2020
DOI: 10.15244/pjoes/118584
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Stock Market’s Reaction to Self-Disclosure of Environmental Administrative Penalties: an Empirical Study in China

Abstract: Severe environmental degradation out of the rapid economic growth after the implementation of reform and opening-up policy in China has drawn considerable attention at home and abroad since 1978 [1,2]. How to effectively control environmental pollution has been the focus of current policy and societal discourse. Environmental information disclosure is also considered an effective way to achieve pollution reduction. Companies are required to make their environmental violations available to the public to provide… Show more

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Cited by 9 publications
(3 citation statements)
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References 30 publications
(47 reference statements)
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“…The social aspects of green nance is consists of contributions toward customer satisfaction and employees' welfare (Ding et al, 2020). Every business or organization's market credibility, perceived values, brand image, and trust are key constituents for operations and nancial sustainability and development .…”
Section: Social Aspect Of Green Finance and Sustainable Performancementioning
confidence: 99%
“…The social aspects of green nance is consists of contributions toward customer satisfaction and employees' welfare (Ding et al, 2020). Every business or organization's market credibility, perceived values, brand image, and trust are key constituents for operations and nancial sustainability and development .…”
Section: Social Aspect Of Green Finance and Sustainable Performancementioning
confidence: 99%
“…Inconsistent relationships have been found for market response to corporate environment-related information disclosure (e.g., Friske et al, 2023;Loh et al, 2017). Not only are programs and general actions investigated in the literature, but also negative environmental events including environmental violations (Karpoff et al, 2005), environmental accidents (Lo et al, 2018), and environmental administrative penalties (Ding et al, 2020) also result in negative firm market value (Bouzzine, 2021).…”
Section: Introductionmentioning
confidence: 99%
“…The penalties would significantly increase corporate audit costs (Xin et al, 2022), reduce corporate cash flows (Ding et al, 2022), increase debt costs (Ding et al, 2021), and promote voluntary disclosure of environmental information (Ding et al, 2019). In addition, selfdisclosure of penalty information prevents the decline in the company's stock market return (Ding et al, 2020). In terms of enterprise environmental management, environmental administrative penalties would inhibit enterprises' greenwashing behavior (Sun and Zhang, 2019), reduce the number of days of violations (Nadeau, 1997), and improve environmental performance (Earnhart, 2004).…”
Section: Introductionmentioning
confidence: 99%