on corporate EID. The concluding result from the above factor analysis could provide guidance for authorities to adjust certain laws and regulations so that the media and government supervision better motivates the corporate EID, and furthermore, better sustainable development of ecological environment.

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Section: Literature Review and Hypothesismentioning

confidence: 99%

Section: Government Regulatory Pressure and Eidmentioning

confidence: 99%

Section: The Interactive Impact Of Media and Government Supervision On Eidmentioning

confidence: 99%

Section: Introductionmentioning

confidence: 99%

See 2 more Smart Citations

Incentives for Corporate Environmental Information Disclosure in China: Public Media Pressure, Local Government Supervision and Interactive Effects

Xue

Liu

et al. 2021

Sustainability

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show abstract

“…Li found that media attention can improve the quality of corporate carbon information disclosure [ 26 ]. There are also many documents that prove that media attention will significantly improve the level of corporate environmental governance, including making companies pay more attention to environmental issues, disclose more environmental information, and increase environmental protection investment [ 17 , 19 , 27 ]. Accordingly, the first hypothesis is proposed:…”

Section: Literature Review and Hypothesismentioning

confidence: 99%

Corporate Environmental Performance in China: The Moderating Effects of the Media versus the Approach of Local Governments

Guo

2020

IJERPH

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This article selects the listed companies in China’s A-share heavy pollution industry from 2014 to 2018 as samples, uses a random effect model to empirically test the relationship between media attention and corporate environmental performance and examines the impacts of local government environmental protection and property nature on that relationship. Results are as follow: (1) Media attention can significantly affect a company’s environmental performance. The higher the media attention, the greater the company’s supervision and the better its environmental performance. (2) In areas where the government pays less attention to environmental protection, the impact of media on corporate environmental performance is more obvious, but in other areas, the impact of media on environmental performance cannot be reflected; (3) The media attention is very significant for the environmental performance improvement of state-owned enterprises, and it is not obvious in non-state-owned enterprises. (4) A further breakdown of the study found that the role of media attention in corporate environmental performance is only significant in the sample of local governments that have low environmental protection and are state-owned enterprises. This research incorporates the local government’s emphasis on environmental protection into the research field of vision, expands the research scope of media and corporate environmental performance, and also provides new clues and evidence for promoting the active fulfillment of environmental protection responsibilities by companies and local governments.

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Business strategy and environmental information disclosure from a Confucian cultural perspective: Evidence from China

Zhao,

Wang,

Zhang

et al. 2023

Bus Strat Env

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Based on social contract theory, this study investigates the impact of business strategy on environmental information disclosure from an informal institutional perspective. Using empirical data from a panel of Chinese listed A‐share firms in Shanghai and Shenzhen from 2010 to 2020, we demonstrate that firms following prospector strategies have higher levels of environmental information disclosure compared to those following defender strategies. Our findings also reveal that Confucian culture positively moderates the relationship between business strategy and environmental information disclosure. Specifically, we find that when environmental uncertainty increases, the moderating effect of Confucian culture weakens, while effective legal supervision strengthens the positive moderating effect of Confucian culture. Additionally, our results show that business strategy affects environmental information disclosure through the dual channels of economic benefits contract and social recognition contract. Overall, this research provides valuable insights for corporate sustainable development and effective government environmental governance.

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New media environment, environmental information disclosure and firm valuation: Evidence from high-polluting enterprises in China

Cited by 93 publications

References 44 publications

Incentives for Corporate Environmental Information Disclosure in China: Public Media Pressure, Local Government Supervision and Interactive Effects

Incentives for Corporate Environmental Information Disclosure in China: Public Media Pressure, Local Government Supervision and Interactive Effects

Corporate Environmental Performance in China: The Moderating Effects of the Media versus the Approach of Local Governments

Business strategy and environmental information disclosure from a Confucian cultural perspective: Evidence from China

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